MoneyMatch partners microLEAP to provide Islamic financing

MoneyMatch partners microLEAP to provide Islamic financing
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KUALA LUMPUR (Oct 18): Malaysian fintech startup MoneyMatch on Monday announced a strategic and multi-pronged partnership with microLEAP, a syariah-compliant and conventional P2P (Peer-to-Peer) financing platform, regulated by the Securities Commission of Malaysia.

microLEAP founder and chief executive officer Tunku Danny Nasaifuddin Mudzaffar said microLEAP, as a strong supporter of homegrown Malaysian fintech companies, is delighted to partner with MoneyMatch to provide short-term syariah-compliant P2P financing.

“This mutually beneficial partnership is key to both microLEAP and MoneyMatch on our respective growth plans. We look forward to exploring more avenues with this collaboration," he said in statement on Monday. 

Meanwhile, MoneyMatch chief executive officer Adrian Yap said the strategic partnership represents perfect timing to offer support in terms of business financing to the underserved SMEs.

“Today heralds just the start of what we see as a long-term commitment and partnership with one of the country’s top Islamic financing platforms, as we combine our solutions to help the underserved small and medium enterprises (SMEs) in our country who are looking to recover and grow as we exit this pandemic phase,” he said. 

The strategic partnership will entail both MoneyMatch accessing microLEAP’s strong base of local investors seeking syariah-compliant investment opportunities, while assisting micro, small and medium enterprises (MSMEs) seeking business financing. 

The strategic partnership also enables microLEAP to offer their market-leading Islamic financing solutions directly to MoneyMatch’s over 3,000 active small and medium enterprise customers. 

MoneyMatch’s syariah-compliant investment note of RM1 million is the largest deal ever completed on microLEAP’s platform, since its inception, and is one of the largest shariah-compliant investment notes in the P2P Islamic space, as well as the overall P2P industry.