Kelvin Teo to discuss SME empowerment, fintech evolution at Asian Banking & Finance Summit

Join us on September 6 for insights into the evolving FinTech landscape in Southeast Asia.

SINGAPORE — As the highly anticipated Asian Banking and Finance Summit 2023 approaches, we had the privilege to sit down with Kelvin Teo, Co-Founder and Group CEO of Funding Societies, one of the largest unified SME digital finance platforms in Southeast Asia. With a track record of providing over $3.2billion in SME loans to around 100,000 SMEs across the region, Teo sheds light on the dynamic FinTech industry and its role in empowering small and medium businesses.

"Since our inception in 2015, we have strived to empower SMEs through accessible financing solutions. Over the years, we've evolved from a peer-to-business lending platform to a comprehensive digital finance platform encompassing lending, payments, and even bank accounts," Teo said.

Funding Societies has not only revolutionised financing for SMEs but has also expanded its services. In 2022, they ventured into payments collections and bank accounts, acquiring key players in the payments industry. This diversification has reinforced their position as a vital partner for SMEs seeking growth and stability.

During the summit, Teo is set to share unique perspectives on the FinTech industry's evolution, customer insights, and localisation strategies. "We'll discuss how our business model has transformed and adapted to the needs of the market. Additionally, we'll delve into intriguing customer insights, such as the fact that only 55% of SMEs are brand loyal, prompting us to continuously enhance our offerings," Teo explained. The discussion will also touch upon hyperlocal strategies, such as the successful implementation of a Sharia financing option in Malaysia.

Amid recent challenges including macroeconomic conditions, funding constraints, and regulatory changes, Teo stressed that the summit provides an invaluable opportunity for industry players to collaborate and address these issues. 

"Given our focus on serving SMEs, macroeconomic factors and funding challenges directly impact us. We'll discuss how the industry has navigated regulatory changes, coped with the pandemic, and dealt with historic interest rate hikes," Teo emphasised.

As the summit approaches, Teo invites attendees to anticipate key takeaways. "Participants can gain insights into the transition of the FinTech industry in Southeast Asia from alternative to mainstream financing for SMEs. Southeast Asia's unique position offers ample room for FinTech to foster financial inclusion," Teo stated.

The Asian Banking & Finance Summit 2023 promises to be a pivotal event for industry players to gather and exchange insights on the evolving FinTech landscape. Kelvin Teo's session will undoubtedly provide a valuable perspective on the transformation and future prospects of the industry. To gain in-depth insights and network with experts, be sure to register for the summit at asianbankingandfinance.net.

In a rapidly changing financial landscape, Funding Societies remains committed to driving financial inclusion and empowering SMEs across Southeast Asia. As the summit approaches, the industry eagerly anticipates the valuable insights that Teo and other experts will share, paving the way for a stronger, more resilient FinTech ecosystem.