Kenanga Capital Islamic (KCI) has partnered with Bay Group Holdings Sdn Bhd (CapBay), an award-winning digital supply chain financing company, in a bid to transform the traditional factoring market in Malaysia.
This 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.
Entrepreneurs seeking to finance its invoices and receivables, regardless if they are from the public or private sector, 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.
According to Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad, this partnership with CapBay signals yet another milestone in KCI’s efforts to digitalise their 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,” Chay said.
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.
This partnership with CapBay is set to advance KCI’s position in the factoring market, reduce overall operational costs and improve efficiencies.