[AMA] I'm Kelvin Teo, Co-Founder & CEO of Funding Societies | Modalku, Ask Me Anything!


  • Funding Societies

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    Hey there CrowdFund Talks Community! 👋

    I’m Kelvin Teo, and I am the co-founder and CEO of Funding Societies | Modalku, licensed SME digital financing / Peer-to-Peer (P2P) platform in Southeast Asia. We offer loans to SMEs in Singapore, Indonesia, and Malaysia, crowdfunded by individual and institutional investors globally.

    It’s really great to be here and to witness investors within the ecosystem, beyond just Funding Societies | Modalku, lending a helping hand where possible, connecting and offering personal / investing advice to one another.

    Thank you to our FSMK investors who helped contribute to the development of our new mobile app v.2.0 by offering your feedback and suggestions!

    Together with my co-founder, Reynold Wijaya, we started Funding Societies in 2015, within the confines of a tiny room off one of the tunnels between buildings on Harvard Business School campus. We knew financing for SMEs is a big problem, and we were set on the vision of realizing financial inclusion in Southeast Asia. It was an important goal for us to help high-potential SMEs to realize their potential.

    Today, we’ve crowdfunded S$280 million+ loans to 4,000+ SMEs with default rates at 1.02 percent, backed by SoftBank and Sequoia Capital India.

    Before Funding Societies, I was a consultant at Accenture, McKinsey & Company, and KKR, focusing on Southeast Asia. I have lived in several cities, but call Singapore home.
     

    Don’t hesitate to Ask Me Anything!

    I'll be online to reply you on 16th Nov, at 12-1PM.

    Here are some examples:

    • How do you maintain and grow the right culture within the company?
    • What’s the most exciting part of your job as a founder?
    • Why do SMEs come to Funding Societies for financing?
    • What was your winning pitch at Tech in Asia’s Singapore conference in 2015?
    • What’s important to you when you evaluate a candidate when hiring?
    • What is a weakness you’ve overcome?
    • In your opinion, how has the P2P lending industry changed the financial (investment) landscape in Southeast Asia?
    • Any good mental habits to recommend to stay productive?
    • Any good TED talks to share?
    • Bonus question: What do you think about during your long showers?

     

    NOTE: The host may choose at his/her preference to not answer particular questions.

    Note from moderator @kaeley-wn:

    If you are new to this community, please read this first! https://crowdfundtalks.com/topic/233/new-to-crowdfund-talks-read-me


    Disclaimer:

    Please note that the information is meant purely for informational purposes and should not be relied upon as financial advice. Users may wish to approach a financial adviser before relying on any advice provided by the website to make any decision to buy, sell or hold any investment product.



  • Hi @kelvinteo ! Nice to see you here. I have 2 questions:

    1. How "out there" do you think founders and employees of a startup should be?

    2. I believe you're also investing in Funding Societies (your "skin in the game" philosophy), what else is in your current investment portfolio?

    Thank u!



  • Why long showers???



  • @kelvinteo thanks for doing the AMA.

    What do you think of the P2P industry in china. What are some of your learnings from the recent incidents that happened to them?
    Also, if you have to recommend one book for learning about investing & personal finance, what would it be?



  • Hey Kelvin,

    Nice to meet you!

    I'd like to ask: What do you think the is main advantage of being the only P2P platform in the region present in 3 key Southeast Asian markets? Were regulations the toughest hurdle to overcome when entering a new market, for this industry?


  • Funding Societies

    Hey @kelvinteo !
    Question, what 3 books would you recommend? It could be fiction or nonfiction.

    Thank you! :)



    1. How much does FS take in each loan to execute the "skin-in-game" ?
    2. How does FS calculate the default rate?
    3. How do you maintain such low default rate?


  • Thanks for the AMA @kelvinteo.

    1. Should lenders be more worried about P2P lending if and when an economic downturn / recession / another financial crisis happens? Is it more risky? Will FS be more stringent or will current criteria suffice?

    2. In the future, will it be possible to allow lenders to invest in loans from Singapore, Malaysia & Indonesia from the same platform and maybe even using one wallet (conversions could be done on FS' end)?

    Thank you!



  • Any book on finance you think should be required reading and why?



  • Hi @kelvinteo. May I know when you was in startup idea stage, how you knew that future platform investors would like this kind of investment?



