Validus, a Singapore-based digital financing platform, has secured $50 million from HSBC as part of the efforts to support financial inclusion for micro, small, and medium enterprises (MSMEs) in Indonesia, according to a statement on Monday.
The loan is part of HSBC’s $1-billion ASEAN Growth Fund which aims to support firms in Southeast Asia’s booming digital economy and will be deployed through Validus’ local unit PT Berdayakan Usaha Indonesia (Batumbu).
“This long-term partnership with HSBC builds on our ongoing efforts to bridge the financing gap for MSMEs in Indonesia. We will continue to pioneer innovations and drive advancements in the lending space,” Nikhilesh Goel, co-founder and group CEO of Validus, said in the statement.
“By leveraging Batumbu’s unique position as the largest and only profitable digital SME financing platform in the country, we are committed to unlocking new opportunities for businesses, driving economic growth, and enhancing financial inclusion,” he said.
Besides Batumbu in Indonesia, Validus has also established a presence in Vietnam and Thailand. Since 2021, it has disbursed as much as 5.17 billion SGD (around $4 million).
In July, Validus said it secured loans from Dutch entrepreneurial development bank FMO and social investor Oikocredit totalling about $17.6 million.
HSBC’s ASEAN Growth Fund has also disbursed loans this year to Singapore-based car marketplace and lender Carro totalling about $55 million and $30 million for Indonesian aquaculture company eFishery.
