Inovatif

Category: News & Events

  • EA Technique and Vestigo Petroleum reach amicable understanding

    EA Technique (M) Berhad (“EATech” or “Company”), a Bursa Malaysia Main Market listed prominent marine transportation and offshore storage company, announced an amicable understanding with Vestigo Petroleum Sdn. Bhd. (“VPSB”) on matters related to past contractual arrangements.

    The fulfilment of obligation under the mutually agreed arrangement between VPSB and EATech reinforces EATech’s operational continuity and resolves past contractual arrangements. The cash inflow from the fulfilment of obligations provides an immediate boost to the Company’s liquidity, supporting its endeavour to drive the execution of its strategic turnaround plan. This also aligns with the Company’s ongoing efforts to enhance financial stability and foster sustainable growth.

    The positive outcome of this resolution reflects the strong professional relationship between EATech and VPSB, reaffirming VPSB’s position as a strategic ally to the Company’s in Malaysia’s maritime and energy sectors.

    Commenting on the agreement, Datuk Wira Mubarak Hussain Akhtar Husin, Executive Director of EATech, reiterates: “Vestigo and EATech have both demonstrated shared commitment through this resolution and remain dedicated to fostering strong, collaborative relationships. Most importantly, we aim to support each other in unlocking greater potential within the industry. This pursuit of mutual understanding highlights our focus on establishing a lasting partnership as we continue to enhance our capabilities and explore future opportunities.”

    This resolution allows EATech to fully focus on its core business areas, including marine transportation, offshore storage, and port marine services. With sustained financial strength and a clear strategic direction, EATech is poised to capitalise on opportunities across its diverse portfolio while maintaining robust relationships with its partners and stakeholders.

  • WCT Bahrain signs MoU to advance brine recovery solutions in Bahrain

    WCT Bahrain signs MoU to advance brine recovery solutions in Bahrain

    WCT Bahrain WLL (“WCT Bahrain”), a subsidiary of WCT Berhad, Tahliya Water Treatment WLL (“TWT”), and the Saudi Water Authority (“SWA”) has entered into a Memorandum of Understanding (“MoU”) to promote collaboration in implementing brine recovery solutions for desalination plants in Bahrain.

    The initiative seeks to reduce the environmental impact of desalination processes while producing valuable by-products such as Sodium Chloride and other minerals. The project aligns with Bahrain’s goals of enhancing food security and reducing reliance on imports, contributing to sustainable regional development to combat sea level rise and climate change.

    The MoU was signed in conjunction with the 3rd Innovation-Driven Water Sustainability Conference, hosted by SWA in Jeddah under the patronage of Saudi Arabia’s Minister of Environment, Water, and Agriculture.

    Under the MoU, WCT Bahrain will serve as the design-and-build contractor, overseeing the engineering, procurement, and construction (EPC) aspects of the project while TWT will act as the plant owner, responsible for project CAPEX and operation management. SWA is responsible in providing strategic and technical advisory services, guiding the deployment of brine recovery technology.

    This collaboration aims to develop and implement advanced brine mining technology, improve desalination efficiency, conserve energy, and produce valuable minerals locally to reduce import dependency.  Bahrain’s existing desalination plants will benefit from these advancements, aligning with the nation’s sustainability priorities.

  • AXXESS Introduces Mobility Protect for Touch ‘n Go Users

    Over 30 million Touch n’ Go card and 3.6 million registered RFID tag users can now access Mobility Protect, an innovative insurance solution designed to protect personal belongings or mitigate medical costs due to unforeseen accidents or loss when using toll roads, car park facilities or public transport.

    At RM2.99 per month for unlimited usage, commuters receive on-demand, convenient access to loss and accident coverage each time they tap their card or scan their RFID tag. Developed by AXXESS in collaboration with Touch n’ Go and AIG, the key benefits of Mobility Protect include:

    • Toll Road Protection: Includes transportation allowance due to accident, accidental injury hospitalisation income, tyre damage, hotel accommodation in case of an accident.
    • Parking Coverage: Protection against vehicle break-in, theft, key replacement, medical reimbursement.
    • Public Transport Benefits: Transportation allowance and medical reimbursement due to accident, snatch theft, accidental injury hospitalisation income.

    “This benefit marks another step in our mission to elevate the everyday experiences of Touch ‘n Go users,” said Mr. Praba Sangarajoo, CEO of Touch ‘n Go Sdn Bhd.