  • Hai Kevin, I have 2 question as follow:-

    a) Please try to include a maximum exposure to same lender for autobot investing. As some of the lender is in multiple tranch, we might want to limit our exposure to a maximum for a single lender.
    b) Please advice in event funder pass away, do you have a mechanism to stop all autobot investing in such case and remit the proceed to the next of kin. Also a next of kin form to easily identify the recipient would be helpful in event of death of funder.

    TQ



  • Hi Kelvin,

    Thanks for taking time out of your busy schedule to do this:

    1. When and why do you see the P2P industry in Singapore/APAC consolidating?
    2. Is consolidation going to be good or bad for the P2P industry as a whole?


  • Do you use or have plans to use machine learning / AI for credit scoring.

    Do you want to consider empowering investors by sharing more granular data of borrower fundamentals and repayment behaviour for our own (data science) explorations? This include the whole universe of loans in the platform, not just the ones an investor has participated in.



  • @wongbr said in [AMA] I'm Kelvin Teo, Co-Founder & CEO of Funding Societies | Modalku, Ask Me Anything!:

    Hai Kevin, I have 2 question as follow:-

    a) Please try to include a maximum exposure to same lender for autobot investing. As some of the lender is in multiple tranch, we might want to limit our exposure to a maximum for a single lender.
    b) Please advice in event funder pass away, do you have a mechanism to stop all autobot investing in such case and remit the proceed to the next of kin. Also a next of kin form to easily identify the recipient would be helpful in event of death of funder.

    TQ

    Yes I would also like to know if I can designate beneficiaries for my account, and how does this work?

    Thanks.



  • hi Kelvin,

    1. I am bullish on crowdlending in SE Asia but I think in Europe things are set up for massive defaults both on personal and business loans once the QT kicks in (and I think it will happen sooner than later). What is your opinion on this?

    2. Have you heard of Mintos? Investors are spoilt for choice in terms of country, industry, term diversification.... Have you though of creating a similar thing with FS, so any investor anywhere can easily invest in loans in any other country?

    3. What are the things you learnt in McK that are most useful to you in your current entrepreneurial venture?

    Congratulations for the product and platform you have created. Keep up the good job.



  • Hi Kelvin,

    I’m very new in P2P platform, looking at the platform, I don’t understand the difference between simple interest rate and effective interest rate.

    Can you kindly enlighten me about it?

    Regards,
    Annie



  • I am interested to invest most of my fixed deposits in Funding Societies. Is it a wise move???



    1. Does FS intend to start disclosing in each fact sheet its % of skin-in-the-game? if yes, when and if no... then it won't be meaningful to declare as such.

    2. Would it be reasonable to say that Borrowers likely go to P2P as last resort (excl ah long) or for emergency, e.g. over-leveraged, rejected by banks, cash flow stuck, lack of assets/equity/security, etc? although avoid tangible securities, rates are 50% or more higher.

    3. Considering the significantly higher risk profile of the Borrowers, how do you manage to keep default rate at an impressive 1.0%? In theory at least, it should be much higher than the Malaysian banks. How is the 1.0% derived, is it cumulative?



  • @kelvinteo Thanks for your time. What are your views of the following:

    1. Eventually, there will be a shakeout of P2P lending platforms as most r unprofitable atm. How many do you thinks will remain (profitably) in 5 years time in Malaysia. Same question for Singapore. No need to speculate names, a number will do.

    2. Partnership in fintech. Go jerk is partnering P2P lenders. Grab announced launching of P2P lending. Both r also partnering regional banks (like UOB and DBS, respectively more for their e-wallet and the secondary objective to feed SMEs that can’t meet bank’s stds, ie referral). Is FS heading in the same direction(no need to answer if too confidential)

    3. Procure-to-Pay Platforms with P2P lending. B2BFinPal is doing it . SESAMi merged with Capital Match recently and I presume is to leverage of SESAMi’s invoicing data to ID potential customers. FS looking in that direction?

    4. Secondary Markets. Fundaztic is heading there, FS?

    5. Lastly, most importantly, withholding tax. Many Singaporeans want to invest in MY and vice versa. There is a loop-hole in ID where “eyes are closed” ie little enforcement (reckoning day may come if ID Govt suddenly enforce). It would serve FS well if FS is the first to offer to address the Double Taxation Agreements (between SG and MY is 10% as opposed to what FS is doing by deducting 15% instead) and have a mechanism in place to entice more potential investors (currently there are more investors’ money than notes, reckoning day may come if the reverse is true, i.e investor shift to “lower fees” incl wth playforms). Disclaimer: vested interest as I am being deducted 15% wht in FSMY where I could be charged at 10% instead as per DTA.

