CapBay chairman Datuk Seri Mohd Mokhtar Mohd Shariff
PETALING JAYA: CapBay has added another feather to its cap with the latest recognition as one of Fortune’s Fintech Innovators Asia 2024.
The accolade, awarded by the same organisation behind the renowned Fortune Global 500, highlights CapBay’s pioneering role in Asia’s fintech landscape.
As one of the pioneering Malaysian fintech company, specialising in supply chain finance and Peer-to-Peer (P2P) financing, it was the only Malaysian entity among a group of 60 fintech leaders, including digital banks, payment and crypto players such as Binance, WeBank, KakaoBank, Grab and Ant Group.
The announcement was made at the Singapore Fintech Festival 2024 recently that highlighted the most innovative and impactful fintech companies from across the Asia-Pacific region.
CapBay chairman Datuk Seri Mohd Mokhtar Mohd Shariff expressed his gratitude for the recognition.
“We are humbled by this acknowledgment, which reaffirms our commitment to delivering innovative financing solutions that address the financial accessibility gap faced by small and medium enterprises (SMEs).
"Our technology-driven approach allows us to maintain a default rate of less than 0.5%, demonstrating our ability to support underserved businesses while maintaining financial prudence,” he said.
Separately, CapBay chief executive officer and co-founder Ang Xing Xian said in line with its strategic growth plan, the company has recently expanded its operations to Singapore and Thailand, with plans to further penetrate markets in Vietnam, Indonesia and the Philippines.
“Our vision is to establish Malaysia as the hub for Southeast Asia, ensuring that as local companies expand, CapBay is positioned to support them.
"We are committed to fostering digitalisation and facilitating trade and business transactions through a comprehensive suite of solutions that empower SMEs to achieve sustainable growth,” he said.
Looking ahead, Ang added that CapBay remains dedicated to developing innovative financing solutions that cater to the evolving needs of businesses across various markets.
"We aim to introduce advanced digital tools designed to enhance operational efficiency and financial literacy among SMEs to ensure they are well-equipped to navigate the complexities of a dynamic business environment," he said.
Since its inception in 2017, CapBay, regulated by the Securities Commission, has been instrumental in transforming the landscape of SME financing across Southeast Asia from its headquarters in Malaysia. Through its platform, the company has effectively leveraged proprietary AI-powered credit scoring system, advanced data analytics and machine learning techniques. These innovative approaches enable CapBay to provide essential financing solutions to SMEs, resulting in more than RM3.7bil being disbursed through some 30,000 financing notes to over 2,000 underserved SMEs across 20 diverse industries.
Earlier this year, CapBay has been listed among The World’s Top 250 Fintech Companies by CNBC and Statista for the second consecutive year.
The company also achieved a commendable 30th position among 500 companies on the Financial Times’ High-Growth Companies Asia-Pacific 2024 list, demonstrating an impressive 18x growth and a 166% compound annual growth rate over the three years leading up to 2022.
