PEER-to-peer (P2P) funding platform Funding Societies Malaysia has partnered with Razer Fintech to provide short-term business finance solutions to merchants as part of Razer Merchant Services (RMS).
The partnership, according to Funding Societies co-founder and CEO Wong Kah Meng (pictured) would extend short-term funding assistance to 20,000 businesses, including small retailers, F&B sellers and registered online sellers under the RMS platform.
Eligible traders will have access to rapid financing to help them meet business operations needs such as cyclical cash flow gap, urgent project expenses, one-time unforeseen expenses and to overcome seasonal fluctuations in income, especially in this difficult economic period due to the Covid-19 pandemic.
“Our partnership with Razer Fintech will allow better access to financing for RMS merchants by securing short-term, unsecured financing solutions with the added benefits of a fast and seamless online application experience, thus providing a timeline of Shorter execution and a minimum documentation requirement, ”says Wong. He notes an EY survey released in June which found that nearly half of the 670 SMEs surveyed had requested funding relief to meet operating costs. The survey also made it clear that financial aid and technology solutions were critical areas of focus to help businesses survive.
“We are excited to partner with Funding Societies Malaysia as we leverage their extensive P2P funding platform to further develop our fintech offerings and digital payments ecosystem for our RMS merchants in Malaysia,” said Lee Li Meng , CEO of Razer Fintech.
The finance companies will also launch a new product, the Micro Credit Line, to eligible RMS merchants, which allows SMEs to draw on a short credit period between 45 days and 90 days, at any time.