Petaling Jaya, Malaysia – CapBay, a financial technology firm in Malaysia, has recently announced that it has entered into a strategic partnership with the Office of Small and Medium Enterprises Promotion to provide alternative financing options for SMEs in Thailand.
This initiative is an extension of OSMEP’s SME Privilege By initiative, a program launched in 2019 to enhance financial access and business growth opportunities for Thai SMEs.
Under the agreement, the company indicated utilisation of its fintech expertise to deliver financing solutions that are more accessible, flexible, and affordable for SMEs. By doing this, they aspire to enhance cash flow management, reduce financial burdens, and foster business expansion amongst businesses.
Speaking about the endeavour, Datuk Seri Mohd Mokhtar Mohd Shariff, chairman at CapBay, said, “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.”
He also stated that the company has already channelled more than US900m into SME financing, supporting upwards of 2,000 businesses, with a focus on supply chain finance and peer-to-peer (P2P) financing.
“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 further explained.
Ang Xing Xian, co-founder and group chief executive officer at CapBay, further stated, “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 further shared the company’s plans to expand its operations to Vietnam, Indonesia, and the Philippines, following its successful entry into Singapore and China.
Hence, the partnership, facilitated through Bay Commerce (Thailand) Co. Ltd. (CapBay Thailand) strengthens its commitment to fostering SME growth through fintech-driven supply chain financing and embedded finance solutions.
“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,” said Ang.
Meanwhile, Thawee Poonlapmongkol, country head at CapBay Thailand, expressed his thoughts on the collaboration, stating its advantage to SMEs. He said, “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. He added, Our primary focus is to equip SMEs with the necessary funding resources to drive business growth and expansion.”
To commemorate the partnership, a memorandum of understanding was signed at OSMEP’s headquarters in Bangkok, with Ang Xing Xian, CapBay’s co-founder and group CEO, and Panita Shinawatra, deputy director and acting director of OSMEP, officiating the event.
