CJF’s injection kicks off Funding Societies’ 10th year track record in serving SMEs in Southeast AsiaInvestment bridges gap for Southeast Asia’s SMEs supporting Japanese companies’ overseas expansion

SINGAPORE, Dec. 19, 2024 /PRNewswire/ — Funding Societies | Modalku (Funding Societies), the largest unified SME (small and medium enterprises) digital finance platform in Southeast Asia, today announced that it has raised US$25 million in equity investment from Cool Japan Fund (CJF) – Japan’s sovereign wealth fund. The investment from CJF signifies the fund’s first investment into a Fintech company in Southeast Asia.

Funding Societies will funnel the investment to deepen its core business in SME financing across its five markets (Singapore, Indonesia, Malaysia, Thailand and Vietnam); whilst further expanding its payments business since embarking on it in 2022.

Having served SMEs in fulfilling their business potential for a decade, the company will focus on helping businesses get paid faster through innovative receivables and financing solutions. It will also leverage technology and AI to digitise and automate lending origination processes. These initiatives and synergies between payments and lending, align with the company’s objectives of achieving growth and profitability.

Annually, Japanese direct investment in the ASEAN region averaged about US$18.6 billion[1]. Furthermore, there are approximately 15,000 business establishments set up by Japanese companies in the region. In a 2024 survey conducted by the Japan Bank for International Cooperation[2], asking 500 Japanese companies their top 10 promising countries for overseas business development, ASEAN countries made up half the list.

Through this investment, Funding Societies will also embark on a partnership with CJF, leveraging the former’s strong track record in serving SMEs in Southeast Asia, to provide financial services to support Japanese companies. The partnership will foster positive commercial relations for Japanese companies and local SMEs in the region, and help expand overseas demand for attractive products and services unique to Japanese lifestyle and culture by supporting the overseas business expansion of Japanese companies engaged in providing them.

President and CEO of Cool Japan Fund, Kenichi Kawasaki, said, “We are excited to be backing Funding Societies through this investment. Their track record of supporting SMEs in Southeast Asia well places them to help Japanese companies overcome challenges when entering new overseas markets – particularly in this region. With the shift of interest from Japanese firms steering towards Southeast Asia, we believe our partnership with Funding Societies through this investment will grow the overseas demand of Japanese products and services, in turn, benefitting Japan’s economy as well as the local SMEs doing business with Japanese companies.”

Co-founder and Group CEO of Funding Societies | Modalku, Kelvin Teo, said, “We’re honored for the commitment from Cool Japan to collaborate and support Japanese companies expanding overseas. Many businesses we serve in Southeast Asia are Japanese firms, suppliers and/ or customers to them. Together with CJF, we intend to further strengthen these ties.”

Revenue of digital financial services in Southeast Asia is projected to be on the ascent, with digital lending to be the biggest driver – contributing approximately 65% of the total revenue[3]. The total loanbook[4] has a year-on-year growth of over 20% to US$71 billion from 2023 to 2024 (only covering under 1% of the US$2.5 trillion credit access gap in the region[5]), and is expected to grow steadily to approximately US$200-300 billion by 2030.

This injection follows successful milestones in 2024 achieved by Funding Societies including: a strategic equity investment from Maybank; and a third annual credit facility from HSBC’s ASEAN Growth Fund which is part of an accumulative commitment of over US$100 million credit facility with the bank.

To date, Funding Societies has achieved over US$4 billion in business financing serving about 100,000 SMEs, and processed an annualised payments gross transactions value (GTV) of over US$1.4 billion – since expanding into its payments business in 2022.

About Funding Societies | Modalku

Funding Societies | Modalku is the largest unified SME digital finance platform in Southeast Asia. It is licensed in Singapore, Indonesia, Thailand, registered in Malaysia, and operates in Vietnam. The FinTech company provides US$1 billion annually of business financing to small and medium-sized enterprises (SMEs). Since embarking on its strategic milestone to expand into payments, the company processes an annualised US$1.4 billion in gross transactions value, following the acquisition of regional digital payments platform CardUp in 2022.

