OpenSys partners Fundaztic to launch Go-Green Financing Program on its buySolar platform
KUALA LUMPUR (Sept 14): OpenSys (M) Bhd’s subsidiary OpenSys Technologies Sdn Bhd has partnered with the market operator of peer-to-peer (P2P) financing platform Fundaztic, Peoplender Sdn Bhd, to become the first P2P financier on OpenSys Technologies’ buySolar platform.
In a statement today, the group said Fundaztic will be offering a total of RM5 million in financing to small and medium enterprises (SMEs) which wish to go solar with ease and confidence.
It also highlighted that this would be Fundaztic’s first Go-Green initiative as a financing partner to strengthen its commitment to mitigate the impact of global warming and encourage more businesses to adopt eco-friendly and sustainable approaches to safeguard the environment.
“The financing scheme will be available to all SME customers of buySolar who are looking for funding to purchase solar systems costing up to RM200,000 per SME.
“The funding will cover the system cost, NEM meter cost, installation and other related professional/installation cost,” it said.
Fundaztic, which is a Recognised Market Operator registered by the Securities Commission Malaysia (SC), will raise funds for the collateral-free term financing of up to 90% of the final quotation amount using its online P2P platform.
Successful buySolar customers will then make monthly repayments with interest to participating investors through Fundaztic until the end of their financing tenure.
Fundaztic CEO Calvin Foo said the partnership was in line with the platform’s initiative to support the sustainable energy industry and eco-friendly solutions that reduce carbon footprint and minimise the impact of climate change.
“With the ongoing global warming, it is best that we provide our support to platforms like buySolar which offer sustainable solutions that have a positive impact towards our future.
“This partnership with buySolar will not only further extend our initiative towards the sustainable energy industry but also raise awareness for Malaysian SMEs on the benefits for the environment while saving energy costs in the long term.
“Additionally, this collaboration with buySolar can be the first step towards creating awareness for ESG investments among the Malaysian people,” Foo added.
Meanwhile, OpenSys Technologies chief operating officer Luke Sebastian said with buySolar collaborating with Fundaztic on its platform, the group would be able to offer various financing options that can be adapted to SMEs' differing requirements and budgets.
“Our goal is to continue making buySolar a more vibrant platform, with a selection of service providers, financiers and insurance for solar panel and solar-related services in Malaysia, thereby pursuing the nation’s goal of achieving 20% renewable energy target by 2025,” he shared.
According to the group, buySolar is a one-stop online marketplace, offering end-to-end solar installation services from online application, cost estimation, financing to after-sales services.
The buySolar platform is supported by Sustainable Energy Development Authority Malaysia (SEDA), and buySolar currently has 16 industry players on board that offer a wide selection of systems and on-demand convenience.
Shares in OpenSys settled unchanged at 42 sen, giving it a market capitalisation of RM187.67 million.
Source: The Edge Markets