Funding Societies, the leading SME digital financing platform in Southeast Asia, is ending an eventful year by crossing the SGD 1 billion mark in SME loans. In line with the platform’s goal of responsible growth, Funding Societies expanded its loan volume by 3 times in the last 12 month while maintaining a default rate of 1.5%. This is the highest amount given out by any SME digital financing platform in Southeast Asia.
With presence in Singapore, Indonesia and Malaysia, Funding Societies has facilitated more than 1 million business loans to SMEs through a base of more than 150,000 individual and institutional investors in the last 4 years since inception in 2015.
The growth in SME loans with Funding Societies is reflective of the increasing openness amongst businesses towards new generation funding options. As per the EY, UOB and Dun and Bradstreet report ‘Asean SMEs – Are you transforming for the future’, 67.8% of the SMEs are now open to non-traditional lenders including lending platforms. Alternative financing providers like Funding Societies are addressing this segment by providing technology backed funding solutions for the growth of local businesses.
Kelvin Teo, Co-Founder and Group CEO of Funding Societies, commented, “What SMEs need is not subprime banking, but a different banking. We’re honored to have partnered with many SMEs in their growth journey. It hasn’t been easy, as SME financing is a patient business. We hope to work even closer with SMEs in 2020, in line with our belief of ‘stronger SMEs, stronger societies’ since 2015.”
Funding Societies specialises in all forms of short-term unsecured financing up to S$2 million, with funds disbursed as early as the next day. Funding Societies’ SME clientele ranges from micro businesses and SMEs to small listed companies looking for working capital financing. For platform investors, the minimum amount is low starting from SGD 20 per investment. Other than individuals Funding Societies also has regulated financial institutions and funds who invest into loans on the platform.
SOURCE Funding Societies
CannaTech, the Canadian Securities Exchange & OTC Markets to Convene Cannabis Industry Leaders at the First-Ever Dedicated Cannabis House in Davos
The world’s top cannabis industry leaders will convene in the first-ever dedicated Cannabis House in Davos, Switzerland, January 20-24, 2020.
The Davos Cannabis House is hosted by CannaTech the world’s premier international cannabis summit platform, in partnership with the Canadian Securities Exchange (CSE) and the U.S. based OTC Market Group.
The theme of this year’s World Economic Forum is Stakeholders for a Cohesive and Sustainable World. The Davos Cannabis Lounge will highlight the economic role of cannabis in the future of healthcare, international trade and investment, and environmental and resource security, to create a cohesive and sustainable cannabis industry for all.
Curated for C-level executives and investors the Cannabis House will have a rich and varied program with some of the world’s foremost cannabis-related business leaders analyzing the current challenges and economic future of the hemp and cannabis industries.
Situated alongside world-leading industry and government pavilions, the Cannabis House will host numerous networking opportunities for the Davos community.
“A serious discussion of cannabis and its impact could not be timelier, and Davos is the ideal context given this year’s Sustainability theme. Partnering with the Canadian Securities Exchange and OTC Markets to host the first dedicated Davos Cannabis Lounge gives us the ability to amplify the cannabis and hemp messages and reach attendees. This year at CannaTech events from Latin America to South Africa, I witnessed the growing global industry and intense consumer interest in the hemp and cannabis markets. Today, cannabis is poised to revolutionize everything from health care to the ways people partake in leisure activities. On the global level, the threat of climate change has opened peoples’ eyes to hemp as a sustainable plant with construction, industry, and medicine. These recent developments are creating new international ecosystems that will impact everyone from farm workers in Africa to the CEOs of the world’s largest corporations. It’s time for the delegates at Davos to take part in and impact the economic development,” said Saul Kaye, founder and CEO of CannaTech and iCAN: Israel-Cannabis.
Zenabis Global Inc. Announces Transition of Chief Executive Officer with Appointment of Kevin Coft
Zenabis Global Inc. (TSX: ZENA) (“Zenabis” or the “Company“) announced today the appointment of Kevin Coft as interim Chief Executive Officer (“CEO“), effective immediately. Mr. Coft will replace Andrew Grieve as CEO, whose contract was set to expire shortly. While Mr. Grieve will be returning to his investment business, he has agreed to continue to provide Zenabis with his knowledge, expertise and guidance as a continuing member of Zenabis’ board.