Funding Societies | Modalku is backed by SoftBank Vision Fund 2, Maybank, Khazanah Nasional Berhad, CGC Digital (the digital arm of the Credit Guarantee Corporation Malaysia Berhad), SBVA (previously SoftBank Ventures Asia), Peak XV Partners (previously Sequoia Capital India), Alpha JWC Ventures, SMBC Bank, BRI Ventures, VNG Corporation, Rapyd Ventures, Endeavor, EBDI, SGInnovative, Qualgro, and Golden Gate Ventures among others.

It has received accolades through the years including: Brands for Good (2019, 2023), Global SME Excellence Award, Global SME Finance Awards by IFC (2021-2023) Global Startup Awards (2020), MAS FinTech Award (2016, 2021), Singapore’s Fastest-Growing Companies 2024 (a list of 100 companies compiled by The Straits Times and Statista), High-Growth Companies in Asia-Pacific 2024 (a list of 500 companies compiled by the Financial Times and Statista) .

For more information, please visit: www.fundingsocieties.com

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SOURCE Funding Societies

Travel industry leaders gathered in Abu Dhabi for Trip.com Group’s Global Partner Summit, celebrating a year of strong growth marked by a 70% year-on-year increase in Asia-Pacific bookings.Trip.com Group announces a strategic partnership with summit host city Abu Dhabi’s Department of Culture and Tourism to showcase the destination’s global appeal

ABU DHABI, UAE, Dec. 18, 2024 /PRNewswire/ — Opportunities, collaboration, and future growth took centre stage at Trip.com Group’s annual Global Partner Summit, where over 2,000 industry leaders, including representatives from accommodation providers, airlines, attractions and tour operators, tourism boards, and the media, gathered to envision the future of travel. With the theme ‘A Shared Journey to a Better World’, the summit was held at the Abu Dhabi National Exhibition Centre, and provided a forum for stakeholders to come together to celebrate the industry’s resilience, reflect on its achievements, and chart a collective path towards future success.

“In recent years, the travel industry has faced immense challenges. By working together, we have not only overcome these, but emerged stronger, and with renewed innovative vigour,” said Jane Sun, CEO of Trip.com Group. “This year’s summit celebrates the spirit of unity and collaboration that drives us to create new opportunities and underpins our collective efforts towards a brighter future. Together with our partners, we are paving the way for travel to inspire and connect, and making strides towards a better world.”

Celebrating Progress and Creating Opportunities

The summit highlighted the remarkable progress made by the travel industry in 2024. Trip.com Group data indicates that hotel and flight bookings have grown by over 60% year-on-year, reflecting robust global demand. The Asia-Pacific region demonstrated particularly strong performance, with a more than 70% year-on-year increase in overall bookings, while international flight bookings across Asia almost doubled compared to last year’s volumes.

Trip.com Group has further solidified its leadership, including through partnerships with airlines such as Ryanair, Europe’s largest airline, and has earned recognition from the International Air Transport Association (IATA) with its GoGlobal certification, the industry’s gold standard. In the accommodation sector, Trip.com Group supports 1.7 million hotel partners worldwide, leveraging technology to drive growth, including through Trip.Best, its hotel review ranking system, which delivered an over 20% increase in traffic for participating properties.

To further enhance the travel ecosystem and meet growing traveller demand for experiences, Trip.com Group is transforming the way attractions and activities are accessed and booked. The Open API Platform, based on the OCTO standard, streamlines connectivity for suppliers, eliminating the need for complex integrations and making it easier for customers to discover and book attractions, tours, and experiences. This innovation simplifies operations for partners while providing travellers with a seamless booking experience.

Trip.Biz, the corporate travel arm of Trip.com Group, also showed strong global momentum. In the Asia-Pacific region, innovative solutions like the globally available Trip.Biz VCC payment system, as well as a 135% increase in hotel coverage, contributed to a 53% year-on-year growth in clients. These achievements reflect how Trip.com Group’s commitments to collaboration and innovation are enhancing global travel ecosystems and driving growth across all sectors.

