Fintech BRDGE Technology, a Singapore-based peer-to-peer ( P2P ) lending platform is planning to reach more micro, small and medium enterprises ( MSMEs ) borrowers in the Asia-Pacific region in 2022 and further its capabilities as a digital provider in the fintech space starting with the Indonesian market.

BRDGE also plans to work with digital card service providers to offer investors and SMEs a digital card in Singapore. The digital card enables MSMEs to track their expenditure and, at the same time, provide BRDGE with an accurate credit assessment that will help to build the quality of SME borrowers on the platform.

To date, the fintech has financed S$74.7 million ( US$54.8 million ) in loans since its launch in 2017. Since the pandemic hit in April 2020, BRDGE has financed more than S$11 million in loans to 46 Singaporean SMEs.

The global market for microfinance was estimated be US$156.7 billion in 2020. It is projected to reach US$304.3 billion by 2026, registering a compounded annual growth rate of 11.9%.

Asia-Pacific represents the largest regional market for microfinance, accounting for an estimated 42.5% share of the global total. The Asia-Pacific market is projected to reach US$159.6 billion by 2026.

Alternative financing is needed to support the microfinance needs of MSMEs that are underserved by traditional financial institutions and to provide opportunities for businesses that have been adversely impacted by Covid-19.

Amos Poh, co-founder of BRDGE, says: “P2P lending will be especially relevant in 2022 as we learn to live with the virus.”