CapBay, a pioneering Malaysian FinTech company specialising in supply chain finance and Peer-to-Peer (P2P) financing, has been honoured as one of Fortune’s Fintech Innovators Asia 2024. This accolade, awarded by the same organisation behind the renowned Fortune Global 500, highlights CapBay’s pioneering role in Asia’s fintech landscape. CapBay was the only Malaysian entity among a group of sixty fintech leaders, including digital banks, payment and crypto players such as Binance, WeBank, KakaoBank, Grab and Ant Group. The announcement was made at the Singapore Fintech Festival 2024, showcasing the most innovative and impactful fintech companies from across the Asia-Pacific region.
Since its inception in 2017, CapBay has been instrumental in transforming the landscape of SME financing across Southeast Asia from its headquarters in Malaysia. Through its platform, the company has effectively leveraged proprietary AI-powered credit scoring system, advanced data analytics, and machine learning techniques. This innovative approach enables CapBay to provide essential financing solutions to SMEs often overlooked by traditional banking institutions, resulting in over RM3.7 billion (US$900 million) disbursed to more than 2,000 underserved SMEs across 20 diverse industries. Dato’ Sri Mohd Mokhtar Mohd Shariff, Chairman of CapBay, expressed his gratitude for the recognition, stating, “We are honoured by Fortune’s acknowledgment, which reaffirms our commitment to delivering innovative financing solutions that address the financial accessibility gap faced by SMEs. Our technology-driven approach allows us to maintain a default rate of less than 0.5%, demonstrating our ability to support underserved businesses while maintaining financial prudence.”
In line with its strategic growth plan, CapBay has recently expanded its operations to Singapore and Thailand, with ambitions to further penetrate markets in Vietnam, Indonesia, and the Philippines. Ang Xing Xian, Co-founder and CEO of CapBay, highlighted, “Our vision is to establish Malaysia as the hub for Southeast Asia, ensuring that as local companies expand, CapBay is positioned to support them. We are committed to fostering digitalisation and facilitating trade and business transactions, launching a comprehensive suite of solutions that empower SMEs to achieve sustainable growth.”
Looking ahead, CapBay remains dedicated to developing innovative financing solutions that cater to the evolving needs of businesses across various markets. The company aims to introduce advanced digital tools designed to enhance operational efficiency and financial literacy among SMEs, ensuring they are well-equipped to navigate the complexities of a dynamic business environment.
In addition to its recent recognition from Fortune, CapBay has also been listed among The World’s Top 250 Fintech Companies in 2024 by CNBC and Statista for the second consecutive year. Furthermore, the company achieved a commendable 30th position among 500 companies on the Financial Times’ High-Growth Companies Asia-Pacific 2024 list, demonstrating an impressive 18x growth and a 166% compound annual growth rate (CAGR) over the three years leading up to 2022.
