Singapore’s start-up economy and innovative financial system have cultivated the peer-to-peer lending industry in the country. With more players coming into the scene, Funding Societies aims to differentiate itself through data analytics and technology.
April 18, 2018 | Janine Marie Crisanto- Funding Societies has grown rapidly and safely to become the largest small and medium-sized enterprise (SME) digital financing platform in Southeast Asia with among the lowest defaults
- The company has emerged as one of the market leaders in the countries, covering over $76.02 million (S$100 million) in total crowdfunded SME loans across Singapore, Indonesia and Malaysia in January 2018
- Funding Societies has grown rapidly and safely to become the largest small and medium-sized enterprise (SME) digital financing platform in Southeast Asia with among the lowest defaults
Peer-to-peer (P2P) lending has come a long way since it entered the market as an alternative form of financing, especially during the aftermath of the 2008 global financial crisis. Banks steered clear of riskier consumer and small business lending due to higher capital requirements and pressure brought on by bad debts in the banking system. Now, more than a decade, P2P lending has thrived with an influx of alternative lenders globally offering higher rate of return on savings and lower rates on lending – leveraging on new technology and big data.
China has been in the centre stage of the development of the industry in Asia Pacific due to its large scale and the controversies and frauds that pushed China’s authorities to impose rules to more than 2,000 online lenders in the country. However, Southeast Asia has also become a market to watch out for particularly driven by activities in Singapore.
Challenge
Singapore is one of the fastest growing economies in the world and it is home to small and medium-sized enterprises (SMEs) who have limited access to financial credit. According to Singapore Department of Statistics, there are a total of 220,100 enterprises responsible for employing 65% of the 3.4 million strong labour force and contributing 49% of the $306.1...
Categories:
Keywords:Technology, P2P Lending, SME, Wealth Business
Singapore’s start-up economy and innovative financial system have cultivated the peer-to-peer lending industry in the country. With more players coming into the scene, Funding Societies aims to differentiate itself through data analytics and technology.
April 18, 2018 | Janine Marie Crisanto- Funding Societies has grown rapidly and safely to become the largest small and medium-sized enterprise (SME) digital financing platform in Southeast Asia with among the lowest defaults
- The company has emerged as one of the market leaders in the countries, covering over $76.02 million (S$100 million) in total crowdfunded SME loans across Singapore, Indonesia and Malaysia in January 2018
- Funding Societies has grown rapidly and safely to become the largest small and medium-sized enterprise (SME) digital financing platform in Southeast Asia with among the lowest defaults
Peer-to-peer (P2P) lending has come a long way since it entered the market as an alternative form of financing, especially during the aftermath of the 2008 global financial crisis. Banks steered clear of riskier consumer and small business lending due to higher capital requirements and pressure brought on by bad debts in the banking system. Now, more than a decade, P2P lending has thrived with an influx of alternative lenders globally offering higher rate of return on savings and lower rates on lending – leveraging on new technology and big data.
China has been in the centre stage of the development of the industry in Asia Pacific due to its large scale and the controversies and frauds that pushed China’s authorities to impose rules to more than 2,000 online lenders in the country. However, Southeast Asia has also become a market to watch out for particularly driven by activities in Singapore.
Challenge
Singapore is one of the fastest growing economies in the world and it is home to small and medium-sized enterprises (SMEs) who have limited access to financial credit. According to Singapore Department of Statistics, there are a total of 220,100 enterprises responsible for employing 65% of the 3.4 million strong labour force and contributing 49% of the $306.1...
Categories:
Keywords:Technology, P2P Lending, SME, Wealth Business