    Brgds



  • 😊😊😊😊😊 I hope you answer atleast one... thank u in advance.

    1. When you think of the best employees who have worked for you, what makes them stand out in your mind?

    2. What annoys you most when someone report to you?

    3. Would you like to be famous? In what way?



  • Hi Kelvin, is FS planning to offer loans to individuals in the future? If so, what are the additional risks and ways to mitigate the risks?



  • Any thoughts on synergies between p2p and blockchain. Is FS planning on anything in that direction e.g. https://kryptomoney.com/top-cryptocurrency-lending-platform/. Personally I am most interested in having crypto and fiat loans that are collaterallized.



  • (As Lender)


  • Funding Societies

    Hi @yingyme,

    1. For a startup, there is value in being "out there" e.g., to build awareness, recruit and keep abreast with industry etc. But there is also risk that startups perceive 'limelight' as progress; it's not. A Mandarin saying goes, "Man should dread fame, just as pigs dread fatness." To me, the key is balance.

    2. I'm a pretty 'lazy' investor. So far, I've invested mostly on our loans, real estate (home really), investment fund (bad idea, only breakeven after 5 years) and small amounts in startups (a privilege to be part of their journey, but I'm by no means an angel investor).


  • Funding Societies

    @swong It's the most peaceful time to me, as I can think and reflect upon the day. It builds self-awareness which is very important for continuous growth and improvement. Hence in critical times, I bathe 2 - 3 times a day.



  • Hi,

    Kah Meng left the company? I thought he is the CEO.



  • What can we learn from China on P2P and CF issues? I hear problem is platform/company, borrower default, borrow quality, etc.


  • Funding Societies

    Hi @jonhan , we kinda expected the collapse of the P2P industry in China. We wanted to avoid it in SE Asia, hence in an interview with Business Times in 2016, we warned of over-heating and the resulting negative competition which would kill the market. While regulators in China only started regulating 10 years later (1st P2P there started in 2006) and platforms there are mostly focused on payday/ consumer financing (often predatory, bad press), we benefit from hindsight that platforms here focus on SMEs and regulators here are more proactive. Hence SME digital financing is here to stay in SE Asia.

    The book I'd recommend is "The Intelligent Investor" by Benjamin Graham. It's a classic but most importantly it's aligned with my style of value creation and long-term focus.



  • Concern on borrower quality in FS as there are multiple borrowing by the same borrower? What precaution and due diligence FS conduct?



  • What is the cost to funder when borrower default? How effective and successful is FS going to recover the fund?


  • Funding Societies

    Hi @interesting , in all candour, in the short term, it's more pain than benefit because entering a new market is like setting up a new startup, almost from scratch. But in the long term, we believe the scale and reach are critical. Also, SE Asia is home to us and charity starts from home. Hence we're Funding Societies, not Funding Society.

    Regulation is one of the toughest hurdles, but it's only the start. Understanding the local market (SME financing is a very localised business), building the team, managing the risk etc are all tough too. We've been fortunate to have built the No. 1 platform (Malaysia, Singapore, Indonesia) in the region, and you can invest across countries.


  • Funding Societies

    Hi @shaun , there are many great books! Of the top of my head:

    1. Radical Candor by Kim Scott - I believe it's how we should treat each other.
    2. Powerful by Patty McCord - I admire Netflix's culture, continuously transforming itself.
    3. Tuesdays with Morrie by Mitch Albom - Yes, super old book, but puts life into perspective.

  • Funding Societies

    Hi @funfunding ,

    1. We used to do a lot. But we now do the minimum, as we receive feedback that we ourselves are 'crowding out the crowd'. Nevertheless, the principle of only putting up loans that we ourselves would invest in remains the same.

    2. Loans that exceed 60 days past due (for invoice financing) or 90 days past due (for unsecured term loan) divided by loans disbursed to-date (because our loans are all short-term, less than 12 months, unlike in banks). If it helps, we've given out about S$ 300M loans with majority of them repaid, and have lost about S$ 3M in default.

    3. In all candor, it's a lot of working hard and working smart. We also made the conscious decision that we rather have false negatives (loans we should have approved but didn't) than false positives (loans that we shouldn't have approved but we did i.e., defaults), because trust and reputation are more important than growth. As Benjamin Graham said, rule No. 1 of investment is to preserve capital and then only try to make it grow. Having said that, 1% default is way below market and we expect it to normalise at some point.


