SME Factors To Expand Services To Sri Lanka

KUALA LUMPUR, Oct 17 (Bernama) -- SME Factors Sdn Bhd, which specialises in receivables financing, is expanding its services to Sri Lanka in collaboration with the country's Finance Ministry. SME Factors President and Chief Executive Officer Syed Zed Syed Mustafa said through the collaboration, SMEF would be working on initiatives aimed at expanding the small and medium enterprise (SME) industry in Sri Lanka. SMEs play an integral role in Sri Lanka's economy as it accounted for 80 per cent of the businesses. With a proven track record in providing financial facilities to over 8,000 SMEs, SME Factors plans to work with a local partner to develop capacity in Sri Lanka, Syed Zed said in a statement. He said the Malaysian company strived to help fulfil the Sri Lanka government's aspirations and hoped to become one of the leading receivables financing houses in the Asia. "With this exciting collaboration, SME Factors is poised to become a key player to support the Sri Lankan government's drive to boost its SME industry by expanding our services and sharing valuable experience and expertise," he said. Syed Zed said a news conference on SME Factors' foray into Sri Lanka was held in Colombo yesterday following initial discussions between the company and Sri Lanka's Finance Ministry on measures to boost the SME industry. Sri Lanka's SMEs are mostly involved agricultural and manufacturing industries. --BERNAMA