Driving Sustainability and Innovation

In line with its vision of building a better world through travel, Trip.com Group reaffirmed its commitment to sustainability with initiatives that promote eco-conscious travel and community development. For instance, the Trip.com Group Country Retreats Project supports local social and economic development through investments in high-end eco-tourism accommodation in rural regions. To date, the 34 retreats have boosted local economies, created sustainable employment opportunities, and set new benchmarks for eco-conscious tourism. The project was also recently recognised in the UN Global Compact’s ESG 20 Report, highlighting Trip.com Group’s pioneering role in advancing sustainable growth for the travel and tourism industry.

Trip.com Group has made strides in promoting more sustainable travel practices, including the introduction of innovative travel products and carbon-saving solutions that reduced travel-related emissions by over 260,000 tons in 2024. Working with partners, Trip.com Group is also leading industry-wide action, including through its Low-Carbon Hotel Initiative, which encourages the integration of renewable energy solutions such as photovoltaic solar panels, saving costs and improving efficiency for participating hotels. Since November 2024, Trip.com has featured “Certified Sustainable” labels for properties certified by a GSTC-Accredited Certification Body, making it easier for travellers to identify and book eco-friendly options.

“Creating positive, lasting value for customers, partners, communities, and the environment lies at the heart of our mission,” said James Liang, Chairman of Trip.com Group. “From pioneering a family-friendly workplace, to promoting travel practices that support social and economic development, we are working with stakeholders worldwide to build a more resilient, connected, and sustainable future for travel.”

Forging Strategic Partnerships

At the event, Trip.com Group also announced a strategic partnership with the Department of Culture and Tourism – Abu Dhabi (DCT) for 2025. Through the collaboration, both sides will promote Abu Dhabi as a premier global travel destination and encourage extended stays for international visitors. Through Trip.com Group’s channels, the initiative will connect travellers with Abu Dhabi’s attractions, resort experiences, and seasonal highlights, as well as offer curated group tours and one-day itineraries that showcase the region’s unique culture and natural beauty.

Abdulla Yousuf, Director of International Operations at DCT Abu Dhabi, said: “We are pleased to partner with Trip.com Group, a leading global travel platform, to enhance Abu Dhabi’s presence among travellers worldwide. This collaboration underscores our commitment to fostering strategic partnerships that expand our global reach and connect visitors to Abu Dhabi’s diverse and world-class offerings. With Trip.com Group’s extensive influence across key international markets we aim to create meaningful value for all stakeholders and showcase Abu Dhabi as a premier destination for culture, adventure, and year-round experiences.”

Travel to the Middle East has seen a significant surge. According to Trip.com Group data, international flight bookings to the region for the first eleven months of 2024 rose by over 70% compared to the same period in 2023, and were more than 430% higher than in the same period in 2019. The top source markets were China, the UK, and Germany, highlighting the region’s broad appeal. The partnership with DCT will build on this momentum to showcase Abu Dhabi’s unique offerings to global audiences.

Looking Ahead

As the travel industry looks to the future, Trip.com Group remains committed to its mission of leading with values of innovation, sustainability, and collaboration, striving to secure opportunities for sustainable growth, and working towards a more connected and better world for all.

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.

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SOURCE Trip.com Group

SYDNEY, Dec. 19, 2024 /PRNewswire/ — Humanforce, an Australian-borne global provider of human capital management (HCM) solutions, today announced the acquisition of LiveHire, a best-of-breed Applicant Tracking System (ATS), Recruit CRM, and AI-powered talent pooling platform. The acquisition is Humanforce’s fourth in a two-year period.

The deal, valued at $17.2M, delivers businesses the capability to augment their workforce quickly, intelligently, and compliantly across various labour pools, including internal, contingent, gig, and staffing agency workers. This comprehensive approach aims to address the evolving labour demands of frontline and flexible workforces such as childcare, aged care, healthcare, hospitality, retail, events & stadia and local government.