  • Funding Societies

    Hi @usws

    1. Economic downturn will undeniably have an impact on loan repayment, but it depends on how platforms react to it. Fortunately, unlike P2P loans in US/ Europe, most of FS' loans are short-term (minimizing impact) and we're monitoring closely to adjust when necessary.

    2. Currently, lenders from our Malaysia, Indonesia and Singapore platforms can cross-invest, by informing us to set-up your account in the local platform, but we still can't do it from a single platform/ wallet (and can't manage your forex risk yet). At some point, we do aim to have a unified platform and wallet, but in all candour, unlikely in the near future due to other competing priorities which can serve you a lot better.


  • Funding Societies

    Dear all - thanks a lot for the questions and keep them coming. Sorry that I can't finish answering all of them within the allocated 1 hour (want to ensure I give fair attention to all questions), but I'd reply all of them over the next few days.


  • Funding Societies

    Hi @edwardnygma , if you're talking about Finance in general, I personally think it's important to read the history of Finance (though no specific book to recommend), as history repeats itself.

    But since this is an investment forum, the book I'd recommend is "The Intelligent Investor" by Benjamin Graham. It's a classic but most importantly it's aligned with my values of investing for value and long-term.


  • Funding Societies

    Hi @kira90 , I didn't know at the ideation stage. We made an educated guess that it would be well-received because compared to other asset classes, it has (a) short lock-in period, (b) competitive returns, (c) monthly repayments, (d) low barrier to investment and (e) low effort to invest. We tested and got lucky that it is right.


  • Funding Societies

    @wongbr @wjchay Thanks for your feedback:
    a) We've noted this feedback and added to our to-do list. In all candor, we haven't had the chance to prioritize it, due to other features requested by a bigger pool of investors. But we hope to get to it soon!

    b) In the unfortunate event, the auto-invest function (along with the access to the account, withdrawal, deposit or investment functions) will all be disabled, upon the receipt of a valid notification of the funder's demise. But for the remittance of the proceeds, we'd have to wait until a letter of administration is granted for the administrator to distribute the assets according to the law of distribution OR a grant of probate (if the funder has a will).


  • Funding Societies

    Hi @dc ,

    I can't speak for APAC but in Singapore, there are 50+ firms registered as lending with the Singapore FinTech Association, and more unregistered/ unlicensed, as invoice financing is not regulated under the Securities and Futures Act. That is a lot of platforms for 5.5M population. Moreover, P2P is a low-margin volume business. A platform needs quality scale to be profitable.

    In all candor, I had expected the P2P industry in Singapore to consolidate by 2018/ 2019, as most platforms can only raise seed/ Series A investment to run for 2 years. However, new entrants continue to enter and 'FinTech craze' has enabled even weaker platforms to raise money from investors who may not necessarily be familiar with the space.

    Convention wisdom suggests that more competition is better for consumers. But for the P2P industry, too many platforms actually lead to negative competition, as platforms take undue risk to approve borrowers, often at the expense of investors. My hypothesis is that like banking, we'd end up with 3 - 4 solid platforms in the long term.


  • Funding Societies

    Hi @jomni,

    We do invest considerably into data science/ analytics. Happy to talk more about it in person. In all candor, we'd unlikely open up our data to our investors. This is to avoid data leakage, as we have investors who are 'spies' from competing platforms too.

    However, Lending Club (in US) does publish considerably granular borrower data for users' analysis. But they're already big and listed in New York Stock Exchange ("NYSE"). Perhaps we'd do the same when we list at NYSE too :)


  • Funding Societies

    Hi @antoniomc27 ,

    QT/ economic downturn will undeniably have an impact on loan repayment, but it depends on how platforms react to it. Fortunately, unlike P2P loans in US/ Europe (often with loan tenure of 3 - 5 years), most of FS' loans are short-term (minimizing impact) and we're monitoring the market closely to adjust when necessary.

    Yes, we've heard of Mintos. For now, we've no plans to set up something similar. We prefer to stay focused on what we are doing. There is a Mandarin saying, "Ten years to sharpen one blade". But, investors can still easily invest in any of our 3 countries (Singapore, Indonesia and Malaysia), just ping our friendly team at our website :)

    In all candor, a large part of my life/ education/ career has built up to be useful for this venture (partly why I picked this specific venture). I was fortunate to learn to appreciate tech at Accenture, ingrain fact-based structured thinking/ stakeholder management skills in McKinsey, and understand investment/ board matters at KKR.

