On 3 November 2016, Funding Societies became one of the 6 Peer-to-peer (P2P) lending platforms, out of over 50 applicants, to obtain approval to operate in Malaysia. The approval established Funding Societies Malaysia’s legal status and future operations. Funding Societies Malaysia also goes by the name Modalku Ventures. Estimates show …
Funding Societies Won 3rd Place for MAS FinTech Awards 2016
On 18 November 2016, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore awarded the ten most innovative FinTech companies as part of the Singapore FinTech Festival. The MAS FinTech Awards recognises innovative FinTech solutions that have been implemented by FinTech start-ups, financial institutions, and technology companies. We …
Funding Societies raises $7.5M for its loan marketplace in Southeast Asia
We are humbled to announce that Funding Societies has raised a $7.5 million Series A round for its take on marketplace lending. Sequoia India — the VC firm’s fund that invests in Southeast Asian companies — led the investment, which included angel investors. Read more on TechCrunch here.
New Regulations, Quick Adaptations
On June 8, MAS announced regulations for lending-based crowdfunding. The news wasn’t a surprise to Funding Societies, as we have always been proactive towards regulations. But it is important that you are aware of the news. In short, lending-based crowdfunding platforms will require licenses – likely in late 2016 or …
My Greatest Takeaways From the 12-week Internship at Funding Societies
Shin Yiseul, our very first intern at Funding Societies, shares her greatest takeaways from her 12-week internship with us: Everyone dreams of finding a job they love. Like many other undergraduates, I spent several summer breaks in various internships, letting each experience guide me in discovering my passion. This phase …
Funding Societies Adopts International Code of Conduct for Self-regulation
With innovative financing methods such as Peer-to-Peer (P2P) lending on the rise, it is essential to do so with responsible practices. This is why, Funding Societies is proud to join other world-class P2P lenders such as Funding Circle and Lending Club as a signatory of the Small Business Borrowers’ Bill …
Top 7 New Year Resolutions for 2016
As we make our way into the second weekend of 2016, reflections of 2015 occurred among us with a resolve to excel further. What do we want to aim for this year, what have we learned in the past? In our typical crowdsourcing fashion, our team at Funding Societies collated …
Interview with Kelvin Teo and Reynold Wijaya, Founders of Funding Societies
What is Funding Societies about? Funding Societies is a peer-to-peer (P2P) lending marketplace for small-medium enterprises (SMEs) to get loans to grow and investors to get good returns in Singapore. We pride ourselves on innovation, as the first and only platform in the region to implement escrow service, e-contracting, webinar, internet …
Funding Societies Partners with Orangefield Trust in Singapore
New peer to peer lending platform Funding Societies has inked a partnership with Orangefield Trust to hold funds from lenders. The collaboration is said to “provide lenders with greater confidence in engaging P2P lending platforms”. “We have taken steps to ensure there is no mishandling of funds that go through our comprehensive system. Engaging a …