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SME Factors Malaysia to boost local SMEs

SME Factors Malaysia, one of Malaysia's leading receivables financing houses, recently entered into a partnership with SME Factors Lanka Ltd to expand Sri Lanka's SME industry.

This follows discussions that took place last year between SME Factors and several Ministries and will explore imperative measures that need to be taken to boost the local SME industry.

SME Factors Lanka Directors A H M Riyaz and Dilshard Hassen inked the agreement on behalf of the local arm while Syed Zed AI-Quds Founder President and Chief Executive Officer signed for SME Factors Malaysia.

The Malaysian parties along with the local counterpart met Finance Minister Ravi Karunanayake, Deputy Economic and Policy Development Minister Dr. Harsha de Silva and other key Ministers, including Arjuna Ranatunga and Rauff Hakeem.

With an initial investment in the range of Ringit 100 million, SME Factors Malaysia's product proposal, which has been approved by the Ministry of Finance in Malaysia, and tried and tested there, will be replicated in Sri Lanka, focusing on financing SME contractors and suppliers and assist in growing their business.

SME Factors Malaysia (SMEF) is the pioneer receivables financing institution in Malaysia that provides fast and convenient cash solutions for business by unlocking the value of accounts receivable.

The Malaysian company will initiate the receivables financing industry in Sri Lanka and help local entrepreneurs in running their business effectively.SME Factors Sdn Bhd will work with SME Factors Lanka Ltd. and build the SME industry. SMEF has a proved track record in Malaysia and the company has provided financing facilities to over 8,000 SMEs in Malaysia and has also received strong support from the Malaysian Government.

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