With Singer Sri Lanka’s subsidiary Singer Finance celebrating its 20th anniversary this year, Mahesh Wijewardene, Group Chief Executive of Singer (Sri Lanka) PLC, and Thushan Amarasuriya, Chief Executive of Singer Finance (Lanka) PLC, reflect on the finance company’s growth, impact, and the shared vision that drives the business.
“The purpose that drives us all at Singer Sri Lanka and Singer Finance is the common goal of enhancing people’s lives. While Singer provides tangible goods like home appliances, digital devices, furniture and more, Singer Finance empowers individuals through financial solutions, driving prosperity,” Wijewardene says. “As Singer Finance celebrates its 20th anniversary, it’s akin to a 20-year-old coming of age, transitioning into a mature and fast-expanding organization that can have a significant impact.”
With a widespread presence across urban and rural areas, Singer Finance is deeply connected to its consumer base, offering flexible financial products and innovative digital services to ensure accessibility to those in need. It is noteworthy that Singer Finance remains committed to its founding vision of empowering the rural economy with a portfolio of financial products and services for individuals and businesses.
Being part of one of Sri Lanka’s largest conglomerates, Hayleys, provides significant support for Singer Finance. This arrangement fosters synergy among various sectors within the conglomerate, leveraging their collective strength and extensive customer bases. Singer Finance can tap into these diverse customer segments to its mutual advantage, whether retail, institutional, or B2B.
The expertise brought to the table at the board level which is led by the Chairman of Singer Finance, veteran banker Aravinda Perera enhances strategic discussions, ultimately benefiting Singer Finance’s operations and development. Moreover, Hayleys instils an aggressive growth mindset and investment appetite within the company, aligning with its ambition to excel in all endeavours. This approach, rooted in a classical business model of striving for excellence in every aspect, influences Singer Finance’s trajectory, propelling its growth further. Furthermore, Singer Finance’s decision-making processes benefit from the extensive managerial experience of Hayleys, which is led by Chairman and Chief Executive Mohan Pandithage.
Moreover, Singer’s enduring popularity, evidenced by its continuous recognition at the SLIM Kantar People’s Brand of the Year awards, underscores the trust and reliability associated with the brand. “This credibility, combined with Singer Finance’s strategic diversification, has propelled it to become one of Sri Lanka’s top finance companies,” Wijewardene says.
The finance and leasing industry has a long history, particularly over the past 20 years, where it was largely self-regulated. However, due to industry challenges, regulators began implementing stricter regulations to ensure sustainability and stability. As a result, the number of finance companies reduced from over 50 to 34 through mergers, to strengthen institutions, improve balance sheets, and enhance customer service.
The finance company industry plays a crucial role as a bridge between the informal and formal financial sectors, facilitating financial inclusion. They provide various loans and investment products, often offering more attractive rates than banks within regulatory constraints. Singer Finance, as a subsidiary of Singer Sri Lanka and the Hayleys Group, boasts a robust balance sheet, enabling us to expand our business and provide convenient financial services.
Singer Finance’s journey began in 2004 with its first branch in Wattala, primarily to finance consumer durables for the parent company Singer Sri Lanka. “Since then, we have diversified our services to include leasing, fixed deposits, savings, gold loans, and a range of other financial products. Despite offering a comprehensive suite of services, we have maintained our expertise in consumer durables financing, a niche we’ve excelled in for two decades,” reflects Amarasuriya.
With a total equity base above Rs5 billion and an asset base exceeding Rs 35 billion, Singer Finance has a strong position on its balance sheet. Despite the completion of the 2023/24 financial year, the financial results of the company are yet to be released publicly. Even so, the organization is expected to continue its upward trend and maintain its positive momentum.
“Amarasuriya highlights that at Singer Finance, the staff is considered the most valuable asset, carrying forward a tradition of employee welfare from Singer Sri Lanka’s history spanning 145 years. Acknowledging the crucial role of employee contentment, we are proud to have received the Great Place to Work Award for six years in a row. The efforts of Chairman Aravinda Perera, the Board of Directors, and Mohan Pandithage in maintaining this commitment have been noteworthy,” Amarasuriya added
Amidst fierce competition from numerous finance companies and banks, our focus remains on delivering exceptional customer experiences and maintaining trust, regardless of background or financial status. Our goal is to become the most sought-after finance company in the country, setting the standard for excellence in customer service and product offerings that would enable us to make an indelible impact on the economic well-being of the country, touching people’s lives wherever they live: that is the vision that defines us and gives us purpose,” Amarasuriya says.