(photo) Iwan Kurniawan, Co-Founder of Funding Societies (Modalku), receiving the Global SME Excellence Award.
Funding Societies (Modalku) has won the Global Excellence Award during the ITU (International Telecommunication Union) Telecom World Awards 2017, which recognises the most promising and innovative information and communication technology solutions developed by SMEs and deliver social impact. This achievement also puts Funding Societies as the first Southeast Asian company to take the prize.
The Malaysian-founded digital platform is also the first and largest peer-to-peer (P2P) financing platform in the country and connects SMEs with investors through an online marketplace, and in turn increase the access to financing for SMEs. Investors too cloud benefit from the platform by earning returns of up to 14% per year, which is higher than fixed deposits, binds and other traditional instruments.
“The positive social impact from supporting SMEs has always been our key focus. SMEs have traditionally been underserved by financial institutions given the high operational costs required, but being a leading regional digital platform enables us to serve SMEs in a cost-effective manner,” states Wong Kah Meng, CEO of Funding Societies Malaysia.