    “Mobility Protect was designed specifically for our Touch ‘n Go customers, providing additional protection and peace of mind as they go about their daily lives.”

    The monthly subscription provides comprehensive access to Mobility Protect with coverage automatically activated once the card is tapped to begin a journey or entry into a car park and deactivated when tapping out once that journey ends.

    “With over 30 million Touch ‘n Go card and 3.6 million+ registered RFID tag users we saw a unique opportunity to provide a truly personalized and on-demand insurance solution that fits into the daily commute of Malaysians,” said Tan Sri Syed Zainal Abidin Syed Mohd Tahir, Executive Director of AXXESS.

    “Mobility Protect provides commuters with the flexibility and convenience they require, offering peace of mind with every ‘tap’ or ‘scan’.”

    “We’re excited to partner with AXXESS and Touch ‘n Go on this transformative insurance product,” said Mr. Antony Lee, CEO of AIG Malaysia. “At AIG, we are committed to offering insurance solutions that help people protect their assets and manage risks.”

  • A TRANSFORMATIVE DAY AT THE SUSTAINABLE ACTION CONFERENCE 2024: OFFICIALLY LAUNCHED BY THE DEPUTY MINISTER OF PLANTATION AND COMMODITIES OF MALAYSIA, YB DATUK CHAN FOONG HIN.

    A TRANSFORMATIVE DAY AT THE SUSTAINABLE ACTION CONFERENCE 2024: OFFICIALLY LAUNCHED BY THE DEPUTY MINISTER OF PLANTATION AND COMMODITIES OF MALAYSIA, YB DATUK CHAN FOONG HIN.

    Kuala Lumpur – The second edition of the Sustainable Action Conference 2024 (SAC 2.0) concluded with remarkable success on 21st November 2024 at the Sunway Resort Hotel, Malaysia. Co-organized by Control Union Malaysia and the Malaysian Dutch Business Council (MDBC), in collaboration with the MDBC Innovation & Sustainability Awards (MISA), the event was proudly supported by the Embassy of the Kingdom of the Netherlands and the Malaysia Green Technology and Climate Change Corporation (MGTC).

    The conference was officially launched by YB Datuk Chan Foong Hin the Deputy Minister of Plantation and Commodities of Malaysia, accompanied by H.E. Jacques Werner, Ambassador of the Kingdom of the Netherlands to Malaysia, and H.E. Rafael Tristan Daerr, Ambassador of the European Union Delegation to Malaysia, Ir. TS. Shamsul Bahar, Group Chief Executive Officer, Malaysian Green Technology and Climate Change Corporation, Mr. Dirk Teichert, Managing Director of Control Union Asia Holdings and Mr. Supun Nigamuni, Managing Director, Control Union Malaysia.

    The conference brought together corporate leaders, policymakers, and sustainability advocates from across diverse sectors such as manufacturing, plantations, forestry, energy, oil & gas, construction, finance, and tourism. With the theme “Transforming Pledges into Action: Realizing a Sustainable Future,” SAC 2024 showcased real-world case studies, provided actionable insights, and spotlighted best practices in sustainable land use, green financing, energy-efficient manufacturing, and sustainable tourism.

    SAC 2024 reaffirmed its commitment to sustainability by hosting a carbon-neutral event, by offsetting emissions through the Kuamut Rainforest Conservation Project, Malaysia’s first nature-based carbon initiative registered under VERRA powered by Saxon Renewables and reinvesting all proceeds into charitable organizations supporting impactful sustainability efforts.

    One of the highlights of SAC 2024 was the Non-Government Organization (NGO) funding project. After a rigorous selection process, Dignity for Children Foundation emerged as the winner of the RM 50,000 grant for the Empowerment of Orang Asli Youth Project. This initiative, designed to address educational challenges faced by the Orang Asli community, exemplifies the impact of aligning visionary projects with actionable sustainability goals. This was made possible through the generous sponsorship of Control Union Malaysia, CarbonSpace, Saxon Renewables, SaraCarbon, EPIC Berhad, and Corsair, reaffirming their commitment to driving impactful change through sustainable practices.

    The conference featured distinguished speakers from leading organizations, including PETRONAS, Bursa Malaysia, Bank Negara Malaysia, CIMB Islamic Bank, European Union, Malaysian Timber Association (MTA), SP Setia Berhad, Tourism Malaysia, MATRADE, Climate Governance Malaysia, Malaysia Forest Fund (MFF), Kuala Lumpur Kepong Berhad (KLK), SD Guthrie, Signify, and more. Their insights provided invaluable guidance on incorporating sustainability into business strategies, addressing global environmental challenges, and fostering innovation.

