PETALING JAYA: CapBay, a pioneering Malaysian fintech company, has signed a memorandum of understanding (MoU) with the Office of Small and Medium Enterprises Promotion (OSMEP) to enhance access to alternative financing solutions for small and medium enterprises (SMEs) in Thailand.
The MoU was signed by Ang Xing Xian, co-founder and group chief executive officer of CapBay, and Panita Shinawatra, deputy director and acting director of OSMEP at its headquarters in Bangkok recently.
The collaboration is part of OSMEP’s SME privilege by programme, launched in 2019, which provides financial and business development support to Thai SMEs.
Through this partnership, CapBay will leverage its fintech expertise to offer SMEs more accessible, flexible and cost-effective financing options, empowering them to improve cash flow, reduce financial burdens and scale their businesses effectively.
CapBay chairman Datuk Seri Mohd Mokhtar Mohd Shariff said the company, specialising in supply chain finance and Peer-to-Peer (P2P) financing, has facilitated over USD900mil in SME financing, supporting more than 2,000 businesses.
"This partnership with OSMEP marks a significant step in our regional expansion, allowing us to provide innovative financing solutions tailored to SME needs.
"By leveraging fintech, we can unlock new economic opportunities, enhance regional trade and empower SMEs to thrive in a competitive global market.
"With our expansion into Thailand, we are launching an initial funding pool of THB2bil - just the beginning of our long-term commitment to empowering Thai SMEs," he said.
Ang, meanwhile, said in line with CapBay's strategic growth plan, the company would also expand its operations in Vietnam, Indonesia and the Philippines, after making its presence in Singapore and China.
"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," Ang said.
He added that the partnership, through Bay Commerce (Thailand) Co. Ltd. (CapBay Thailand), reinforces its commitment to driving SME growth through fintech-powered supply chain financing and embedded finance solutions.
CapBay’s ecosystem integrates embedded finance, alternative data and digital lending to provide seamless, flexible and tech-driven financing solutions beyond traditional banking models.
By leveraging AI-powered credit decisioning and data-driven risk assessment, Ang said CapBay ensures that SMEs could access working capital without excessive collateral requirements or rigid lending criteria.
"We see immense opportunities in intra-Asean trade, particularly in strengthening cross-border trade flows across the region, including between Thailand and Malaysia.
"Through our regional network, CapBay aims to bridge liquidity gaps for exporters, support seamless trade across borders and help SMEs scale in international markets," he said.
Thawee Poonlapmongkol, country head of CapBay Thailand said the collaboration would offer valuable financial products and services tailored to SME needs.
"This partnership is designed to empower SMEs by reducing financial burdens and facilitating access to capital, allowing them to scale and thrive in an increasingly competitive market.
"Our primary focus is to equip SMEs with the necessary funding resources to drive business growth and expansion," he added.
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 RM4bil being disbursed through some 30,000 financing notes to over 2,000 underserved SMEs across 20 diverse industries.
