Funding Societies, Curlec team up for financial system

KUALA LUMPUR: Funding Societies, the first and largest peer- to- peer ( P2P) financing platform in the country, has partnered with Curlec, a homegrown financial technology company for its financial system.

Its chief operating officer, Wong Kah Meng said with the integrated system, repayment process for Funding Societies’ small and medium enterprise ( SME) clients would be automated, hence, increasing efficiency and lowering the processing time.

“With the partnership, Funding Societies’ SME clients would have a choice to get rid of their cheques and paperwork to process their repayments.

“Curlec’s Direct Debit system saves cost and decreases operational complexity which local SMEs would benefi t from a hassle- free customer experience when performing monthly repayments,” he said in a statement yesterday.

With Curlec’s automation technology, Funding Societies hopes to achieve its target of RM50 million in SME financing this year, he said, adding that, “We want to serve more underserved SMEs who require financing.”

Under Funding Societies, SMEs could obtain up to RM500,000 in working capital financing to expand their businesses through a fast and simple online- based process.

The P2P plat form also connects SMEs with investors through an online marketplace, thus increasing access to financing for the SME sector.