NDB inks agreement with iLoan Lanka | Daily News


NDB inks agreement with iLoan Lanka

(L to R) Dilip Samanthilaka- Senior Director Alpen Capital, Thushani Hewavitharana – Relationship Manager NDB, Fazley Azhar- Chairman, Indika Ranaweera - Vice President, SME, Middle Markets and Business Banking NDB, Dimantha Seneviratne – Director/Group Chief Executive Officer NDB, Roshan Weerasinghe- Director iLoan, Shamraz Shamsudeen – COO iLoan, Indika Kudagamage - AVP Business Banking, SME, Micro Finance and Liabilities NDB, Shanka Abeywardene - Assistant Vice President, Corporate Planning & Business Intelligence NDB, Sydney Downhall – Regional Manager, Colombo Region NDB.

NDB recently joined hands with iLoan Lanka Pvt. Limited to provide SMEs with better access to Trade Finance, by providing trade credit to the Underbanked and Unbanked Micro, Small and Medium Enterprises (MSME) in their trade with the distributors of Large Manufacturers in Sri Lanka.

In an era where Fintech’s are more focused on disrupting the way Banks operate, iLoan is a unique Business to Business Fintech that focuses on disrupting the way lending happens by providing a Verified & Secured Trade Credit Network for Banks to channel their trade based credit offerings.

The Asian Development Bank (ADB) has identified the urgent need to find solutions to the increasingly widening trade credit gap which is more than US$ 600 Billion in Asia alone. With this tie-up, NDB identified that iLoan’s Fully Automated Trade Credit Network could be the answer to infuse credit downstream to a majority of the SMEs in Sri Lanka.

NDB introduced the “NDB Jayagamu Sri Lanka” initiative to create a pathway for Sri Lanka’s exporters, innovators and entrepreneurs to tap into, so that they will have the necessary means to target the companies that are looking to diversify their supply chain, thus bringing in much-needed revenue into Sri Lanka.

The uniqueness of “NDB Jayagamu Sri Lanka” is that it is more than just a loan scheme with loan approval in seven working days to assist entrepreneurs, exporters and innovators of the country.

It is also a platform in which they will receive a boost to kick start their businesses as well as a place in which they will receive the support and the means to create new innovative ways to sell their wares.

NDB, along with nearly 10 non-financial service and solution partners, will assist SMEs, innovators and exporters with financial and non-financial support.

The Bank, which is the fourth largest listed bank in Sri Lanka, is one of the fastest-growing banks, having had a cumulative average growth rate (CAGR) in advances by 21% and in deposits by 25% in the last four years.

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