Left to right: Dato’ Khairussaleh Ramli (Maybank President & Group CEO), Arthur Adisusanto (Modalku Country Head)
Maybank today announced an undisclosed strategic investment in Grup Modalku, an Indonesia-based digital financing platform for small- and medium-sized enterprises (SMEs) in Southeast Asia (SEA).
According to a press statement by the bank, Maybank intends to explore collaboration with Modalku to push for inclusivity and access to financing for the wider part of society.
The organisation also stated that this investment marks the first in Maybank’s recent foray into the regional digital space, focusing on SMEs in SEA. This aligns with the bank’s M25+ Maybank strategy, which aims to accelerate digitalisation through the management of the bank’s internal and external ecosystem
Maybank President & Group CEO Dato Khairussaleh Ramli said the investment highlights the bank’s commitment to opening access to financial inclusion. “By combining our expertise in banking with Modalku’s innovative digital platform, Maybank is committed to developing a resilient SME ecosystem and ensuring a brighter and more sustainable future for all.”
Founded in 2015, Modalku is a regional fintech company that focuses on SME financing. Also known as Funding Societies in the SEA market, Modalku has distributed IDR63 trillion (US$4 billion) to 100,000 businesses in Indonesia, Singapore, Malaysia, Thailand, and Vietnam.
Earlier this year, Funding Societies Khazanah and CGC Digital invest in Funding Societies announced an investment from Khazanah and CGC Digital.
Modalku Country Head Arthur Adisusanto commented on the funding, “This collaboration strengthens our commitment to expand credit access for underserved SMEs that are facing challenges in cash flow management, as part of our effort to support them in realising their business potentials.”
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Image Credit: Modalku
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