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. |