KUCHING: Funding Societies, Southeast Asia’s largest unified small and medium enterprise (SME) digital finance platform, has extended its partnership with Delivery Hero (M) Sdn Bhd (fka Foodpanda (M) Sdn Bhd) to offer exclusive financing for Bumiputera merchants.
In a statement by Funding Societies, with the partnership, eligible foodpanda merchants can access financing up to RM100,000 at a competitive 2 per cent annual rate with a flexible financing tenure of up to 24 months.
“This limited-time initiative aims to empower local entrepreneurs with the capital to grow and succeed in a challenging market.”
According to Funding Societies Malaysia country head Chai Kien Poon, the Department of Statistics Malaysia (DOSM) reported that Malaysia’s services sector achieved a total revenue of RM2.3 trillion in 2023, an 8.4 per cent increase from RM2.1 trillion in 2022.
Despite this growth, he said, sub-sectors such as food and beverage (1.4 per cent) have yet to recover to their pre-pandemic (2019) revenue levels.
“To support these businesses, particularly MSMEs, access to cash flow is crucial. We are hopeful that this partnership between Funding Societies and foodpanda can better assist and scale underserved, creditworthy SMEs in this industry.
“Furthermore, we are confident that this affordable financing can help food sellers to better restock supplies and prepare for upcoming seasonal growth amidst a potential surge in staple vegetable costs as a result of the recent floods and ahead of the festive season,” he said.
Meanwhile, foodpanda Malaysia managing director Tan Ming Luk expressed their excitement on the extended partnership to offer this exclusive financing opportunity to our Bumiputera merchants.
“At foodpanda, we believe in empowering our merchants with the tools and resources they need to thrive in today’s challenging market.
“This initiative not only provides access to much-needed capital at an affordable rate but also reinforces our commitment to supporting local entrepreneurs, especially as they prepare for the upcoming festive season.
“Together, we aim to drive meaningful growth and resilience for our foodpanda merchant community,” he said.
In light of this, the statement said that under this offer, Bumiputera SMEs can apply for Shariah-compliant financing with just two initial documents – identification documents (for directors and the company) and six months of bank statements.
“The application is fully digital, with decisions provided within days,” it said.
Explaining further, it pointed out that to be eligible for this financing, merchants must meet several requirements such as being registered with the Companies Commission of Malaysia (SSM) as a sole proprietorship, a partnership, a private limited company (nonsubsidiary of listed companies), or an unlisted public limited company with at least 30 percent Malaysian ownership.
“Aside from being a Bumiputera owned company, the merchant also needs to have the Sijil Akuan Status PMKS from SME Corp. Malaysia; have company directors between 18 to 40 years old; have been in operation for at least 6 months; and have a minimum annual revenue of RM60,000,” it said.
Following this, it added that the application is straightforward which requires minimal documentation and approvals can be expected within 3 days.
“This exclusive financing offer is available until Jan 31, 2025.
“Don’t miss this opportunity to secure the funds you need to grow your business in time for the upcoming festive season. Those interested may visit https://fsmk.cc/3VOaN2Z and start your application today.”
