PEER-to-peer (P2P) financing platform Fundaztic has formed a partnership with Easy Pay Transfers to educate small business owners on the use of technology to increase business efficiency.

Easy Pay Transfers is an online money transfer platform fully-licensed by Bank Negara Malaysia and is focused on SMEs with payments to China.

The collaboration will see Fundaztic rewarding its members, particularly those who money transfer services, with promotions from Easy Pay Transfers. Meanwhile, Easy Pay Transfers will be referring SMEs that require funding to Fundaztic.

“We are very excited with this partnership. Our collaboration will enhance an ecosystem for SMEs using technology to drive ease, speed as well as competitive pricing of services which is vital for business growth,” said Fundaztic chief executive officer Kristine Ng.

The partnership also supports the regulator’s initiatives to digitalise financing solutions.

Fundaztic connects underserved SMEs and investors.

In November 2016, the Securities Commission noted that the financing gap in the country stands to be over RM80bil and alternative funding could help reduce the gap, especially for start-up, micro and small businesses.

Since its launch in July 2017 Fundaztic has helped over 120 SMEs with a total of over RM11mil disbursed.

Easy Pay Transfers aims to make online transfers more convenient with lower transfer fees and attractive exchange rates.