Singapore Funding Societies Easing Business Processes in Indonesia

In response to global challenges, the Singapore-based digital finance platform Funding Societies announced Aug 10 that it is streamlining business operations in Indonesia.

Funding Societies stated in a statement that its customers and, in turn, its business in the five markets it operates in have been impacted by the continued unfavourable macroeconomic conditions that have resulted in difficulties across various industries.

In light of these macroeconomic circumstances and as part of ongoing efforts to continue serving SMEs in the area, the company has decided to streamline business operations in Indonesia (operating locally as Modalku).

The statement claims that this exercise has had an effect on 38 out of 214 Indonesians.

Funding Societies said the decisions on the affected personnel were made after a rigorous review and careful consideration of current and future business priorities.

Additionally, it stated that this was a component of the company's mission to assist SMEs in transitioning to a leaner organisational structure while going beyond lending and into payments.

It should be noted that affected employees will be compensated in accordance with regional laws.

A full range of professional and mental health support services, as well as outplacement services like CV writing, interview coaching, and reference letters, will also be made available to employees and their dependents until the end of the year.

According to Funding Societies, the company has kept growth and profitability as its top priorities ever since 2019.