KOTA KINABALU: AgriData, a Sabah-based startup, is dedicated to empowering farmers through innovative financial solutions. With a database of 30,000 Sabah farmers, AgriData leverages data-driven insights to transform the agricultural sector.

CEO Matthew Johnny Kulai announced that AgriData has recently partnered with Funding Societies Malaysia to provide farmers with pioneering financing options. Funding Societies operates as a peer-to-peer lending platform, connecting borrowers, particularly small and medium-sized enterprises (SMEs), with investors seeking to fund their ventures.

A key aspect of this collaboration is the introduction of a ‘buy now, pay later’ scheme. By enabling farmers to acquire essential agricultural inputs without immediate payment, this initiative allows them to focus on their core expertise – farming.

Working in conjunction with agricultural input shops, the scheme ensures that upfront costs do not hinder farmers’ operations.

Matthew also highlighted that the collaboration will utilize the AgriData database for market analysis by Funding Societies. This data-driven approach minimizes the risk of default and enables informed investment decisions, strengthening the agricultural ecosystem and driving economic growth by supporting SMEs with innovative financing solutions.

Co-founder Shahrizal Denci, himself a farmer, emphasized the challenge farmers face with extended credit terms imposed by retailers, including hypermarkets, hotels, and resorts.

“To address this issue, the partnership allows farmers to receive invoice amounts instantly, improving their cash flow and enabling them to focus on enhancing their operations without financial worries,” said Shahrizal.

The collaboration between AgriData and Funding Societies aims to significantly impact farmers’ operations, relieving financial pressures and allowing them to concentrate on improving farming practices and increasing yields.