Funding Societies: Using Fintech to Support Small Businesses in Singapore
The case titled “Using Fintech to Support Small Businesses in Singapore” examines how FinTech companies can, through careful market segmentation and targeting, gain a competitive edge in acquiring and retaining customers. It focuses on Funding Societies’ innovative use of technology to reduce customer pain points. It also analyses the company’s outreach efforts to educate the Micro Small and Medium Enterprise (MSME) segment on how its products can close financing gaps unserved by traditional financial institutions.
“While relatively young in Singapore, P2P lending has become a major form of alternative financing for SMEs and alternative investment for the public, because of its accessibility and convenience. As it continuously evolves, we believe it will become mainstream finance, attracting and nurturing more local talent, and further contributing to the local FinTech space as a whole,” says Kelvin Teo, Co-founder and Group CEO of Funding Societies.
“Many SME owners don’t have any business records and some don’t have any bank accounts, so it’s hard for them to access loans from banks. That’s where we come in to offer the solution of fair interest loans with easy requirements,” says Reynold Wijaya, Co-founder and Group CEO of Funding Societies.
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