KUALA LUMPUR: Kenanga Investment Bank Bhd's (KIBB) subsidiary, Kenanga Capital Islamic Sdn Bhd (KCI) has partnered Bay Group Holdings Sdn Bhd (CapBay) to transform the financing market in Malaysia.
KCI said the synergistic collaboration will introduce Malaysia's first solution that will unify both, private and public sector receivables under one platform, tapping into an underserved market projected to grow five folds from its current RM20 billion.
KIBB group managing director Datuk Chay Wai Leong said the partnership with CapBay signalled yet another milestone in the company's efforts to digitalise its businesses.
"Malaysian entrepreneurs will have access to a complete and seamless digital supply chain financing solution, transforming the way working capital is accessed in the country.
"Short-term financing solutions such as this, has become instrumental to many entrepreneurs, at a time where many businesses continue to grapple with the impact of the Covid-19 pandemic outbreak," he said in a statement today.
KCI has a long-standing track record in supply chain financing to SMEs supporting the government sector and likewise CapBay the private sector, involves digitally in the supply chain financing.
KCI said entrepreneurs who seek to finance their invoices and receivables will have a fully digital end-to-end online platform to access cash flow, fast financing including peer-to-peer financing unlocking their ability to grow their business.
Registered and regulated by the Securities Commission of Malaysia since its inception in 2016, CapBay is known for its innovative digital solutions such as its supply chain management platform and CapBay P2P Financing Platform.
It added the partnership with CapBay would set to advance KCI's position in the factoring market, reduce overall operational costs and improve efficiencies.