    SAC 2024 marked a significant milestone in Malaysia’s sustainability journey, offering a platform for collaboration, learning, and impactful decision-making. By uniting thought leaders, policymakers, and innovators, the event underscored the importance of collective efforts to advance sustainability across core industries.

    Control Union Malaysia thanks all attendees, sponsors, and partners for making SAC 2024 a success and looks forward to further strengthening Malaysia’s commitment to sustainability.

    For more information on SAC 2024 and future initiatives, visit www.sustainableactionconference.com.

     

  • BINA PURI ASSOCIATE WINS ARBITRATION CASE AGAINST PROLINTAS

    BINA PURI ASSOCIATE WINS ARBITRATION CASE AGAINST PROLINTAS

    KUALA LUMPUR: KL-Kuala Selangor Expressway Bhd (“LATAR”), an associate company of Bina Puri Holdings Bhd (“Bina Puri”) has won an arbitration case against PROLINTAS, over non-payment of monies to LATAR under the Co-ordination and Cost-sharing agreement. 

    In a Bursa Malaysia filing, Bina Puri said LATAR commenced arbitral proceedings on  July 19, 2019 against PROLINTAS at the Asian International Arbitration Centre. 

    The arbitration tribunal ordered PROLINTAS to pay RM46,131,147.57 with interest to LATAR in its judgment on Nov 7 this year. 

    LATAR is the concessionaire for the 33km-long Kuala Lumpur – Kuala Selangor expressway which was open to the public on June 23, 2011.  

    PROLINTAS is an investment holding company that designs, builds, operates, and maintains highways.

  • Zurich Takaful Malaysia Launches MediAfya+: Comprehensive Medical Plan with Takaful Term 80 for Long-Term Protection

    Zurich Takaful Malaysia Launches MediAfya+: Comprehensive Medical Plan with Takaful Term 80 for Long-Term Protection

    KUALA LUMPUR, 11 November 2024 – Zurich Takaful Malaysia Berhad (ZTMB) is excited to introduce MediAfya+, an innovative medical plan designed to offer comprehensive protection, ensuring Malaysians are prepared for life’s unexpected health challenges. This plan, when paired with Takaful Term 80, provides long-term security and peace of mind with an annual coverage limit of up to RM1,000,000.

    As part of the launch celebrations, ZTMB hosted the “Power Up Hidupmu dengan MediAfya+” event on 2 November 2024 at Marina Putrajaya. The event featured a range of engaging activities, including cardio boxing sessions, interactive booths, and expert health insights, making it a fun and informative day for attendees. Guests also had the chance to win RM100 Touch ‘n Go eWallet credits through rezeki draws.

    In today’s rapidly changing healthcare landscape, MediAfya+ addresses the concerns of Malaysians by providing coverage that spans both emergency treatment and long-term care needs, ensuring customers are well-prepared for any situation. With Takaful Term 80, customers will be provided medical coverage that extends up to age of 80, making it ideal for individuals seeking a balance of affordability and comprehensive protection.

    Fatihah Mustafa, Chief Executive Officer of ZTMB, said, “Healthcare protection is not just about covering medical bills. It’s about giving people the confidence to live life fully, knowing they are prepared for the unexpected. MediAfya+ represents Zurich Malaysia’s commitment to providing solutions that truly care for what matters, offering comprehensive protection with the flexibility that today’s customers seek.”

    Key Features* of MediAfya+:

    • Comprehensive Protection: Includes pre and post-hospitalisation, out-patient care, and global Emergency Assistance, covering medical, travel, car and home support.
    • High Annual Limit: Up to RM1,000,000 in coverage per year, with no lifetime limit, offering long-term financial security.
    • Hassle-Free Hospital Admission: Expedited admission process at panel hospitals ensures timely and efficient care.
    • Flexibility: Choose between two plans with Deductibles of RM500 or RM5,000, tailored to fit different budgets and coverage needs.
    • Waiver and Deductible: Emergency treatments and government health care facilities are eligible for waivers, reducing out-of-pocket costs during treatment.

