CapBay Thailand, a supply chain finance and P2P financing platform, and the Office of Small and Medium Enterprises Promotion (OSMEP) have signed a MoU to increase access to alternative financing for SMEs in the country.

The agreement, signed at OSMEP’s headquarters, is part of the SME Privilege programme, which has provided financial and business development support since its launch in 2019.

Ang Xing Xian, Co-founder and Group CEO of CapBay, and Panita Shinawatra, Ph.D., Deputy Director and Acting Director of OSMEP, formalised the partnership.

Dato’ Sri Mohd Mokhtar Mohd Shariff, Chairman of CapBay, stated,

“CapBay has facilitated over US$ 900 million (~THB 32 billion) in SME financing, supporting more than 2,000 businesses. This partnership with OSMEP marks a significant step in our regional expansion, allowing us to provide innovative financing solutions tailored to SME needs.

By leveraging fintech, we can unlock new economic opportunities, enhance regional trade, and empower SMEs to thrive in a competitive global market. With our expansion into Thailand, we are launching an initial funding pool of THB 2 billion—just the beginning of our long-term commitment to empowering Thai SMEs.”

Panita Shinawatra, Ph.D., commented,

“This partnership with CapBay Thailand enhances our SME Privilege program by offering financial solutions that improve liquidity and reduce borrowing costs for Thai entrepreneurs.

Through this initiative, SMEs will gain access to affordable financing, expert credit advisory services, and business development opportunities. We are committed to working with CapBay to expand financial accessibility and promote sustainable SME growth in Thailand.”

CapBay’s fintech-driven model integrates embedded finance, alternative data, and digital lending, using AI-powered credit decisioning and data-driven risk assessment.

The company aims to improve cash flow and reduce financial burdens for SMEs by offering more accessible and flexible financing.

Thawee Poonlapmongkol, Country Head of CapBay Thailand, said,

“Through this collaboration with OSMEP, we aim to offer valuable financial products and services tailored to SME needs while actively engaging in data exchange to refine service processes and support key initiatives.

This partnership is designed to empower SMEs by reducing financial burdens and facilitating access to capital, allowing them to scale and thrive in an increasingly competitive market.”

As part of the initiative, CapBay executives will act as keynote speakers, provide mentorship, and offer financial advisory services.

These resources will be accessible through OSMEP’s SME CONNEXT platform.

CapBay has received multiple global recognitions for its fintech innovation.

This includes listings in CNBC and Statista’s The World’s Top 250 Fintech Companies (2023 and 2024), the Financial Times High-Growth Companies Asia-Pacific 2024 (ranked 30th), and Fortune’s Fintech Innovators Asia 2024, where it was the only Malaysian fintech among 60 firms recognized by Fortune Global 500.

Jasmine Lau, Director of CapBay, stated,

“CapBay has already established a presence in Singapore and China, and this collaboration with OSMEP is just one of the many initiatives driving our international growth.

Currently, cross-border transactions contribute 10% to the Group’s revenue, and our ambition is to increase this to 30% in the coming years. This marks an important milestone in expanding CapBay’s footprint beyond Malaysia and solidifying our role as a key player in regional SME financing.”

The partnership between CapBay and OSMEP is expected to enhance financial accessibility for Thai SMEs, supporting their growth and regional expansion.

Featured image: (From Left) Suntaree Jettananukror, Deputy Director of SME Service Network Coordination and Government Policy, Patchaneekan Nakbua, Director of SME Service Network Coordination and Government Policy, Panita Shinawatra, Ph.D., Deputy Director and Acting Director of OSMEP, Ang Xing Xian, Co-founder and Group CEO of CapBay, Jasmine Lau, Director of CapBay, Thawee Poonlapmongkol, Country Head of CapBay Thailand, Tippayavut Kovanthanakul, Vice President of CapBay