SME Factors Malaysia enters Sri Lanka in partnership with SME Factors Lanka

Monday, 9 March 2015 00:00 - - {{hitsCtrl.values.hits}}

From left: SME Factors Lanka Directors Dilshard Hassan and A.H.M. Riyaz sign an agreement with SME Factors Malaysia Founder/President and CEO Zed Al-Quds to implement its product proposal in Sri Lanka SME Factors Malaysia, one of Malaysia’s leading receivables financing houses, entered into a partnership with SME Factors Lanka Ltd. recently, aimed at expanding Sri Lanka’s SME industry. The collaboration is a result of initial discussions that took place last year between SME Factors and several ministries and will look at 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. During their visit, the Malaysian parties along with the local counterpart plan to meet Minister of Finance Ravi Karunanayake, Deputy Minister of Economic and Policy Development Dr. Harsha de Silva and other key ministers, including Arjuna Ranatunga and Rauff Hakeem. With an initial investment in the range of 100 million ringgit, SME Factors Malaysia’s product proposal, which is 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 businesses. SME Factors Malaysia (SMEF) is the pioneer receivables financing institution in Malaysia that provides fast and convenient cash solutions for businesses by unlocking the value of accounts receivables. The Malaysian company will initiate the receivables financing industry in Sri Lanka and help the local entrepreneurs in running their business effectively. SME Factors Sdn Bhd will work with SME Factors Lanka Ltd. and develop capacity with the objective of building the SME industry. SMEF has a proven 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.