JAKARTA - Modalku Group has obtained a credit facility worth US$ 100 million or equivalent to IDR 1.55 trillion from the HSBC ASEAN Growth Fund. The third credit facility obtained by Modalku from the bank financial institution was signed, Tuesday (5/11).

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 or equivalent to IDR 38.7 quadrillion.

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.  

The HSBC ASEAN Growth Fund worth US$ 1 billion or equivalent to IDR 15.47 trillion was launched in March 2024, which is intended to empower digital companies to support e-commerce. (LK/LM)