KUALA LUMPUR (Sept 19): Standard Chartered Bank Malaysia Bhd and the Asian Development Bank (ADB) have signed an RM80 million supply chain financing (SCF) agreement, to assist small and medium-sized enterprises (SMEs) in Malaysia. A joint statement said the deal is ADB's first SCF agreement in Malaysia through a financial institution. "We are delighted to be partnering with ADB to promote positive social and economic development in Malaysia," said Standard Chartered managing director and chief executive officer Mahendra Gursahani. "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," said Gursahani. We are pleased to partner with Standard Chartered Malaysia and anticipate this agreement, in a modest way, will contribute to growth and job creation."

Source: The Edge Markets September 19, 2016 07:52 UTC