Open For Business

According to the Statistics Department, Malaysia’s SME contribution to the country’s GDP was around 38% in 2018. However, access to finance looks to be a key constraint for SMEs to grow. Enter Funding Societies - the largest SME digital financing platform in Southeast Asia. The platform has disbursed RM12.9 billion across more than 5 million notes in Indonesia, Malaysia, Singapore, Vietnam, and Thailand since its establishment in 2015.In 2023, Funding Societies marked several milestones, such as introducing their Islamic Financing solutions to help expand their customer and funding base, to their partnership with the Credit Guarantee Corporation Malaysia (CGC) that will provide eligible SMEs access to longer-term financing and preferential interest rates.On this episode of Open for Business, we speak to the Co-Founders of Funding Societies, CEO Kelvin Teo and COO Wong Kah Meng, about what started them down this path, what it was like building this regional platform, the role of Funding Societies in the financing ecosystem, and what the vision ahead looks like for Funding Societies.Among other things, we get into:The Journey of Funding SocietiesThe Challenges of Raising FundsThe Role of Alternative Data Scoring in LendingThe Evolution of Funding Societies' Product MixThe Impact of Digital Banks on Funding SocietiesFunding Societies' Partnerships and CollaborationsThe Business Strategy and Future Plans of Funding SocietiesThe Pathway to Profitability for Funding SocietiesThe Funding Strategy of Funding SocietiesThe Potential Exit Strategies for Funding SocietiesSee omnystudio.com/listener for privacy information.

Malaysia’s agricultural sector faces several issues: an ageing farming population, outdated agricultural practices and land availability amongst others. Social enterprise Cocojack seeks to inject new thinking and fresh approaches towards addressing some of agriculture’s long-standing challenges. Initially a reluctant young farmer himself, marketing graduate Syed Salleh Syed Sulaiman saw a gap in current developmental programs and founded Cocojack with the aim of delivering well designed agricultural training to youth, towards developing the next generation of farmer-entrepreneurs. With increasing numbers graduating from Cocojack’s training programs, the social enterprise is now seeking to solve the land availability issue by developing a platform to match trained young farmers with owners of unutilised land packets. We speak with the now passionate agriculturist-cum-founder Syed Salleh on Cocojack’s origin story, product development journey, business model and the future of this truly unique enterprise.Guest Presenter: Nell OmarSee omnystudio.com/listener for privacy information.

Lithium ions make the world go round. From the laptops we work on and the smartphones in our hands, to the now accelerating world of electric vehicles, lithium ion batteries are key, but as many of us experience with our phones after 2-3 years, the lifespans of these batteries are a key bottleneck here.So is there a better, more long lasting battery technology out there? Well the answer might lie with a Singapore based startup.Founded in 2018, VFlowTech is a Singapore-based startup working on the development of vanadium flow battery technology with a key selling point here seemingly being its 25-year expected lifespan - much better than the typical lifespans we see with lithium-ion batteries. Earlier this year, VFlowTech raised US$10 million (RM43 million) in an oversubscribed Series A funding round. On this episode of Open For Business, we speak with Dr. Avishek Kumar, CEO and co-founder of Singapore-based VFlowTech, for the story behind this promising battery tech, whether it can compete with Lithium ion batteries, and the commercialization plan ahead.See omnystudio.com/listener for privacy information.

We hear from Alvin Andrew, founder of FUBIZO. We'll delve into how FUBIZO addresses the diverse needs of the food and beverage industry through innovative product development. We’ll look at his journey and experiences in both local and international markets, offering valuable insights into the challenges and triumphs of running a food and beverage business in the current global landscape. Today, I’ll be speaking with Alvin Andrew, founder of FUBIZO, a company specialising in Food and Beverage product innovation.Based in Penang, FUBIZO has developed a diverse range of products, responding to various market needs and culinary challenges. In our conversation today, we’ll explore the journey of FUBIZO, the intricacies of developing new food products, and the insights Alvin has gained in navigating both local and international markets. This discussion aims to shed light on the realities of launching and managing a food and beverage business in today’s dynamic market See omnystudio.com/listener for privacy information.

