Validus, a leading digital financing platform, has secured a US$50 million debt facility from HSBC.
The funds will be used to support small and medium-sized enterprises (SMEs) in Indonesia through Validus' subsidiary, Batumbu.
The loan is part of HSBC's ASEAN growth fund strategy and aims to improve access to financial resources for underserved SMEs. Batumbu, Indonesia's largest digital financing platform for SMEs, has seen significant growth in recent years and consistently achieved high profitability.
Harish Venkatesan, head of corporate and business banking at HSBC Singapore, emphasized the importance of Validus in promoting financial inclusion in the region. He noted that MSMEs are crucial to the long-term economic success of ASEAN and beyond.
Validus, founded in 2015, leverages data analytics and artificial intelligence to provide financing to SMEs. With offices in Singapore, Indonesia, Vietnam, and Thailand, the company is well-positioned to meet the growing needs of the SME sector in the region.