CapBay Thailand and OSMEP Sign MoU to expand Alternative Financing for Thai SMEs

From Left to Right: Suntaree Jettananukror, Deputy Director of SME Service Network Coordination and Government Policy, Patchaneekan Nakbua, Director of SME Service Network Coordination and Government Policy, Panita Shinawatra, Ph.D., Deputy Director and Acting Director of OSMEP, Ang Xing Xian, Co-founder and Group CEO of CapBay, Jasmine Lau, Director of CapBay, Thawee Poonlapmongkol, Country Head of CapBay Thailand, Tippayavut Kovanthanakul, Vice President of CapBay

Bangkok, 4 March 2025 – Bay Commerce (Thailand) Co., Ltd. (CapBay Thailand) has signed a Memorandum of Understanding (MOU) with the Office of Small and Medium Enterprises Promotion (OSMEP) to enhance access to alternative financing solutions for SMEs in Thailand. This partnership reinforces CapBay’s commitment to driving SME growth through fintech-powered supply chain financing and embedded finance solutions.

The MOU was signed by Ang Xing Xian, Co-founder and Group CEO of CapBay, and Panita Shinawatra, Ph.D., Deputy Director and Acting Director of OSMEP, at OSMEP’s headquarters in Bangkok.  This collaboration is part of OSMEP’s SME Privilege program, launched in 2019, which provides financial and business development support to Thai SMEs. Through this partnership, CapBay will leverage its fintech expertise to offer SMEs more accessible, flexible, and cost-effective financing options, empowering them to improve cash flow, reduce financial burdens, and scale their businesses effectively.

A Strategic Milestone for Regional Expansion

Dato’ Sri Mohd Mokhtar Mohd Shariff, Chairman of CapBay, highlighted the impact of this collaboration, stating, “CapBay has facilitated over USD 900 million (~THB 32 billion) in SME financing, supporting more than 2,000 businesses. This partnership with OSMEP marks a significant step in our regional expansion, allowing us to provide innovative financing solutions tailored to SME needs.”

He added, “By leveraging fintech, we can unlock new economic opportunities, enhance regional trade, and empower SMEs to thrive in a competitive global market. With our expansion into Thailand, we are launching an initial funding pool of THB 2 billion—just the beginning of our long-term commitment to empowering Thai SMEs.”

Panita Shinawatra, Ph.D., Deputy Director and Acting Director of OSMEP, commented, “This partnership with CapBay Thailand enhances our SME Privilege program by offering financial solutions that improve liquidity and reduce borrowing costs for Thai entrepreneurs. Through this initiative, SMEs will gain access to affordable financing, expert credit advisory services, and business development opportunities. We are committed to working with CapBay to expand financial accessibility and promote sustainable SME growth in Thailand.” Empowering SMEs with Tech-Driven Financing CapBay’s ecosystem integrates Embedded Finance, Alternative Data, and Digital Lending to provide seamless, flexible, and tech-driven financing solutions beyond traditional banking models. By leveraging AI-powered credit decisioning and data-driven risk assessment, CapBay ensures that SMEs can access working capital without excessive collateral requirements or rigid lending criteria.

CapBay sees immense opportunities in intra-ASEAN trade, particularly in strengthening cross-border trade flows across the region, including between Thailand and Malaysia. Through its regional network, CapBay aims to bridge liquidity gaps for exporters, support seamless trade across borders, and help SMEs scale in international markets.

Thawee Poonlapmongkol, Country Head of CapBay Thailand, stated, “Through this collaboration with OSMEP, we aim to offer valuable financial products and services tailored to SME needs while actively engaging in data exchange to refine service processes and support key initiatives. This partnership is designed to empower SMEs by reducing financial burdens and facilitating access to capital, allowing them to scale and thrive in an increasingly competitive market.”

As part of this initiative, CapBay’s executives and industry experts will offer mentorship, act as keynote speakers, and provide financial advisory services to entrepreneurs. The primary focus is to equip SMEs with the necessary funding resources to drive business growth and expansion.

Entrepreneurs can seamlessly access these benefits through the SME CONNEXT platform by OSMEP, ensuring a smoother and more efficient financial support system for growing businesses.

Global Recognition and Future Outlook

CapBay’s commitment to financial innovation and SME empowerment has been recognised on the global stage. The company was listed in CNBC and Statista’s The World’s Top 250 Fintech Companies rankings for both 2023 and 2024, reflecting its continued leadership in alternative financing. Additionally, CapBay ranked 30th among 500 companies in the Financial Times’ High-Growth Companies Asia-Pacific 2024 list, demonstrating an 18-fold growth and a 166% compound annual growth rate (CAGR) over the three years leading up to 2022. CapBay was also featured in Fortune’s Fintech Innovators Asia 2024 as the only Malaysian company among 60 distinguished fintech firms recognised by the Fortune Global 500.

Jasmine Lau, Director of CapBay, emphasised that this MoU is part of a broader regional expansion strategy. “CapBay has already established a presence in Singapore and China, and this collaboration with OSMEP is just one of the many initiatives driving our international growth. Currently, cross-border transactions contribute 10% to the Group’s revenue, and our ambition is to increase this to 30% in the coming years. This marks an important milestone in expanding CapBay’s footprint beyond Malaysia and solidifying our role as a key player in regional SME financing.”

This partnership with OSMEP represents an exciting opportunity to combine fintech expertise with OSMEP’s vision—unlocking new opportunities for Thai SMEs through smarter, faster, and more inclusive financing solutions. CapBay looks forward to shaping the future of SME finance and supporting Thailand’s SME ecosystem in the years to come.