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Malaysian fintech du-it crowdfunds to support BNPL platform development

Source: du-it

du-it, a Malaysia-based Islamic fintech company (Duittech International Sdn Bhd), has recently launched a crowdfunding campaign in collaboration with Ethis Malaysia, a leading global Islamic crowdfunding platform. The campaign aims to support the development of its innovative Business to Business (B2B) Buy Now, Pay Later (BNPL) platform, which is set to become the first B2B BNPL platform in Malaysia and the first in the world operating in a Shariah-Compliant setting. du-it is dedicated to providing interest-free instalment solutions to businesses, particularly small and micro-sized enterprises.

du-it's BNPL platform is designed as a solution-based platform for Small Medium Enterprises (SMEs) and Micro-Small Media Enterprises (MSMEs) in Malaysia, with a primary focus on their dealings with other businesses that require flexible payment options for their purchases, whether for capital expenditures (CAPEX) or operational expenditures (OPEX). The platform offers a credit limit of up to RM50,000, based on the client's risk profiling, and allows businesses to obtain approval within minutes.

Shafik Ali, Founder and CEO of du-it said that the launching of the crowdfunding campaign on Ethis Malaysia is an exciting step for du-it. “We're grateful for the opportunity to reach out to a wider audience and bring our vision to life as we work to transform the way businesses in Malaysia manage their cash flow more effectively," he said.

du-it's crowdfunding campaign is open to everyone and aims to raise a maximum total of RM3 million over the course of 90 days. By participating in the crowdfunding campaign, investors can become part of du-it's mission to provide affordable and accessible financing solutions for small and micro-sized enterprises in Malaysia.

“With the funds raised through the campaign, we aim to bring our platform to more businesses in Malaysia, further develop our platform as well as expanding our team across core business-growth roles, helping businesses access on-demand interest-free credit terms, and solving the pain points of today's SMEs.” said Shafik.

The crowdfunding campaign presents an exciting opportunity for investors to support an Islamic fintech company that is transforming the way businesses in Malaysia manage their cash flow more effectively. du-it's BNPL platform has the potential to revolutionise the credit industry by providing a convenient and accessible way for businesses, SMEs & MSMEs to access credit, while also providing a safe and secure way for merchants to receive upfront payments for their sales transactions.

Umar Munshi, MD of Ethis Group mentioned that du-it’s unique value proposition has come at the right time. “With a huge market need, du-it’s Islamic products will create a positive impact and benefit society as the company grows,” he said.

Wan Dazriq, CEO of Ethis Malaysia, expressed that they are equally honoured and humbled to facilitate du-it’s fundraising efforts to the amount of RM3 million. “du-it's unique business model provides greater financial access to Malaysia's SMEs via Buy Now Pay Later that adheres to shariah guidelines and is much needed in the current fast pace commercial environment.

Investors can take part in this opportunity by investing in du-it through Ethis Malaysia's equity crowdfunding platform, with a minimum investment of RM1000.” he added.

Investors can now participate in the crowdfunding campaign by visiting the campaign page at Ethis Malaysia, a leading global Islamic crowdfunding platform approved by regulators in Malaysia and also has presence in Indonesia and Oman, together with a charity platform named Global Sadaqah.

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