Funding Societies, one of the largest peer-to-peer (P2P) lending platforms in Southeast Asia, announced on Tuesday it was named the winner of a Silver Stevie Award last week in the Innovation in Technology category in the seventh annual Asia-Pacific Stevie Awards.
The online lender claims it is the only fintech in Southeast Asia to win a Stevie this year after receiving high scores on FS Bolt, Funding Societies’ mobile SME app. Gold, Silver, and Bronze Stevie Award winners are notably determined by the average scores of more than 100 executives around the world acting as judges in May and June.
Founded in 2015, Funding Societies, also known as Modalku in Indonesia, is claimed to be the largest SME digital financing platform in Southeast Asia and it is licensed in Singapore, Indonesia, and Malaysia. The platform provides business financing to small and medium-sized enterprises (SMEs) and in just five years, it has helped finance more than 2.4 million business loans with over S$1.5 billion in funding. Co-founder and Group CEO of Funding Societies, Kelvin Teo, further stated:
“To us, our focus is always to serve our SMEs better, responsibly and sustainably, while protecting and growing the wealth of our loan investors. Being recognised for our work by Asia-Pacific Stevie Awards is a great honour and encouragement to us.”
Funding Societies further revealed that FS Bolt was developed to allow small business owners to digitally apply for loans without any paperwork. The applications only require borrowers to submit four documents (including National Registration Identity Card) and can be completed in two minutes. Business owners will then receive real-time loan application updates on-the-go.
Funding Societies then added more than 1,000 nominations from organizations across the Asia-Pacific region were considered this year in categories such as Award for Excellence in Innovation in Products & Services, Award for Innovative Management, and Award for Corporate Innovation, among many others.