    In response to overwhelming demand, ZTMB is delighted to announce the launch of Year End Campaign – ‘Cashback Syok’ till 30 December 2024. This campaign offers customers the opportunity to benefit from MediAfya+ with Takaful Term 80, and as an added incentive, customers will receive up to 2 months cashback depending on the contribution mode. This offer underscores ZTMB’s commitment to enhancing its customers’ healthcare experiences by providing extra benefits along with financial protection.

    For more details on the MediAfya+, please visit the official website at https://www.zurich.com.my/takaful-products/protection/for-my-health/mediafya-plus.

    *Terms and conditions apply.

  • Maxim E-hailing Launches a New Rate to Support People with Special Needs

    According to the statistics, “special people represent 16%of the world’s population or ⅙ of people who also need fair transportation and facilities.” They need to move around for various everyday activities, like going to work or hospital appointments, attending training courses, and visiting friends. That’s why they need fair transportation, a convenient, affordable, and socially friendly service.

    Maxim E-hailing has recently introduced a new rate called “Mesra OKU” in their app to show their support and cater to the special needs of such people. It is designed to help special people get comfortable rides. The new rate includes additional assistance services and facilities.

    With Mesra OKU, the waiting period after the partner-driver arrives at the pick-up location is extended by additional five minutes. This allows passengers to slowly get in the car, without having to be in a rush or worry about additional costs for keeping the driver waiting for too long. Maxim understands that some people who use wheelchairs, walking frames, walking sticks, and other mobility aids need more time to reach the vehicle.

    This rate also allows clients to take their pets with them for the ride without any additional charges. Passengers with disabilities can inform drivers about their four-legged travel companion in advance by messaging or calling them through the app. Moreover, the app also has a speech recognition feature for people with vision impairments who can book rides using their own voice instead of relying upon others. This speech recognition feature of the app is a useful addition designed to make the special clients more independent; it’s also a step towards Maxim Malaysia’s commitment to creating a user-friendly app.

    Not only that, but Maxim also briefs and educates its partner-drivers on how to work with disabled passengers and ensure their comfort during rides. Passengers are to receive help from drivers without any charges and to be allowed to keep their helping tools at the back of the vehicle.

    “At Maxim, we believe that inclusivity is key, and we’re excited to be able to improve the quality of life for people with disabilities. Whether it’s for routine activities, medical appointments, or social engagements, we hope to provide a seamless, stress-free experience that helps improve mobility and comfort of our OKU passengers. We are continually striving to create a transportation ecosystem that is accessible to all,” said the Director of Maxim Malaysia, Mohd Hazwan Musley.

    “E-hailing is the main mode of transportation for the community of blind people, and we need it on a daily basis for our routine activities, like going to work or moving from one location to another. It is very convenient for us to use e-hailing because of its comfort and safety, as it offers us direct transportation from one location to another. Previously, we used to rely a lot on buses, but there were several incidents where it proved to be a bit hard for us to arrive at the exact location we needed,” said Adzohari Jamil from the Sarawak Society for the Blind.

    Maxim E-hailing is a socially friendly service that takes care of people. Recently, the service collaborated with two local entities and provided free rides for their members: The Sarawak Society for the Blind and the para swimmers team (during Para-Sukma 2024). This enabled the beneficiaries to move around and complete daily tasks with more convenience.

    How to place an order:

    Select the “Mesra Oku” rate in the “Passenger Cars” section in the Maxim app and enjoy your ride.

    The app is available on the following platforms: Google Play Store, App Store, Huawei AppGallery, GetApps, Oppo App Market, Vivo App Store, and Galaxy Store.

    The mission of the service is to constantly improve user interaction and help people move towards their goals!

  • Corporate and Institutional Investors Gain Access to New Cash and Liquidity Management Solution

    Maybank Islamic Asset Management Sdn Bhd (“MIAM”) today announced the launch of its wholesale fund, the Maybank Islamic Strategic Income Fund (“MISI Fund”), developed in strategic collaboration with Maybank Islamic Berhad.

    The MISI Fund is designed to enhance corporate and institutional investors’ cash and liquidity management needsby offering a Shariah-compliant solution with the potential to generate net returns of up to 3.7% – 3.8% per annum. The Fund also provides a high level of liquidity, offering T+1 business day redemption, providing quick access to funds1.

    The MISI Fund aims to provide investors with a consistent income stream by investing a minimum of 30% of the Fund’s net asset value (NAV) in MYR-denominated sukuk with a minimum credit rating of AA3 by RAM or an equivalent rating by MARC and up to 70% of the Fund’s NAV in Islamic liquid assets. These liquid assets comprise Islamic money market instruments and Islamic deposits, with 45% of the Fund invested in Maybank Islamic’s General Investment Account (“GIA”).

