CapBay tops the ranking for World's Top Fintech Companies, showcasing its impact on the global stage.
LEADING Malaysian fintech CapBay, which specialises in supply chain finance and Peer-to-Peer (P2P) financing, has been named one of The World's Top 250 Fintech Companies: 2024 by CNBC and Statista in the alternate finance category for the second consecutive year.
It has proudly planted the Malaysian flag on the global arena as the only Malaysian company on this prestigious list, standing alongside global fintech giants like PayPal, Stripe, Tencent, Grab and GoTo.
Since beginning operations in 2017, the company has revolutionised small- and medium-sized enterprises (SMEs) financing in Malaysia through its proprietary multi-bank supply chain finance (SCF) platform.
To date, CapBay has facilitated RM3.4bil in financing, of which more than RM1bil is Shariah-compliant, benefiting 1,800 SMEs.
"We are incredibly proud to be recognised once again among the world's elite fintech companies," said CapBay co-founder and chief executive officer Ang Xing Xian
"This accolade reaffirms our commitment to driving financial innovation and supporting SMEs, not just in Malaysia but across the globe."
By leveraging alternative scoring systems through its proprietary technology that is riding on artificial intelligence technology, CapBay provides an alternative funding avenue for businesses that traditional banks may consider high risk.
Despite this perception, the company maintains a low default rate of 0.2% on its peer-to-peer (P2P) financing platform, the lowest in the industry, while empowering SMEs to achieve business growth.
CapBay co-founder and chief executive officer Ang Xing Xian celebrates the company’s recognition for the second year running, highlighting its commitment to financial innovation and SME support.
In addition to this recognition, it achieved a significant milestone earlier this year by ranking 30th among 500 companies in the FT High-Growth Companies Asia-Pacific 2024 list by the Financial Times and Statista.
This recognition follows the company’s remarkable growth, with an 18-fold increase and a 166% compound annual growth rate (CAGR) over the three years leading up to 2022.
Malaysia Digital Economy Corporation (MDEC) chief executive officer Mahadhir Aziz said, "We are immensely proud of CapBay's achievement in being recognised among the world's top fintech companies.
“As a participant of the Founders Centre of Excellence (FOX) programme under the Malaysia Digital (MD) national strategic initiative, CapBay has demonstrated outstanding growth and innovation.
“This accolade reflects the thriving fintech ecosystem we are fostering through our strategic initiatives and programmes.
“CapBay's inclusion in the FOX Programme has been instrumental in their journey towards excellence, providing the support and resources necessary to scale and innovate.
“This recognition is a testament to the success of Malaysia's digital economy and the potential for local fintech companies to compete on a global stage.”
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