CapBay Secures USD 7.1 Million Investment from Kenanga Capital Islamic

Malaysia-based Bay Group Holdings, which operates as CapBay, a multi-bank supply chain finance and peer-to-peer (P2P) financing platform, has secured a USD 7.1 million investment from Kenanga Capital Islamic (KCI), in a boost for small and medium-sized enterprises (SMEs) seeking Shariah-compliant financing. The funding is a step towards expanding CapBay's Shariah-compliant supply chain finance entity, CapBay Islamic, which has been authorised by the Securities Commission Malaysia (SC) for Shariah-compliant P2P financing.

Why it Matters?

Dato’ Sri Mohd Mokhtar Mohd Shariff, Chairman at CapBay, said that the funds will help to accelerate the expansion of Malaysian SMEs, and that the company believed that the launch of their Islamic receivables and...