    GIA is a Term Investment Account product offered by Maybank Islamic with the investment objective  to provide stable returns through low to moderate risk investment into a portfolio of the Bank’s financing assets such as mortgage financing, hire purchase, Unit Trust financing and SME financing. The MISI Fund, through GIA invests in Maybank Islamic’s  strong and highquality financing assets. This can help investors to mitigate the downside risks in adverse market condition and provide a steady income stream to the investment portfolio.

    Belqaizi Taufik, Chief Executive Officer of Maybank Islamic Asset Management Sdn Bhd, said, “The launch of the Maybank Islamic Strategic Income Fund marks an exciting milestone for MIAM as we introduce our first Shariah-compliant liquidity management solution. With a target AUM of RM200 million in FY2024, this Fund underscores our leadership in Shariah-compliant asset management and highlights the strength of our collaboration with Maybank Islamic. We believe that the MISI Fund will offer corporate and institutional investors higher potential tax-exempted returns and high liquidity through investments in Sukuk, Shariah-compliant money market instruments, and the General Investment Account in collaboration with Maybank Islamic.”

  • BURSA MALAYSIA TO HOLD FLAGSHIP MARKETPLACE FAIR IN SARAWAK

    BURSA MALAYSIA TO HOLD FLAGSHIP MARKETPLACE FAIR IN SARAWAK

    Kuala Lumpur, 4 November 2024 — Bursa Malaysia Berhad (“Bursa Malaysia” or “the  Exchange”) will be hosting its flagship retail investment event, Bursa Marketplace Fair 2024  (“Marketplace Fair”) at Vivacity Megamall in Kuching this Saturday and Sunday, 9 – 10  November 2024.  

    Bursa Marketplace Fair will be officiated by YB Datuk Amar Douglas Uggah Embas,  Deputy Premier, Second Minister for Finance and New Economy, and Minister for Infrastructure and Port Development Sarawak. The event is part of Bursa Malaysia’s  ongoing efforts to promote financial literacy and encourage a culture of active learning  and informed investing among the Malaysian public.  

    Highlights of Bursa Marketplace Fair Sarawak 2024 

    The Marketplace Fair, themed “Invest Today, Powering the Future,” welcomes all visitors,  from beginners to seasoned investors. It features curated talks aimed at enhancing knowledge towards effective financial planning and wealth creation. Attendees will also  gain insights into investment opportunities across various investment asset classes or  types available through Bursa Malaysia — including stocks, exchange-traded funds,  structured warrants, derivatives, and gold. More than a dozen key stakeholders in the 

    capital market, including the Securities Commission Malaysia, investment banks, brokers,  and public-listed companies, will be present at the fair to provide visitors with investment related advice and services. Topics covered will range from investing fundamentals to  technical analysis for developing investment strategies. In addition to capital market talks,  a variety of fun activities and games will be available for visitors to enjoy. 

    Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia said, “The  Exchange firmly believes in promoting financial literacy and a culture of investing as part of prudent financial planning. With a population of over 2.5 million, Sarawak currently has  48,000 users who maintain an active Central Depository System (CDS) account, which  represents only 1.9% of the state’s population. From January to September this year, 5,100  new CDS accounts were from Sarawakians, which amounts to over 4% of the  approximately 115,000 CDS accounts opened nationwide in the same period.” 

    “This presents a significant untapped investor base in the state, and highlights the need  for more Sarawakians to begin or diversify their types of investments. It is thus timely for  the Bursa Marketplace Fair to be held in Kuching to equip locals with investing knowledge,  and to increasing their participation in opportunities in our vibrant capital market.” 