Humanforce CEO Clayton Pyne said, “We are thrilled to bring LiveHire into the Humanforce family. This acquisition aligns perfectly with our mission to make work easier and life better for frontline and flexible workforces. LiveHire’s advanced talent solutions will empower our clients to innovate in hiring, enhance candidate engagement, and optimise shift filling, skills matching, and mobility models for both companies and workers.

“Talent is a critical area that has plagued frontline and flexible workforces in recent years, so the enormity of providing customers with much-needed access to a vast talent pool of candidates within the Humanforce suite is not lost on us. Businesses will be able to better manage their reliance – and expenditure – on agency sourcing, reduce their time-to-hire, and maintain complete visibility over their workforce and their people, within a single, best-in-one HCM suite.”

Since being founded in Australia in 2012, LiveHire has been revolutionising the candidate experience and enabling businesses to thrive with talent on demand. Over the past 12 years, LiveHire has amassed a talent community of almost 10 million candidates, representative of ~70% of the Australian workforce. By building this volume talent community, LiveHire has truly democratised much needed access to frontline and contingent workers.  LiveHire’s success has fuelled their expansion into global markets including New Zealand, United Kingdom and North America. Since its inception, LiveHire has processed over 13 million candidate job applications for roles within hundreds of businesses globally.

Accel-KKR Managing Director and Humanforce board member, Joe Porten, said, “Humanforce continues to accelerate its growth by deliberately seeking complementary, best-in-class people management solutions. With LiveHire’s market-leading AI-powered talent solutions, Humanforce will seamlessly connect the flow of the world’s talent with the growth, productivity, and efficiency objectives of frontline and flexible workforces.”

With the addition of LiveHire, Humanforce’s best-in-one HCM suite now encompasses Workforce Management, HR, Payroll, Wellbeing, and Talent under one platform, giving businesses a holistic view of their total talent, enhancing their ability to respond to labour market fluctuations and stay competitive.

“Humanforce continues to make work easier and life better for frontline and flexible workforces. LiveHire’s best-of-breed ATS, Recruit CRM, Direct Sourcing and AI-Powered Talent Pooling products are highly complementary and will enable Humanforce to power innovative and intelligent hiring, candidate engagement, shift filling, skills matching and mobility models for companies and workers alike.

We are excited that by adding Talent to Humanforce’s current HCM suite of Workforce Management, HR, Payroll and Wellbeing, businesses will now be able to augment their workforce quickly, intelligently and compliantly –across internal, contingent, gig and staffing agency labour pools –to address dynamic labour demands,” said Pyne.

“Organisations will be able to reduce expenditure and their time-to-hire, respond nimbly to frontline labour shortages, and generate committed pools of flexible workers by leveraging their employer brand, enhancing their EVP. All the while, maintaining complete visibility over their total talent within a single, best-in-one HCM suite with centralised data, and deep insights & analytics to make more informed people decisions,” Pyne concluded.

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About Humanforce

Humanforce provides the market leading, employee-centred, intelligent and compliant HCM suite for frontline and flexible workforces, offering highly configurable, best-in-one WFM, HR, Payroll, Wellbeing and Talent – without compromise. Our vision is to make work easier and life better by focusing on the employee experience (EX), and the efficiency and optimisation of businesses.

Founded in 2002, Humanforce has a 2300-strong customer base and heading towards one million employees under management, across a wide range of industries including Aged Care, Childcare, Healthcare, Retail, Hospitality, Events & Stadia, Local Government and more. Today, we have offices across Australia, New Zealand, United Kingdom, Philippines and USA.

Customers include Story House Early Learning, Flight Centre, Southern Cross Care, Howard Smith Wharves, Manchester City and more. https://humanforce.com

About LiveHire

LiveHire is a leading provider of ATS, Recruit CRM, and AI-powered talent pooling solutions. Since its founding in 2012, LiveHire has empowered organisations to build and maintain warm talent pools, streamlining the recruitment process and enhancing candidate engagement. https://www.livehire.com/ 

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SOURCE Humanforce