SDFC officially rebranded to SME Digital

SME Development Finance Corporation (SDFC) has been officially rebranded, and the company name changed to SME Digital.

The company was rebranded through being passed at the Annual General Meeting held on October 30, obtaining permits from Maldives Monetary Authority, and registering yesterday at the Economic Ministry. 

The company said that SME Digital will become a digital platform that provides comprehensive services to small and medium businesses. In addition to providing financing to small and medium businesses, SME Digital will also assist with monitoring financial transactions, business administration, and market exposure. Integrated resources for all these stages will be made available, the company said.

SME Digital further said that under integration efforts after SDFC was made a subsidiary of BML, SME digital facilities will be available through BML's mobile app and API as well. 

SME Digital's mobile app is also set to be released soon, according to the company. Through the app, customers can update their profiles, and seek information regarding financing facilities. 

Next year, a digital marketplace that includes the entire country will also be introduced. 

SME Digital CEO Badrudeen Hassan said that in future, SME Digital will not only provide financing to small and medium businesses, but will instead provide comprehensive digital solutions to small businesses.

He described the rebranding as the start of reshaping the entire system through innovative solutions, modern technology and collaboration between stakeholders. 

"It is not just financial assistance that small and medium enterprises need. In addition to this, they need to build business relations, technical information, digital infrastructure resources and sustainable assistance. SME Digital is preparing to provide all this," he said.