By Rangkaian Hotel Seri Malaysia Sdn Bhd on October 2, 2020
The cooperation between Orpheus Capital Sdn Bhd (“OC”) and Rangkaian Hotel Seri Malaysia (“RHSM”) started in June 2020 during the visit of the OC’s management team to RHSM office in Kuala Lumpur to discuss potential collaboration between the 2 organizations especially in view on the impact of COVID-19 on the SMEs to RHSM and its suppliers and partners.
OC, a technology driven digital value chain company which provides value chain finance/factoring, focusing on the un-bankable SMEs, today inked a collaboration Memorandum of Understanding (“MoU”) with RHSM, the owner and operator of one of the biggest hotel chain in Malaysia. The collaboration MoU was inked during a signing ceremony held at Rangkaian Hotel Seri Malaysia head-office in Kuala Lumpur. The MOU were signed by En Hamudi A Khalid, Executive Director of OC and En Badrul Hassan, Chairman of RHSM.
Dato Pengiran Daud, the Chairman of OC commented, “OC is pleased to be the first digital organization that RHSM turns to in its effort to enhance cash flow management of its vendors and suppliers to mitigate the performance and payment risk they face as SMEs in these trying times. Our operations are fully Syariah compliant and are premised on the use of data driven decisions in all potential business processes and we want them to leverage on our digital platform. We believe that this strategic collaboration will enhance our reputation as a trusted long-term partner towards contributing to the development of Malaysian economy through addressing financing gaps and to further increase the efficiency and potentials of SMEs”.
“OC as a digital value-chain/ factoring platform have allocated funds of more than MYR40.0 million for various SMEs and private companies especially those viable but un-bankable SMEs in Malaysia to secure funding for their value chain and cash flow needs quickly”, he further added.
En. Badrul Hassan, Chairman of RHSM commented that “the mandate of RHSM upon its incorporation was to promote the Bumiputera Commerce & Industrial Community (BCIC) in the Hospitality Industry via a Franchise model, to encourage SME Bumiputera to venture into the tourism industry. RHSM wishes to further contribute towards the growth of the nation by ensuring that SME enterprises dealing with RHSM will have quick access to financing at reasonable cost. This will be one among many of the various endeavors we plan to undertake to serve as a catalyst in promoting the participation and success of the various SME enterprises in our current economic climate”.
En. Badrul further added that, for a start, the collaborations will focus on value chain financing, which means that the focus will be on enabling less creditworthy suppliers of RHSM to substantially improve their cash flows by utilizing the value chain platform offered by Orpheus. RHSM wants these SMEs to leverage on digital platforms, thus further increasing their efficiency and free their cash flows so they can focus on what really matters – their business.