Malaysian Fintech Company CapitalBay Wins Multiple Awards
CapitalBay, a FinTech company, offering solutions for Supply Chain Finance in Malaysia has announced that it has received two separate awards from the Asian Bankers Awards in Beijing, alongside top international transaction banks such as Bank of America, Deutsche Bank, and Mizuho Bank. Also present at the awards, was Tan Sri Zeti Aziz, former bank governor of Bank Negara Malaysia. The first award CapitalBay managed to bag was “The Best Fintech Platform – Digital Supply Chain Finance” under the Asia Pacific Frictionless Transaction Awards programme.
Supply Chain Finance is a fast-growing space, especially in Malaysia and Southeast Asia as more large corporations have started adopting enterprise resource planning (ERP) systems. CapitalBay allows businesses to draw down against their outstanding receivables from their customers automatically through integration to ERP and account systems. The second award “The Best Financial Supply Chain Management in Malaysia” was awarded to both CapitalBay and Hong Leong Bank, for their joint -collaboration effort in rolling out an innovative Supply Chain Finance program via the CapitalBay platform. CapitalBay was the only FinTech company among the Top 5 finalists of Hong Leong’s LaunchPad Program last year. “While there has been growing interest from financial institutions, the supply chain finance scene in the Asia Pacific is still in its infancy stage and facing a unique set of problems.
“We aim to support the industry’s growth through our technology and to help SMEs through our Supply Chain Finance solutions. As it is, SCF has been growing rapidly globally. The award is a strong recognition of the value proposition we can bring to the industry as well as our financial institution partners”, said Ang Xing Xian, CEO, CapitalBay
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