In the aftermath of the FTX collapse in late 2022, the crypto landscape isn’t as sexy and appealing as it used to be, now playing second fiddle to Generative AI and Chat GPT, however that doesn’t mean that innovation and development in the space has come to a halt.After years of work, last month, the Securities Commission granted approval to Malaysian startup CoKeeps to be Malaysia's first qualified Digital Asset Custodian. A pioneer in the Malaysia crypto and digital scene, CoKeeps aims to lay the right foundations to increase digital assets adoption. Today on Open for Business, you will learn about how this homegrown startup navigated the ever-evolving crypto industry and become the first qualified Digital Asset Custodian in Malaysia. More importantly, why is this their focus in the wide wide web3 world? See omnystudio.com/listener for privacy information.

Paper-based record-keeping at medical facilities is not only antiquated, it also compromises the quality and continuity of care. Remedi aims to remedy the problem by providing simple and cost-effective digital management systems for clinics and healthcare payors, with an eye on solving the bigger challenge of shareable electronic medical records.In this wide-ranging interview with Founder and Managing Director Khairul Faizi Khalid, we touched on how the company made their unique entrepreneurial journey work: from beginning as an extended weekend project, taking the time to develop the right business model and product features, keeping the company bootstrapped in the early stage to directions for future growth.Guest Presenter: Nell OmarSee omnystudio.com/listener for privacy information.

Hew Wee Choong of Cyclone Robotics joins us to delve into the expanding world of Robotic Process Automation (RPA) in Malaysia. We'll discuss the surge in RPA adoption among Malaysian businesses, with a focus on the banking, finance, insurance, and telecommunications sectors. Hew will shed light on the challenges and opportunities in Malaysia's RPA journey, Cyclone Robotics' vision for the Malaysian market, and their role in bridging the knowledge gap in RPA adoption. We'll also explore how Cyclone Robotics is integrating AI, machine learning, and cloud services to enhance RPA and its plans for hyper automation in the Asia-Pacific region.See omnystudio.com/listener for privacy information.

In November, local upscale restaurant Dewakan picked up a second Michelin Star at the second edition of the Michelin Guide Kuala Lumpur and Penang, making it the first two-Michelin starred restaurant in Malaysia. An honour that has backed up the establishment's name that translates to ‘food from god’. On this episode of Open for Business, you will learn what turned an educational entrepreneurial effort at a local college into this two starred Michelin restaurant, what it takes to survive and strive in the highly competitive culinary scene, and whether the restaurant business makes business sense, with Chef Darren Teoh, founder and head chef of Dewakan.See omnystudio.com/listener for privacy information.

There are an estimated 500,000 newborns in Malaysia every year generating RM3.3 billion in maternity-related spending. Aiming for a slice of that market, Happy Preggie began with the mission of providing the first platform in Malaysia to connect today’s generation of educated and discerning young parents with a curated range of quality maternity health services and professionals.The temptation to provide more offerings in adjacent areas is ever present to a startup in the product development stage. After a few forays, the company decided to return to its core mission of providing new parents with better knowledge of and access to health and wellness services, including areas of customer demand hidden by cultural taboos, such as post-miscarriage support.We speak about gathering customer insight, refocusing the company’s offerings, the importance of mission, and much more in this conversation with Yoong Poh Joon, founder of startup Happy Preggie.Guest Presenter: Nell OmarSee omnystudio.com/listener for privacy information.

Homegrown job solutions platform Qwork recently announced an investment from Artem Ventures that will power its growth into more industries that are prime to tap into the utilization of gig workers to help them better optimise their manpower. Founded in 2017, Qwork has worked with over 100,000 gig workers serving clients in 11 countries in Southeast Asia, notably Zalora, Busybees Asia, Dynapack Asia, J&T Express, and Jakel, and has paid out over US$3 million to giggers, while helping saving up to 60% of operational costs for these businesses.In 2023 alone, Qwork has connected more than 15,000 individuals with companies throughout the region who have clocked in close to 2 million working hours and spent over 280,000 hours working with partners worldwide to upskill its giggers.On this episode of Open for Business, you will hear from Muna Munirah, CEO and Co-Founder of Qwork, about how these newly raised funds will be utilised, their plans for growth and how they will execute, and the origin story behind this startup.See omnystudio.com/listener for privacy information.