Announcing the transition of responsibilities, Monty Sikka, Chairman of the Board of Directors of Zenabis, said, “The Board thanks Kevin for taking on the role of Chief Executive Officer on an interim basis. We look forward to working with him as we complete the final phase of our operational ramp-up into early 2020, and as we further consolidate our position as a leading Canadian cannabis licensed producer. Kevin has a track record as a leader in the cannabis industry, with experience as CEO in a previous iteration of the Zenabis business. We will take full advantage of his knowledge of the company and industry, as well as his steady leadership as we continue to mature as a business. In this phase of our growth, we look forward to Kevin’s leadership as we continue our search for a permanent, CPG (consumer packaged goods) and operations-focused CEO.”
The Zenabis Board has engaged Korn Ferry to assist with the hiring of a permanent CEO and expects to have a permanent CEO in place in the first quarter of 2020.
Mr. Coft was one of Zenabis’ founding members, having previously acted as CEO when it was a part of the Sun Pharm group, and before the amalgamation with Bevo Agro that created Zenabis Global Inc. In that role, he was responsible for Zenabis achieving ACMPR compliance as a Canadian cannabis licensed producer.
Mr. Coft is an operational and supply chain professional with over 30 years of international procurement, facility operations, and managerial experience. His industrial expertise covers a wide range of functions including regulatory licensing, construction, strategy, operations, logistics, warehousing, customer relationship management, and business systems. Most recently, Mr. Coft was responsible for the construction build-out of Zenabis’ facilities across Canada, as Chief Facilities Officer, including one of Canada’s largest indoor cannabis cultivation facilities, located in Atholville, New Brunswick. Previously, he held senior roles at IHL Group and Buy-Low Foods.
“Zenabis developed rapidly since its public listing, with a variety of capital raisings, large-scale construction, and most importantly, increasingly large harvests of high-quality cannabis,” said Mr. Coft. “Zenabis has come a long way in a short period of time, and I am excited about leading the team on an interim basis as we enter the next chapter of our development and seek to establish Zenabis as a cashflow positive, operationally efficient leader in the industry.”
“I am incredibly proud of the construction, licensing, and cultivation achievements of the Zenabis team during my tenure,” said Mr. Grieve. “From just over 5,000 kg of licensed cultivation capacity in January of 2019, to 57,000 kg at this time, with another 39,400 kg submitted for licensing and an incremental 14,800 kg having recently achieved substantial completion, the pace of growth has been exceptional. Kevin, leading our construction team as the Chief Facilities Officer, was instrumental in achieving that pace. I look forward to continue to serve Zenabis on the board of directors, and to continue working with the team.”
Mr. Sikka concluded, “Andrew played a pivotal role in our history. The Board thanks him for his hard work and execution of so many of our business deliverables. We now look forward continuing to deliver stakeholder value under Kevin’s leadership.”
SOURCE Zenabis Global Inc.
Chase Cooper Wins Category Award in Chartis RiskTech100®
Chase Cooper has been named award winner for the Operational Risk category in the 2020 Chartis RiskTech100® rankings.
“We are delighted to have won this award,” said John Kiddy, CEO at Chase Cooper. “It is a testament to the investments we have made in aCCelerate GRC and we are particularly pleased that Chartis have focused this year on the quantification of Operational Risk exposure. Chase Cooper’s key differentiator in the GRC marketplace is that it combines best in class qualitative and quantitative functionality to provide a complete enterprise class EGRC solution – no other EGRC player has this unique combination.”
“Quantification is an increasingly important area of innovation,” said Rob Stubbs, Head of Research at Chartis Research. “Chase Cooper’s achievements in the area of operational risk quantification were instrumental in our decision to present it with this new RiskTech100® award.”
SOURCE Chase Cooper
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