CapBay, a trailblazing Malaysian FinTech firm focused on supply chain finance and Peer-to-Peer (P2P) financing, has been named among Fortune’s Fintech Innovators Asia 2024. This recognition from the same organization behind the prestigious Fortune Global 500 emphasizes CapBay’s pivotal role in Asia’s fintech ecosystem. It was the only Malaysian company featured among 60 leading fintech innovators, which include digital banks, payments, and crypto giants such as Binance, WeBank, KakaoBank, Grab, and Ant Group. The announcement, made at the 2024 Singapore Fintech Festival, celebrated the most impactful and cutting-edge fintech companies in the Asia-Pacific region.
Since its establishment in 2017, CapBay has reshaped SME financing across Southeast Asia from its base in Malaysia. Leveraging a proprietary AI-driven credit scoring system, advanced analytics, and machine learning, CapBay provides vital financing solutions for SMEs often bypassed by traditional banks. This approach has led to over RM3.7 billion (US$900 million) in financing distributed to over 2,000 underserved SMEs across 20 different sectors. CapBay’s Chairman, Dato’ Sri Mohd Mokhtar Mohd Shariff, expressed his appreciation for the acknowledgment: “Fortune’s recognition reaffirms our dedication to bridging the financial accessibility gap for SMEs. Our tech-driven strategy keeps our default rate under 0.5%, showcasing our ability to support underserved businesses with fiscal responsibility.”
Aligned with its growth strategy, CapBay has recently expanded into Singapore and Thailand, with plans to enter Vietnam, Indonesia, and the Philippines. Co-founder and CEO Ang Xing Xian stated, “Our vision is to establish Malaysia as a hub for Southeast Asia, supporting local companies as they expand. We’re committed to fostering digitalization, trade, and commerce with solutions that enable SMEs to pursue sustainable growth.”
Looking forward, CapBay continues to focus on innovative financing tailored to businesses’ evolving needs across different markets. The company is developing digital tools to enhance SMEs’ operational efficiency and financial literacy, helping them navigate the complexities of today’s business environment.
Alongside Fortune’s recognition, CapBay was also named among CNBC and Statista’s World’s Top 250 Fintech Companies in 2024 for the second year running. Additionally, CapBay ranked 30th out of 500 on the Financial Times’ High-Growth Companies Asia-Pacific 2024 list, marking an impressive 18x growth and a 166% compound annual growth rate (CAGR) over the three years leading up to 2022.
