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Funding Societies secures third credit facility with HSBC to extend access to MSMEs in Southeast Asia

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Part of HSBC’s ASEAN Growth Fund, an accumulative commitment of over US$100 million to Funding Societies since its partnership established in 2022

SINGAPORE, Nov. 5, 2024 /PRNewswire/ — Funding Societies | Modalku (Funding Societies), the largest unified digital finance platform for micro, small and medium enterprises (MSMEs) in Southeast Asia today announced signing the third credit facility* with HSBC under its ASEAN Growth Fund. The overall transaction, an accumulative commitment of over US$100 million, also includes the two annual credit facilities extended to Funding Societies, reaffirms HSBC’s continued support for MSMEs through the platform since 2022.

This transaction, which is amongst HSBC’s largest asset-backed secured facilities extended to digital SME lenders in Southeast Asia, will further deepen and extend Funding Societies’ reach to providing credit access to underserved MSME segments in the region.

While the Asia-Pacific (APAC) region has grown its middle-class and gained tremendous traction in terms of increasing access to formal banking services and digitalising its commercial environment, the region still has a US$2.5 trillion credit access gap, making up over half of the global shortfall in small business financing[1]. To put into perspective, up to 99.9% of enterprises are MSMEs contributing to 35% to 69% of each country’s gross domestic product (GDP)[2].

Co-founder and Group CEO of Funding Societies, Kelvin Teo, said, “The continued support from a global bank such as HSBC is a testament to its commitment to support the development of digital platform businesses such as ours and MSMEs as we ride through a two-decade high interest rates impacting the global economy. This enables us to further explore scalable debt financing for growth and profitability, and bolster financial inclusion for the underbanked and underserved SMEs in the region.”

As part of its ASEAN Growth Fund strategy, this transaction underlines a scalable solution to allow and enable digital lenders like Funding Societies to raise additional equity capital and debt financing through different channels. Furthermore, HSBC will act as the structuring bank, lender, account bank, FX counterparty, facility and security agent in providing a scalable and pan-regional financing solution to support Funding Societies’ business expansion in the region.

Harish Venkatesan, Head of Corporates and Business Banking, HSBC Singapore, said, “As an early-starter and a leading MSME digital financing player in ASEAN, we are pleased to provide our third credit facility for Funding Societies, cumulatively in excess of US$100 million. This will enable us to continue supporting its efforts to provide financing support to micro, small and medium enterprises which will contribute to the building blocks of societies in the ASEAN region. We look forward to continuing support for Funding Societies as they grow their business and for the underlying MSMEs in the region through the HSBC ASEAN Growth Fund.”

The US$1 billion HSBC ASEAN Growth Fund was launched in March 2024 to enable Singapore-based digital platform businesses supporting e-commerce in the region to achieve economies of scale across multiple international markets, grow their asset portfolios, and advance along the corporate lifecycle. Together with the New Economy and Venture Debt Fund, HSBC Singapore offers a comprehensive suite of financing solutions for new economy businesses across different stages of growth[3].

This announcement comes at the heels of Funding Societies’ most recent strategic investments from Maybank in September.

Since its inception in 2015, Funding Societies has disbursed over US$4 billion in business financing, positively impacting more than 100,000 businesses across Singapore, Indonesia, Malaysia, Thailand, and Vietnam, as well as processed an annualised US$1.4 billion in payments GTV (gross transaction value) since its entry into payments in late 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). In recent years, it has made strategic milestones including its acquisition of regional digital payments platform CardUp and co-investment into Bank Index in Indonesia.

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

About The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$2,975bn as of 30 June 2024, HSBC is one of the world’s largest banking and financial services organisations.

 

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SOURCE Funding Societies

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STEPHEN A. SMITH ADDRESSES WHITE HOUSE DINNER ATTENDANCE, REAFFIRMS COMMITMENT TO HBCUs AND PROTECTING CORPORATE INVESTMENT IN BLACK EDUCATION

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October 24, 2026

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Stephen A. Smith, media mogul, New York Times bestselling author, and proud 1991 graduate of Winston-Salem State University, is addressing the public discussion surrounding his decision to attend a White House dinner with President Donald Trump, emphasizing his commitment to the long-term financial stability of Historically Black Colleges and Universities (HBCUs).

For Smith, the decision was rooted in a commitment to institutions that have educated generations of Black leaders, professionals, entrepreneurs, and public servants.

“I will always advocate for HBCUs and the students whose futures depend on them,” Smith said. “My reason for attending the White House dinner was to discuss the challenges these institutions face in securing long-term funding and to make the case that corporate America must continue to invest in them.”

