The SME digital financing platform in Malaysia and Southeast Asia, Funding Societies (also known as Modalku in Indonesia) has officially launched in Vietnam, marking its fifth market expansion.
Addressing the small and medium-sized enterprises (SME) financing gap in Vietnam, where the SME landscape is growing yet financially underserved, is a natural next step for the FinTech company as it pushes further into Southeast Asia.
Kelvin Teo, Co-Founder and Group CEO of Funding Societies, said, “Since our inception in 2015, our vision is to uplift societies in Southeast Asia. Hence, Vietnam has always been part of our roadmap. This is an opportune time as we ride out of COVID-19, build a solid team with local FinTech veteran Ryan Galloway, and secure investment from tech giant VNG. We believe that Vietnam will be one of our largest markets given its enormous potential.”
Meanwhile, Ryan Galloway, Country Director of Funding Societies Vietnam, said, “Vietnam SMEs don’t have the same access to venture and early-stage capital markets as other Southeast Asian markets, but the Vietnam market is equally as competitive, so Vietnamese entrepreneurs are trained to do more with less. We see lots of opportunity in Vietnam and we’re excited to support the country’s burgeoning SME landscape as we continue to serve the needs of millions of SMEs across Southeast Asia.”
-NIAGATIMES
