Malaysia’s SME Factors enters Sri Lanka

Friday, 17 October 2014 00:00 - - {{hitsCtrl.values.hits}}

SME Factors, one of Malaysia’s leading receivables financing houses, this week announced the expansion of its services into Sri Lanka. Its entry into the country is by invitation from the Deputy Minister of Finance Dr. Sarath Amunugama, who has expressed interest to see SME Factors collaborate with the Finance Ministry on potential business opportunities that can benefit the country’s economy.

From left: EXIM Bank Malaysia Head of Banking Nor Shahmir Bin Nor Shahid, EXIM Bank Malaysia President Dato Adissadikin Bin Ali, High Commissioner of Malaysian Embassy in Sri Lanka Azmi Zainuddin, Special Function officer to Dato Seri Nijab Pin Tun Abdullab Razak (Prime Minister of Malaysia) Dato Latt Shariman Bin Abdullah and SME Factors in Malaysia Managing Director Syed Zen Bin Syed Mustafa – Pic by Daminda Harsha Perera Through this collaboration with the Sri Lankan Finance Ministry, SME Factors (SMEF) will be working on initiatives that are aimed at expanding the SME industry in the country. Initial discussions between SME Factors and the Secretary to the Treasury, Ministry of Finance and Planning, Dr. P.B. Jayasundera, have looked at imperative measures that need to be taken to boost the SME industry in Sri Lanka. “We are proud and honored to be given this opportunity to work and participate in the growth story of Sri Lanka,” SME Factors President and CEO Syed Zed Syed Mustafa told a media conference on Wednesday. “The Finance Ministry of Sri Lanka is keen to boost the SME industry in the country and we are happy to play an active role to this end. Our company has always remained focused in our objectives to assist SMEs in achieving their business goals and provide financial aid to help the SMEs thrive in challenging economies. It is the company’s dream to be able to help fulfil the Sri Lankan Government’s aspirations and we hope to become one of the leading receivables financing houses in the Asian region,” he said. “With this exciting collaboration, SME Factors is poised to become a key party to support the Sri Lankan government by expanding our services and sharing valuable experience and expertise with the objective to develop and boost the SME industry in Sri Lanka. We also hope to further strengthen our support by making significant investments in the near future,” he added. SME Factors intends to work with a local partner in Sri Lanka and develop capacity with the objective of building the SME industry. The company has provided financing facilities to over 8,000 SMEs in Malaysia and has also received strong support from the Malaysian Government which was exemplified by the launch of its Pemerkasaan Usahawan Bumiputera Program (PUB), where the Government lauded SMEF’s initiative as the only private institution offering RM 250 million worth of financing facilities to help boost the Bumiputera economy. Another notable collaboration was initiated in 2012 when SMEF launched a RM 200 million credit facility exclusively for Persatuan Badan-Badan Berkanun Malaysia (PBBM) members.