Award is annually given by ITU Telecom to SMEs that provide the best technological innovations for social impact
Busan, 29 September 2017 – Modalku (Funding Societies) won the Global SME Excellence Award during the ITU Telecom World Awards 2017, held this year at Busan, South Korea. The prestigious award recognizes the most promising solutions from SMEs making innovative use of information and communication technology for social impact. Every year, an international panel of International Telecommunication Union (ITU) judges, comprising global experts, chooses the SME that most deserves the award. In 2017, digital lending platform Modalku (Funding Societies) beat 35 other finalists and hundreds of applicants to win — while also becoming the first Southeast Asian company to take the prize.
Funding Societies is Singapore’s leading digital lending platform, connecting local SMEs with investors through an online marketplace. SME borrowers can obtain up to SGD 1 million in unsecured loans and invoice financing, through a simple online process with fast approval. Meanwhile, individuals and institutions can invest into SME loans and earn returns of up to 14% per year, higher than typical deposits, bonds and traditional instruments.
ITU Telecom World Award winners have a history of utilizing technological innovations for social impact, specifically through information and communication technology. ITU Telecom is United Nations’ neutral and not-for-profit platform, instrumental in bringing technological innovations to global communities.
Kelvin Teo, Co-Founder and CEO of Funding Societies, said, “From day one, we knew digital lending will become overcrowded with players. To truly make an impact for society, we need to be a leader. We are proud to be recognized first locally with the MAS FinTech Award, then regionally with awards in Malaysia and Indonesia, and now globally by United Nations’ International Telecommunication Union.”
Funding Societies is currently the number one digital lending platform in Southeast Asia. The platform also has operations in Indonesia (under the name Modalku) and in Malaysia and is licensed/approved in each of the countries. Funding Societies Singapore has been a recipient for various awards, including the MAS FinTech Award and inclusion into the prestigious Fintech 250, a select list of top 250 Fintech companies around the world working on groundbreaking financial technology.
About Funding Societies
Founded in early 2015, Funding Societies is a licensed digital lending platform that connects small and medium-sized enterprises (“SMEs”) with retail and institutional investors. It has achieved numerous milestones in just 2 years, including a SGD 10 million Series A funding round led by Sequoia India and expansion into Indonesia and Malaysia. Funding Societies is one of the largest digital lending platforms in the region, with the vision of funding underserved SMEs and improving societies in Southeast Asia.
Visit our website at http://fundingsocieties.com