U Mobile partners with Funding Societies to offer financing solutions

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KUALA LUMPUR, 4 August 2020 – U Mobile Sdn Bhd has partnered Funding Societies to offer business financing solutions for local micro, small and medium enterprises (SMEs), as well as small office/home office (SOHO) customers via its digital payment acceptance solution GoBiz.

The telecommunications service provider said the partnership aims to empower local micro, SMEs, as well as SOHO Malaysia business owners to address a common need of growing businesses, in particular the lack of working capital to expand the business.

Leveraging on GoBiz, a digital payment acceptance solution created for businesses, U Mobile and GoBiz customers will be able to access Funding Societies’ peer-to-peer (P2P) financing assistance platform which will enable them to increase their revenue growth, bridge short-term liquidity gaps as well as overcome seasonal revenue fluctuations, especially in this challenging economic period.

There is also flexibility in terms of loan range as Funding Societies is able to offer loans from RM3,000 to RM1 million.

The application is extremely seamless as applicants may carry out the entire process online via GoBiz website. Applicants who are U Mobile or GoBiz customers will not need to provide collateral or retention sum.

Applicants will also receive rapid notification of their application status within just two working days upon full submission of documents.

GoBiz customers have the added ease of not having to provide additional documents to prove income if they have at least six months of active monthly transactions with GoBiz.

U Mobile chief marketing officer Jasmine Lee said the partnership with Funding Societies is aligned with the telco’s commitment to unleash the unlimited potential of their customers.

“Through U Mobile’s collaboration with Funding Societies, we will be making business financing accessible to micro, SMEs and SOHO Malaysian business owners.

“This is particularly beneficial for businesses finding it hard to secure a conventional bank loan and especially relevant in these challenging times due to the global pandemic,” she said in a statement today.

She said the new service would be seamless and convenient as the entire process will be conducted online via our GoBiz website and it takes less than a minute.

“We hope this service will also help SMEs and SOHO Malaysian business owners to be less bogged down by admin and have more time and resources to grow their business,” she added.

Funding Societies Malaysia co-founder and chief executive officer Wong Kah Meng said digital financing has been gaining traction in recent years as P2P financing would help to narrow the SME funding gap by providing an attractive source of capital for local SMEs to fund business expansions and meet other financial requirements.

“While SMEs play an instrumental role in contributing to our nation’s economy, a large number of SMEs are still under-served by traditional financial institutions.

“Our mission is therefore to help these SMEs to grow through business financing. Our partnership with U Mobile will enable their customers to gain greater access to a variety of financing options via the GoBiz platform,” he said.

He said this was made possible by leveraging on the company’s proprietary technology infrastructure to seamlessly connect with U Mobile, thereby digitising and simplifying the application process by SMEs, leading to greater access to financing.

“Through this partnership, we will be able to provide greater opportunities for under-served businesses to obtain our tailor-made financing products to support their business financing needs,” he added.

Eligible businesses that submit their applications via the GoBiz platform will be able to enjoy the benefits from Funding Societies including financing amount of up to RM100,000 for micro financing and up to RM1 million for business term financing, fast disbursement with approval as fast as within two working days, flexible tenure between three to 18 months, minimal documentation requirement and retention sum requirement waived.

-New Straits Times