KUALA LUMPUR, July 14 — CapBay has reached a significant milestone by providing over RM1 billion in funding to over 400 underserved small and medium enterprises (SMEs) in Malaysia.
In a statement today, the Malaysian multi-bank supply chain finance and peer-to-peer financing (P2P) platform said the achievement was the result of successful financing through 7,600 investment notes.
“CapBay P2P’s success is attributed to its advanced technology and proprietary credit model, which leverages artificial intelligence to assess an SME’s repayment ability based on a comprehensive range of traditional and non-traditional data points,” it said.
CapBay noted that it aims to bridge the financing gap for underserved SMEs and expand its operations across South-east Asia, having set up offices in Singapore and Thailand this year.
CapBay’s chairman Datuk Seri Mohd Mokhtar Mohd Shariff said the platform has empowered businesses to overcome financing challenges and expand in a post-pandemic world.
“Over 70 per cent of our financing contributes to the achievement of the United Nations Sustainable Development Goals,” he said.
CapBay was also one of the key P2P platforms that assisted to drive the government’s Malaysia Co-Investment Fund (MyCIF) programme which has collectively co-invested over RM540 million, benefiting at least 3,500 micro SMEs.
CapBay has financed more than 22,000 transactions worth over RM2.5 billion, serving over 1,600 SMEs since 2017. — Bernama
