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Coventry-based Economy Energy, gas and electricity supplier to nearly 250,000 homes is seeking a rescue fundraising to avoid becoming the tenth company to collapse amid the crisis which has engulfed the sector this year.


Standard Chartered, ADB Ink Rm80 Million Supply Chain Finance Agreement Deal in Malaysia

KUALA LUMPUR, MALAYSIA – Standard Chartered Bank Malaysia Berhad and the Asian Development Bank (ADB) have signed a RM80 million supply chain finance (SCF) agreement that will benefit small and medium-sized enterprises (SMEs) in Malaysia. 

The deal is ADB’s first supply chain financing agreement in the country through a financial institution. The ADB, Standard Chartered partnership will enable SMEs to gain better access to working capital through this program. 

Mahendra Gursahani, Managing Director and Chief Executive Officer, Standard Chartered Bank Malaysia said, “We are delighted to be partnering with ADB to promote positive social and economic development in Malaysia. This partnership is a testament to Standard Chartered’s strength in trade finance and our commitment to connect communities of merchants across our key markets.” 

Mahendra said that Standard Chartered was well positioned to help SMEs capture business opportunities and expand across markets. “Our local expertise, vast network and holistic client-centric approach in banking the ecosystem of our clients, supports them in optimising their supply chain and provides them with enhanced access to end-to-end working capital.”

Supply chain financing provides SMEs with working capital at affordable rates. This helps them grow and facilitates the acquisition of raw materials for the production of goods that are sold to their corporate clients. It is an effective vehicle to support SMEs, a market segment that is underserved, but critical for growth and jobs for the Malaysian market. 

In Malaysia, SMEs account for 97% of all enterprises and 36% of gross domestic product (GDP). SME bank loans make up an average of 11.6% of GDP and 18.7% of total bank lending in most of developing Asia. This indicates poor ongoing access to bank credit, which is a major barrier to the survival and growth of SMEs. 

“The SME sector is a great source of strength for the Malaysian economy, which is why ADB is making its first foray into supply chain financing in the country. We are pleased to partner with Standard Chartered Malaysia and anticipate this agreement, in a modest way, will contribute to growth and job creation,” said Steven Beck, ADB’s Head of Trade Finance. 

Backed by its AAA credit rating, ADB’s Supply Chain Finance Program (SCFP) complements its successful Trade Finance Program (TFP). The SCFP shares risk with partner banks (such as Standard Chartered) and improves liquidity within supply chains, mostly for SMEs. For more information, visit the TFP-SCFP website: 

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members – 48 from the region. In 2015, ADB assistance totalled $27.2 billion, including co-financing of $10.7 billion. 


About Standard Chartered

We are a leading international banking group, with around 84,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. Our heritage and values are expressed in our brand promise, Here for good. 

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

For more information please visit Explore our insights and comment on our blog, BeyondBorders. Follow Standard Chartered on Twitter, LinkedIn and Facebook. 

Standard Chartered in Malaysia

Standard Chartered Bank, a member of the Standard Chartered Group was established in Malaysia in 1875 and incorporated as Standard Chartered Bank Malaysia Berhad in 1984. As Malaysia’s first bank, Standard Chartered leads the way through product innovation, consistent and strong growth performance and sustainability initiatives. The Bank provides a comprehensive range of financial products and services to corporates, institutions, small and medium-sized enterprises and individuals through its network of over 40 branches across Malaysia. 

In 2001, Standard Chartered PLC established its third global technology & operations centre, Scope International, in Malaysia – the first international bank to do so in the country. Scope International provides software development, banking operations, IT support services and customer service capabilities to the Bank in up to 70 countries. It now houses the biggest software development company in the country, International Software Centre Malaysia (ISCM) and has a total workforce of more than 4,300 people. 

Price Solutions Sdn Bhd, a wholly owned subsidiary of Standard Chartered PLC is also located in Malaysia. The company promotes and markets Standard Chartered’s financial products in Malaysia through a network of direct sales agents.

Standard Chartered Saadiq Berhad (Saadiq), Standard Chartered Bank Malaysia’s Islamic Banking subsidiary was established in November 2008. It offers a full suite of Syariah-compliant products and services to individuals and corporates through its dedicated branches. In 2012, Saadiq established Kuala Lumpur as its global hub for Islamic consumer banking.

Standard Chartered employs close to 7,000 employees in all its Malaysian operations.

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