Monee Capital Malaysia Sdn Bhd, otherwise known as Monee, has announced SFinancing-i, a digital financing service. Touted as a Shariah-compliant option, the service is available for eligible Shopee users in Malaysia. According to the company, SFinancing-i is meant to offer greater financial flexibility. As such, those who meet the requirements can access the service directly through the Shopee app.
Key features of SFinancing-i include a financing limit of up to RM20,000. Approved users can instantly withdraw the funds to their bank account or ShopeePay wallet without needing to provide any income documents. Aside from that, the application process is fully digital with no activation fees. Furthermore, the loans are offered with flexible payment tenures of up to 24 months.
As a Shariah-compliant service, SFinancing-i was created in collaboration with Sedania As Salam Capital and certified by Masryef Advisory. According to Monee, the service is built on the Shariah principle of Commodity Murabahah (Tawarruq).
To get started, Shopee users can head over to the “Me” tab within the app and scroll down to the “Financial Services” section. From there, users can tap on “Cash Financing” and activate SFinancing-i. It is worth noting that the service is only available for Malaysians and permanent residents aged 18 years and above.
In conjunction with the official public launch of the service, the company is offering a special promotion. Users who activate and make their first financing request can get a 1% monthly profit rate for payment tenures of up to 24 months.
With all this in mind, Monee also has a financing option for those who want higher amounts. Called SFinancing-i Xtra, it offers a limit of up to RM50,000 and profit rates from as low as 0.75% per month. However, this service is currently only available on a limited access basis for selected users.
(Source: Monee press release)