    The Marketplace Fair presents an avenue for investors to explore digital tools and  platforms as well as other resources to facilitate and empower them in their investment  journey. Some of these include: 

    • Burmon Trader — An interactive game designed to teach kids (as young as 8 years old) on trading and financial literacy, in a fun and engaging way
    • Bursa Anywhere app — ASEAN’s first mobile central depository services electronic  platform 
    • MyBURSA — A one-stop customer-centric platform that offers personalised  services and seamless interactions to help investors in their investment journey • Bursa REACH — A profiling platform dedicated to improve connections between  investors and dealer’s representatives (DRs) 
    • Bursa Gold Dinar — A Shariah-compliant gold trading platform that offers investors the convenience of investing in gold through a mobile app, starting from just RM10 • BR Capital — A platform that provides investors with access to fresh fixed income  investment opportunities (from as low as RM100), while supporting growth plans  of unlisted or listed companies 

    The Marketplace Fair in Kuching marks the first time the Exchange’s retail investment fair  is being held in Sarawak. It also marks the fourth physical Marketplace Fair held outside  Kuala Lumpur, following previous editions in Penang (2019), Johor Bahru (2023), and Kota  Kinabalu (May 2024). This upcoming fair is expected to draw over 2,000 attendees.

    The event is free to attend and open to the public, with giveaway prizes awaiting visitors.  Registration is available both online and on-site at the fair. To learn more about the Bursa  Marketplace Fair Sarawak 2024, visit https://www.bursamarketplace.com/bursa marketplace-fair/

  • Funding Societies secures third credit facility with HSBC to extend access to MSMEs in Southeast Asia

    Funding Societies secures third credit facility with HSBC to extend access to MSMEs in Southeast Asia

    KUALA LUMPUR, 5 November 2024 – Funding Societies | Modalku (Funding Societies), the largest unified digital finance platform for micro, small and medium enterprises (MSMEs) in Southeast Asia today announced signing the third credit facility* with HSBC under its ASEAN Growth Fund. The overall transaction, an accumulative commitment of over US$100 million (RM436 million), also includes the two annual credit facilities extended to Funding Societies, reaffirms HSBC’s continued support for MSMEs through the platform since 2022. 

    This transaction, which is amongst HSBC’s largest asset-backed secured facilities extended to digital SME lenders in Southeast Asia, will further deepen and extend Funding Societies’ reach to providing credit access to underserved MSME segments in the region. 

    While the Asia-Pacific (APAC) region has grown its middle-class and gained tremendous traction in terms of increasing access to formal banking services and digitalising its commercial environment, the region still has a US$2.5 trillion (RM10.9 trillion) credit access gap, making up over half of the global shortfall in small business financing1. To put into perspective, up to 99.9% of enterprises are MSMEs contributing to 35% to 69% of each country’s gross domestic product (GDP). 

    Co-founder and Group CEO of Funding Societies, Kelvin Teo, said, “The continued support from a global bank such as HSBC is a testament to its commitment to support the development of digital platform businesses such as ours and MSMEs as we ride through a two-decade high interest rates impacting the global economy. This enables us to further explore scalable debt financing for growth and profitability, and bolster financial inclusion for the underbanked and underserved SMEs in the region.” 

    As part of its ASEAN Growth Fund strategy, this transaction underlines a scalable solution to allow and enable digital lenders like Funding Societies to raise additional equity capital and debt financing through different channels. Furthermore, HSBC will act as the structuring bank, lender, account bank, FX counterparty, facility and security agent in providing a scalable and pan-regional financing solution to support Funding Societies’ business expansion in the region. 

    Harish Venkatesan, Head of Corporates and Business Banking, HSBC Singapore, said, “As an early-starter and a leading MSME digital financing player in ASEAN, we are pleased to provide our third credit facility for Funding Societies, cumulatively in excess of US$100 million (RM436 million). This will enable us to continue supporting its efforts to provide financing support to micro, small and medium enterprises which will contribute to the building blocks of societies in the ASEAN region. We look forward to continuing support for Funding Societies as they grow their business and for the underlying MSMEs in the region through the HSBC ASEAN Growth Fund.” 

    The US$1 billion (RM4.4 billion) HSBC ASEAN Growth Fund was launched in March 2024 to enable Singapore-based digital platform businesses supporting e-commerce in the region to achieve economies of scale across multiple international markets, grow their asset portfolios, and advance along the corporate lifecycle. Together with the New Economy and Venture Debt Fund, HSBC Singapore offers a comprehensive suite of financing solutions for new economy businesses across different stages of growth3. 

    This announcement comes at the heels of Funding Societies’ most recent strategic investments from Maybank in September. 

    Since its inception in 2015, Funding Societies has disbursed over US$4 billion (RM17.4 billion) in business financing, positively impacting more than 100,000 businesses across Singapore, Indonesia, Malaysia, Thailand, and Vietnam, as well as processed an annualised US$1.4 billion (RM6.1 billion) payments GTV (gross transaction value) since its entry into payments in late 2022.