Strategic partnership aims to help SMEs capitalise on growth opportunities
(Left to right): Lim Ming Wang, Co-founder, Opal; Shrawan Saraogi, Head of Partnerships and Products, Funding Societies
Singapore, 13th July 2021 – Opal, a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS), and Funding Societies, Southeast Asia’s largest SME digital financing platform, have initiated a partnership to offer a range of financing solutions to Opal’s ecosystem of clients and partners. This partnership aims to provide Opal’s clients and partners access to financing so as to address short-term cash flow needs and capitalise on growth opportunities.
Under this partnership, Opal will offer Funding Societies’ range of financing solutions to small and medium enterprises (SMEs) who will be able to access multiple financing solutions at a relatively lower rate and a quicker processing time. Further, to reduce the financial burden on SMEs, Opal and Funding Societies will reduce processing fees on all disbursals up to 50% of the loan amount and offer a full waiver of the facility fee on all line products.
Lim Ming Wang, Co-founder of Opal said, “Based on MAS’ growth forecast for 2021, Singapore's economic growth will be robust but uneven. As a company that is focused on SMEs in Singapore, we want to be able to assist businesses at their time of growth who are looking for solutions to strengthen their cash flow. We are excited about this partnership as businesses can now have access to multi-currency management, payments, and financing solutions from a single platform on Opal. As our technology is driven by the interconnectivity of these different financial-business solutions, companies will get ever better rates and faster turnaround times.”
Shrawan Saraogi, Head of Partnerships and Products at Funding Societies said, “As a FinTech founded with the mission to uplift economies, we believe in helping SMEs obtain access to financing solutions that are easy and fair. We want to help them by providing the impetus for growth. I believe this partnership is ideal, as we would be able to support Opal's ecosystem of clients and partners with our wide range of growth financing solutions.”
Aside from offering financing solutions via Funding Societies, Opal also provides cross-border money transfer and multi-currency accounts to SMEs in Singapore. Opal aims to make business financing more accessible and transparent to its customers.
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Opal is a leading provider of end-to-end, regulated payment and financial solutions based on a robust, proven platform and proprietary technology. Founded by a team of professionals seasoned in financial solutions, banking, compliance, cross-border payments and money management, Opal offers a broad set of financial solutions to help clients meet their diverse needs in today’s ever-changing financial and business environment. OPAL is licensed as a Major Payment Institution (MPI) by the Monetary Authority of Singapore.
For more information, please visit www.opalpayment.com
About Funding Societies
Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is regulated in Singapore, Indonesia, Thailand, and registered in Malaysia. It is backed by Sequoia India and Softbank Ventures Asia Corp amongst many others and provides business financing to small and medium-sized enterprises (SMEs), which is crowdfunded by individual and institutional investors. In 6 years, it has helped finance over 4 million business loans with over S$2 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019, and in 2020 recognised by IDC as amongst the 5 fastest growing FinTechs in Singapore, won the Stevie® Award for Innovation in Technology, and named ASEAN Startup of the Year by Global Startup Awards.
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