Melsta Regal Finance introduces Sri Lanka’s first integrated working capital solution

Friday, 5 July 2013 00:00 - - {{hitsCtrl.values.hits}}

Melsta Regal Finance Ltd., which recently forayed into the financial services industry in Sri Lanka, has introduced a break through new service to the entrepreneurs. The company, which is backed by one of Sri Lanka’s largest and diversified conglomerates, MelstaCorp, shared details of this new service. MelstaCorp Ltd., which is a fully-owned subsidiary of Distilleries Company of Sri Lanka PLC, is the holding company of Continental Insurance Ltd., Lanka Bell Ltd., Melsta Logistics Ltd., Bellvantage Ltd., etc. The working capital solution named ‘360 degree trade finance solution’ comprises a wide range of financial facilities ranging from opening of Letters of Credit, import loan and revolving short term loans, warehouse and logistical services, debt factoring, debt collection and sales ledger administration services. The product would be an impetus to growth for a wide range of businesses ranging from SME’s to large corporates. Speaking on the launch of this new service, Chairman of Melsta Regal Finance and Melsta Corp Amitha Gooneratne said: “Sri Lanka is at a very important juncture of economic development with plans to reach important milestones of being a US$ 100 billion economy and reach a per capita income level of US$ 4,000. At this point the financial services sector should support the economic development by introducing superior financial services to support the SME sector. With this objective the company has launched an integrated working capital solution under one roof. This is an innovative working capital solution, which would encompass a supply chain and financing solution within one entity. This service harnesses the strategic competencies of the Group, which has diversified interests in insurance, logistics, call centre operations and telecommunications. I am proud to say this is truly a first to the financial services sector in Sri Lanka.” Director/CEO Nishaman Karunapala elaborating on the company’s strategic direction stated: “Through this innovative solution, which we have launched for the first time in Sri Lanka, we hope to revitalise the SME sector by offering specialist working capital services and logistical support. Our main aim is to introduce financial convenience through such value added services to support entrepreneurs and assist the economic development of the country. We have addressed a salient gap, which inhibits the growth of the SME sector, which is the lack of collateral for growth. Through this new service the SME sector would be empowered to realise business growth.”