Modalku Group has obtained a credit facility worth US$ 100 million from the HSBC ASEAN Growth Fund. 

In a press release, Kelvin Teo, Co-founder and Group CEO of Funding Societies Modalku said that HSBC’s continued support is proof of its commitment to supporting the development of Modalku’s business. “This allows us to further explore measurable credit funding to encourage growth and profitability, as well as increase financial inclusion for MSMEs that have not been served by conventional financial institutions in Southeast Asia,” he said.

According to him, the credit facility obtained by the Modalku Group will expand its reach in providing credit access to the underserved MSME segment in Southeast Asia. The Southeast Asia region has a credit access gap of US$2.5 trillion.

On the other hand, Harish Venkatesan, Head of Corporates and Business Banking, HSBC Singapore conveyed credit facilities to support the Modalku Group in providing MSME funding, which supports community development in Asean.