Signing Ceremony between CGC and Funding Societies
On 13 April 2023, Credit Guarantee Corporation Malaysia Berhad (CGC) signed a Memorandum of Understanding (MoU) of SME Portfolio Guarantee (PG) agreement with Funding Societies. The objective of this MoU is to grow Malaysian Small and Medium Enterprises (SMEs) by providing easier access to financing. The MoU was signed by the Chief Business Officer of CGC, Sean Tan and the Group Chief Operating Officer, Funding Societies | Modalku and Co-Founder of Funding Societies Malaysia, Wong Kah Meng, witnessed by President & Chief Executive Officer of CGC, Datuk Mohd Zamree Mohd Ishak, and Group Chief Executive Officer & Co-Founder, Funding Societies | Modalku, Kelvin Teo. Through the partnership, CGC and Funding Societies are extending the first tranche of financing up to RM10 million under the SME PG Scheme via Funding Societies’ leading digital financing solutions to benefit the unserved and underserved and yet creditworthy MSMEs. The partnership also marks the first strategic collaboration between CGC and the SME digital financing platform provider.