Fundaztic and Easy Pay Transfers Form Strategic Partnership to Drive Financial Inclusion and Simplify Cross-Border Money Transfers
Fundaztic is a leading Malaysian P2P financing platform licensed by the Securities Commission ("SCâ€) of Malaysia. Working together with Easy Pay Transfers, an innovative online money transfer platform fully-licensed by Bank Negara Malaysia ("BNMâ€) focusing on SME business with payments to China, Fundaztic has introduced efforts to reward their members who have needs for money transfers especially payments to China by offering promotions from Easy Pay Transfers. Concurrently, Easy Pay Transfers will refer SMEs that requires funding to Fundaztic to assist in driving access to financing.
"We are very excited with this partnership. Our collaboration will enhance an ecosystem for SMEs using technology to drive ease, speed as well as competitive pricing of services which is vital for business growth" said Fundaztic CEO, Kristine Ng.
SME owners should be aware that through technology, there are now quicker and easier ways to apply for funding and make payments overseas. This collaboration aims to educate businesses, especially SMEs and individual business owners, in using technology to increase business efficiency.
"SMEs are an integral part of Malaysia's economy. The current economic climate makes it challenging for SMEs to thrive. Through our partnership with Fundaztic, Easy Pay Transfers aims to provide SMEs with better access to capital and greater savings when making cross-border payments to China.â€ said Felix Yew, General Manager of Easy Pay Transfers.
The partnership also supports initiatives from the SC and BNM to digitalize financing solutions.
Fundaztic is a fully online platform that connects underserved SMEs and investors, thus increasing SMEs access to financing. During the announcement of the P2P financing licenses in November 2016, SC informed that the financing gap in the country stands to be over RM80 billion and alternative funding would be helpful to reduce such gaps especially for the underserved start-ups, micro and small businesses.
Through Fundaztic's simple and efficient online application process, Malaysian SMEs and start-ups can receive up to RM200,000 of working capital financing without providing any collateral. At the same time, with a minimum investment of only RM50, investors can earn returns of up to 23% in effective interest rates per annum, which is currently higher than fixed deposits interest rates and most short-term investment vehicles. Since its launch in July 2017, Fundaztic has helped over 120 SMEs with a total of over RM11 million disbursed.
Easy Pay Transfers, the Sino payment specialist, aims to harness the power of financial technology to make online transfer more convenient with lower transfer fees and attractive exchange rates. Using the latest security and technology, Easy Pay Transfers shares benefits with their customers by providing a more efficient way to perform overseas remittances or trade payments. They strongly believe that a greater transparency in fees and foreign currency rate will empower and benefit our local customers in Malaysia.