Funding Societies, Southeast Asia’s largest SME digital finance platform, has extended its partnership with Delivery Hero (M) Sdn Bhd, formerly known as Foodpanda (M) Sdn Bhd, to offer exclusive financing opportunities for Bumiputera merchants.
This initiative enables eligible foodpanda merchants to access up to RM100,000 in financing at a competitive 2% annual rate, with repayment terms of up to 24 months. The programme is designed to provide vital financial support to local entrepreneurs, helping them grow and succeed in today’s challenging market.
Chai Kien Poon, Country Head of Funding Societies Malaysia, highlighted the importance of this initiative by referencing recent economic data. Malaysia’s services sector recorded RM2.3 trillion in revenue for 2023, an 8.4% increase from 2022’s RM2.1 trillion.
However, despite this growth, sub-sectors like food and beverage saw only a modest 1.4% rise, failing to return to their pre-pandemic performance levels. Chai noted that cash flow is critical for micro, small, and medium enterprises (MSMEs) in these industries, and he expressed optimism that the partnership with foodpanda would provide the necessary support to underserved yet creditworthy SMEs.
He also pointed out the added pressure on food sellers, who face rising costs due to recent floods and the approaching festive season, further underscoring the need for affordable financing solutions.
Tan Ming Luk, Managing Director of Foodpanda Malaysia, reaffirmed the company’s commitment to empowering local merchants. He described the extended partnership as a vital initiative that provides affordable capital while reinforcing Foodpanda’s dedication to supporting local entrepreneurs.
Tan emphasised that this collaboration is geared toward fostering resilience and meaningful growth within the Foodpanda merchant community, particularly as they prepare for the festive season.
Bumiputera SMEs participating in this programme can access Shariah-compliant financing with minimal documentation requirements, including identification documents for the company and directors, as well as six months of bank statements.
Applications are fully digital, with decisions delivered within days. To qualify, merchants must meet several criteria, such as being registered with the Companies Commission of Malaysia (SSM), holding a Sijil Akuan Status PMKS from SME Corp. Malaysia, operating as a Bumiputera-owned company, and having directors aged between 18 and 40.
Additionally, businesses must have been in operation for at least six months and generate a minimum annual revenue of RM60,000.
This partnership builds on the momentum of previous collaborations, which have already benefited 500 Foodpanda merchants. The current initiative aims to continue supporting more micro and small businesses by addressing cash flow needs and lowering the cost of financing, ultimately helping these enterprises grow within the Foodpanda network.
Funding Societies and Foodpanda Malaysia share a unified vision of fostering economic resilience and inclusivity within Malaysia’s entrepreneurial ecosystem. By specifically targeting Bumiputera merchants, the partnership not only addresses financial challenges but also aligns with national aspirations to uplift and empower underserved communities.
This collaboration represents a tangible step towards bridging the financial gap faced by small businesses, enabling them to thrive amidst market uncertainties. It also underscores the pivotal role that public-private partnerships can play in accelerating economic recovery and promoting equitable growth across all business segments.
Looking ahead, the partnership could serve as a blueprint for other collaborations between financial platforms and service aggregators. By leveraging technology, innovative financing solutions, and data-driven strategies, Funding Societies and Foodpanda are poised to create a ripple effect in the digital finance landscape.
Applications are straightforward, and approvals can be expected within three days. This exclusive financing offer is available until 31 January 2025, providing merchants with a limited window to secure the funds they need for growth. Interested Foodpanda merchants can apply via Funding Societies’ official platform.