Smith acknowledged federal support through the FUTURE Act while expressing concern that political tensions surrounding diversity, equity, and inclusion (DEI) could discourage private companies from supporting HBCUs. He maintains that these institutions deserve sustained corporate partnerships, philanthropic contributions, and public investment.

“If we truly believe in free-market capitalism, businesses should be able to support educational institutions and charitable causes without fear of criticism or repercussions,” Smith said. “HBCUs have made extraordinary contributions to this country. They deserve sustained public and private investment.”

Ashley Christopher, Esq., Founder and CEO of the HBCU Week Foundation, recognized Smith’s advocacy and decision to engage with the administration.

“Stephen A. Smith has been a powerful advocate for HBCUs, using his platform and influence to shine a national spotlight on our institutions,” expressed Christopher, “His continued support of HBCU Week helps advance our mission of connecting students with life-changing educational opportunities, and we are proud to have him as our ambassador.”

Since Smith became an HBCU Week Ambassador in 2019, the initiative has facilitated more than 15,000 on-the-spot college acceptances and raised and awarded more than $150 million in scholarships, according to the HBCU Week Foundation.

As public discussion continues, Smith is emphasizing the importance of ensuring HBCUs have the resources and partnerships needed to educate future generations and expand opportunities for students.

CLICK HERE to watch Smith’s full response to his White House visit.

MEDIA CONTACT:

media@mrsasinc.com

View original content:https://www.prnewswire.com/news-releases/stephen-a-smith-addresses-white-house-dinner-attendance-reaffirms-commitment-to-hbcus-and-protecting-corporate-investment-in-black-education-302918547.html

SOURCE Straight Shooter Media

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Advantex Announces Completion of Financing and Extension of Maturity Date of Previously Issued Debentures

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October 24, 2026

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TORONTO, Oct. 23, 2026 /CNW/ — Advantex Marketing International Inc. (CSE: ADX) (“Advantex”), a leader in the merchant cash advance and loyalty marketing products for merchants, today announced the completion of a $250,000 secured debt financing. Advantex issued a $250,000 non-convertible debenture which bears an interest rate at 12% per annum and matures December 15, 2027. The proceeds raised from this issuance of the Debenture will be used for working capital purposes.

Advantex has also extended the maturity of its existing $700,000 in 12% secured debentures from October 10, 2026 to December 15, 2027.

About Advantex Marketing International Inc.

Advantex provides working capital to merchants. Advantex also provides specialized marketing programs that enable members of Aeroplan to earn Aeroplan points at participating merchants.

Advantex shares trade on the Canadian Securities Exchange under the symbol ADX. For more information go to Advantex’s profile on www.sedar.com

Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable securities laws relating to the future business and operations of Advantex. Actual results and developments may differ materially from those contemplated by these statements. The business and operations of Advantex described herein is dependent on a number of factors and is subject to a number of risks and uncertainties. Factors that could cause actual results to differ material include, but are not limited to, changes in Advantex’s economic and competitive conditions including but not limited to the industry sectors in which Advantex operates.

The statements in this news release are made of the date of this release. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and Advantex undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

SOURCE Advantex Marketing International Inc.

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Club Offers for Travel Enthusiasts in Canada

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October 23, 2026

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TORONTO, Oct 23, 2026 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO), the club for travel enthusiasts, announces three of many new Club Offers for Club Members in Canada.

Rigorously vetted and negotiated for us travel enthusiasts:

$799—COSTA RICA WEEK WITH FLIGHTS & CAR
We think fall is an ideal time to visit Costa Rica; the scenery is lush and the crowds are gone. Drive between volcanic Arenal and the idyllic beaches of Tamarindo on this seven-night trip. Since it’s not as busy, we were able to negotiate a price that saves members up to $648 on departures through mid-December.

$899—BARCELONA: 5 NIGHTS WITH FLIGHTS
Explore Barcelona’s world-class museums and architectural masterpieces in the quieter winter months to pack more into your trip. You won’t waste hours in lines and can access top restaurants that are fully booked in summer. We save $300 on travel this January and February, when temperatures are still spring-like. Roundtrip flights from Toronto, hotel and daily breakfast are included.

$999—ST. KITTS GETAWAY FOR 2, REG. $2083
Most visitors to St. Kitts book months in advance, but when we pointed out that travel enthusiasts are more spontaneous, this resort gave us a terrific rate for stays this November and December. Spend four nights in Frigate Bay and get an upgraded Oceanview room, too.

Are you a travel enthusiast? Join the club today: https://travelzoo.com

Who are we?
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travellers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.

Media Contact: 
Amanda Ieraci – Toronto
+1 437 866 8540
aieraci@travelzoo.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/club-offers-for-travel-enthusiasts-in-canada-302918543.html

SOURCE Travelzoo

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