Funding Societies launches digital finance platform

Singapore’s Funding Societies launched a digital finance platform on May 10 using artificial intelligence (AI) technology. It has committed to supporting Vietnamese SMEs in fields such as education, retail, technology, and fast-moving consumer goods (FMCG) in Ho Chi Minh City and Hanoi through trade finance, inventory financing, accounts receivable (AR), and accounts payable (AP). Since a test run in Vietnam last December, it has disbursed over $20 million and aims to increase this to over $90 million this year.