This is a result of its acquisition of a 49% stake in Kenanga Capital Islamic Sdn Bhd (KCI). The new fintech firm’s aim is to help small and medium-sized enterprises (SMEs), contractors, and vendors to obtain financing in order to supply goods and/or services to large corporations, the government, and government-linked companies (GLCs). In this way, SMEs can use the larger corporations’ creditworthiness while the latter are able to support their vendors in turn.
Founded in 2016, CapBay is a multi-bank supply chain finance and peer-to-peer financing (P2P) platform. Using its payment risk scoring model, it predicts the risk of each transaction by conducting an analysis of financial statements. It also uses machine learning to assess data points such as its clients’ historical relationships, payments, quality of contracts, and other patterns.
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