    Thanks for your kind note. We'd keep up the good work and continue to improve.


  • Funding Societies

    Hi @annieway96 , this is a very good question. You're not alone; I've seen many folks who don't understand. To put it simply, simple interest rates do not assume compounding, while effective interest rates do. If I may illustrate with an example, for an S$ 100 investment of 10% interest for 1 year with equal monthly repayment:

    • If the 10% is simple interest, you'd get S$ 100 * (1 + 10%) = S$ 110 over the year.
    • If the 10% is effective interest, the convention assumes you'd re-invest each monthly repayment at the same 10% rate, hence the total dollar value you receive over the year from that investment is actually less than S$ 110.

    We usually talk about both because both conventions are correct, but different folks are used to different conventions. One advice is to follow the cash (i.e., how frequent/ much the repayment), as percentages can at times be confusing/ misleading.


  • Funding Societies

    Hi @toh-eric , thanks a lot for your vote of confidence, but please don't do that, unless you have a lot of other assets/ cashflow beyond your fixed deposits (to form a holistic portfolio).

    While we've managed risk pretty well so far, this is still an investment i.e., there is a risk for losses, especially if you do not diversify your investment across many uncorrelated loans.


  • Funding Societies

    Hi @jc18 ,

    1. We currently invest the minimum for each loan, like all other investors. In all candor, we'd like to invest way more and we used to do a lot. But we now do the minimum, as we receive feedback that we ourselves are 'crowding out the crowd'. Nevertheless, the principle of only putting up loans that we ourselves would invest in remains the same.

    2. We thought so initially too but turns out that it is often not. In addition to the reason you stated (i.e., unable to get loans elsewhere), we find that SMEs come to us also because of (a) top-up above collateralized bank loan, (b) speed and convenience, (c) worry that banks will pull back the credit line one day, thus they'd like to build relationship with us early.

    3. The 1% derived is cumulative of loans that exceed 60 days past due (for invoice financing) or 90 days past due (for unsecured term loan), divided by loans disbursed to-date (because our loans are all short-term, unlike in banks). No loan write-off or whatsoever window dressing. If it helps, we've given out about S$ 300M loans with majority of them repaid, and have lost about S$ 3M in default. In all candor, it's just a lot of working hard and working smart. Having said that, 1% default is way below market and we expect it to normalise at some point.


  • Funding Societies

    Hi @racingcar ,

    1. My hypothesis is that like banking, we'd end up with 3 - 4 solid platforms in the long term.

    2. In all candor, we've been partnering with 1 or at times 2 banks in each of our countries since 2015. The market is big and we believe that partnership enables all to scale faster. To us, the most important is the alignment of core values.

    3. In all candor, we've looked at some of these deals since 2016. It seems promising and we are observing closely.

    4. Yes, we've been considering that too, though I'm not sure if it's necessarily the most important priority now.

    5. Thanks a lot for this feedback! Allow me to check/ drive with my team. In all candor, we've been working with tax authorities to solve several loopholes e.g., we're forced to charge GST in Singapore for offering loans (while banks do not), investors cannot contra their losses in defaulted loans from interest earned in performing loans for income tax calculation (while they're allowed for other investments) etc. But the progress has been slow...


  • Funding Societies

    Hi @googleging ,

    1. We encourage team members in Funding Societies | Modalku to write a 'user manual' for working with them. Below is what I wrote on "how to earn an extra gold star from me":
    • Grow as a person (not physical size), as human change is one of the most beautiful miracles.
    • Go above and beyond, as there is no glory if one is simply doing what he/ she is supposed to do.
    • Make things happen, as moving from 0 to 1 is one of the hardest things to do.
    1. Similarly, this is under "what drives me nuts" when working with me:
    • Make claims without facts, as words have power. We should use it responsibly.
    • Shifting winds, saying "A" but do "B", or say "A" to me but "B" to another person. Hard to place my trust.
    • See unfairness, "don't do unto others what you don't want others do unto you." We're all humans.
    1. Nope, I don't want to be famous in any way (good or bad). As a Mandarin saying goes, "Man should dread fame, just as pigs dread fatness." There is a price to pay for everything. I like engaging our users and team members because they are dear to me, but I prefer to be low-profile whenever/ wherever I can.

