KUALA LUMPUR (Oct 24): ManagePay Systems Bhd unit QuicKash Malaysia Sdn. Bhd. (QuicKash) is aiming to raise up to RM100 million in investment notes to lend financing support to Malaysia’s Small and Medium Enterprises (SMEs).
In a statement yesterday, the company said the “SME Programme Financing” campaign expects to benefit some 1,000 SMEs who have been operating their business for at least one(1) year.
QuicKash was approved as a registered Recognised Market Operator for peer-to-peer (P2P) financing platform by the Securities Commission Malaysia (SC) to widen funding avenues for businesses on Nov 3, 2016.
QuicKash’s programme financing online application form is set to go-live on Nov 1 this year.
The company’s chief executive officer Ong Kooi Hooi said peer-to-peer (P2P) Financing platforms are complimentary to the traditional banks and not competing against them.
He said there were many SMEs who have banking relationships but are unable to get loans because of reasons such as exhaustion of credit limit, lengthy loan documentation process or that they fall short of regulatory requirements from banks.
“For example, a business needs to pay his suppliers on time. Even if they manage to secure a credit facility (loan) from a bank, the bank's usual turnaround time is 2 to 3 months.
“He won't be able to utilise the loan to pay his suppliers on time. At QuicKash, we have the track record of a 5 working day turnaround time from successfully raising the funds to full disbursement.
“That’s an example of the kind of SMEs we have hosted on our platform since our launch in November 2017,” he said.
Ong said QuicKash is the only P2P financing recognised market operator that offers principal-protection investments and the platform attributes much of its success to this unique feature that offers investors a guarantee on their principal sum invested.
“After successfully raising RM12.6 Million for 13 SMEs with 0 default rate, the platform is now launching programme financing to benefit even more SMEs.
“With our new Programme Financing Programme, QuicKash is specifically targeting the underbanked population of SMEs in Malaysia,” he said.
Ong said QuicKash was calling it programme financing because what it is offering were fixed Investment Notes with short term financing tenure of 3, 6, or 9 months for RM25,000, RM50,000 and RM100,000 respectively.
“Interest rates from as low as 1.25% per month will be offered for those with good credit rating,” he said, adding that the platform charges a flat platform fee of 3%.
“We are prepared to host your fundraising as long as you have been in business for 12 months and can provide a guarantor or collateral for the amount,” he said.
Ong said SMEs who are interested to apply for QuicKash SME Loans may walk in to QuicKash office at Lot 107, Jalan USJ 21/10, 47630 Subang Jaya, Selangor, or contact QuicKash Customer Service Centre at 1700-818-P2P (727) from 9.30am – 5.00pm (Mon-Fri).