Funding Societies Receives Top Accolades at Global SME Finance Awards 2022
Platinum award recognises outstanding financial institutions that offer exceptional fintech products to SME clients
Caption: (Left) Vikas Jain, Chief Operating Officer for Funding Societies Thailand receiving the award trophy at the 2022 Global SME Finance Awards held in Phnom Penh, Cambodia
Bangkok, Thailand, 3 November 2022 – Funding Societies | Modalku, Southeast Asia’s largest SME digital financing platform, recently won the Platinum award for ‘Responsible Digital Innovator of the Year’ at the 2022 Global SME Finance Awards held in Phnom Penh, Cambodia.
The award, organised by Global SME Finance Forum in partnership with International Finance Corporation (part of World Bank group) recognises outstanding financial institutions that created exceptional fintech products and services for small and medium enterprise (SME) clients.
Synn Navamananda, Country Head for Funding Societies Thailand, said, “Funding Societies has spearheaded extensive SME financing in Thailand and throughout Southeast Asia, so we’re delighted to receive this recognition at the Global SME Finance Awards 2022.
“This is a testament to the company’s commitment to excellence as it continues to innovate and introduce exciting new products that are customized to the needs of Thai SMEs.”
This year featured the largest field of applicants ever presided by over 100 expert and unbiased judges. They chose Funding Societies | Modalku because the FinTech presented an investor-friendly model that highlighted a profitable and fast-growing finance business with the potential for significant and positive sociological impact. The judges noted that the company compiled a highly effective, insightful, and well-put-together portfolio of contributions that addressed specific values loyal to the principle of responsible funding.
Vikas Jain, Chief Operating Officer for Funding Societies Thailand, said, “We’re honoured to receive the Platinum Award and be recognised as the ‘Responsible Digital Innovator of the Year’. We are especially proud of winning the top award in the category and the only Fintech lender to win it. Since our inception in 2015, Funding Societies has given out more than US$ 2.6 billion in loans to underserved SMEs across five countries in Southeast Asia, including Thailand, Singapore, Indonesia, Malaysia and Vietnam. This award is a testimony to the impact we have been able to create within the community”
Many of the world’s new jobs and rising living standards are due to the contributions of small and medium-sized enterprises. They account for more than half of all jobs and 90% of all businesses worldwide. Despite these economic contributions, SMEs still face problems with obtaining working capital from traditional financial institutions, making way for disruptive lenders to fill the need. In 2020, the total amount of loans made to SMEs hit a record high, growing by 4.9% due to the COVID-19 pandemic.
About Funding Societies
Funding Societies is the largest SME digital financing platform in Southeast Asia. In Thailand, it launched in February 2021 and was amongst the first FinTech companies to be awarded the debt crowdfunding license by Thailand’s Securities and Exchange Commission.
It is also licensed in Singapore, Indonesia (known as Modalku), registered in Malaysia, and operates in Vietnam. The FinTech company provides business financing to small and medium-sized enterprises (SMEs), with a track record of US$2.6 billion, annualising at US$1.1 billion. Its recent strategic milestones include its acquisition of regional digital payments platform CardUp (subject to regulatory approval) and co-investment into Bank Index in Indonesia.
Funding Societies is backed by SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, BRI Ventures, VNG Corporation, Rapyd Ventures, Endeavor, EBDI, SGInnovative, Qualgo, and Golden Gate Ventures among others. 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 ASEAN Startup of the Year by Global Startup Awards in 2020. In 2021, it won the MAS Fintech Award for the second time, and received the Platinum award for Responsible Digital Innovator of the Year at the 2022 Global SME Finance Award organised by IFC (under the World Bank Group).
TQPR Thailand Funding Societies
Maetavarin Maneekulpan Jittin Puntunsoonthron
TQPR Thailand Marketing Manager, Thailand
02 260 5820 085 444 3002
Regional Public Relations, Assistant Manager