  • Funding Societies

    Hi @eugenelim8888 , nope, we prefer to stay focused on SME debt financing, unless there is real strategic reason to do consumer financing. No business is easy. As a Mandarin saying goes, "Ten years to sharpen one blade".


  • Funding Societies

    Hi @anonymous , we believe in the power of blockchain, but not necessarily cryptocurrency (though we've quite a few folks in the team who are passionate about it). I think there is still some way to go for crypto to be a meaningful instrument. Are you an engineer? If so, we're hiring!


  • Funding Societies

    Hi @kc-lim , don't worry, @kahmeng is still alive and kicking, and the CEO of Malaysia. As an overhead, I'm just trying to make myself useful :) Actually almost all of our early team members are still with us (except for one, who has moved to UK).


  • Funding Societies

    Hi @tt , we kinda expected the collapse of the P2P industry in China. We wanted to avoid it in SE Asia, hence in an interview with Business Times in 2016, we warned of over-heating and the resulting negative competition which would kill the market. Several key lessons:

    • Timely and sensible regulations are important. Regulators in China only started regulating 10 years later (1st P2P there started in 2006). Fortunately, regulators in SE Asia have the hindsight benefit of regulating early.
    • Like driving, safety is more important than speed. With cut-throat competition, many platforms in China (and to an extent SE Asia) took the 'go big or go home' mentality and gave out too many loans that they shouldn't. Once default skyrockets and trust is lost, it's hard to earn back, resulting in the current 'cash run' in China (similar effect as a bank run).
    • It may be my personal bias, but I see SME financing as productive loans, impactful to societies. It's partly why we call ourselves "Funding Societies | Modalku". Most platforms in China focus on payday/ consumer financing (often predatory), resulting in loss of public trust.

  • Funding Societies

    Hi @tt , yes there are some borrowers on FS with multiple borrowings. As a principle, we're strongly against loan stacking i.e., giving out a 2nd loan to enable an SME to repay the 1st loan, as it is risky like a house of cards. However, that is not the case for us. For SMEs with multiple loans from us, we actually assess it upfront, determine the overall eligible loan amount, and space them out in multiple smaller loans based on the SME's needs (and to an extent minimise total exposure and risk).


  • Funding Societies

    Hi @tt , when a borrower goes default, the key cost to funder is investment loss and potentially legal fees (if it makes sense to take legal action). As per any investment, statistically there are bound to be defaults, but the interest gains from performing loans should more than cover the losses and overall give a competitive return for the portfolio of loans (for good platforms).

    While we have an in-house collection and legal team, recovery of funds differs by cases and is not high as an industry. Therefore, we believe prevention is better than cure. Partly why in Malaysia, we only had our first default recently, about 18 months after we launched. Having said that, being late is quite common for SMEs (no panic), as long as it is not too long.


  • Funding Societies

    I'd also like to take this opportunity to thank all SMEs and funders for your support. We're fortunate to have a dedicated, talented and selfless team who has worked tirelessly to serve you. If you do enjoy the experience, do give them a pat on the back. Words from our users mean a lot to me and the team. Hopefully, we can build not only funding but also positive societies. (As usual, feel free to feedback on how we can improve too). Cheers!


  • Community Manager

    [Update]

    Hey folks!!

    This marks the end of the exciting AMA session with @kelvinteo 🎉🎉

    Thank you everyone for posing really detailed, interesting and meaningful questions, and @kelvinteo of course, for answering all the questions. Hope everyone enjoyed reading every single question and answer that streamed in, as much as we did!

    Should you still have any burning questions for FS, or would like to keep the spirit of curiosity going, feel absolutely free to post it within the Funding Societies category, anytime!

    Peace out & happy investing!



  • I learnt a lot reading you @kelvinteo. Thanks for your time.



  • @kelvinteo wow you've answered all. Thank you. It shows that you are really humble. Actually, I googled you hence asking if you want to be famous :) Maybe Kelvin Teo in Wikipedia is a different person. hehehe



  • @kelvinteo said in [AMA] I'm Kelvin Teo, Co-Founder & CEO of Funding Societies | Modalku, Ask Me Anything!:

    We also made the conscious decision that we rather have false negatives (loans we should have approved but didn't) than false positives (loans that we shouldn't have approved but we did i.e., defaults), because trust and reputation are more important than growth.

    Thank you for that philosophy. I ported everything to FS from another platform.


 

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