Privasia Technology Bhd, announces the appointment of Chairman of FSB and to introduce its Shariah Compliant supply chain finance 'FinansHere'
Petaling Jaya, 8 April 2021 – Privasia Technology Berhad (“Privasia” or “the Group”) is pleased to announce that Dato’ Mohamed Sharil Bin Mohamed Tarmizi (“Dato’ Sharil”) will be appointed as the Chairman of Finanshere Sdn Bhd (“FSB”), a 60% owned subsidiary of Privasia. FSB will subsequently be introducing FinansHere, its Shariah compliant supply chain financing (“SCF”) platform, which is scheduled to go live on 9 April 2021 and launched on 13 April 2021.
FSB, a Fintech start-up, was incorporated to be the first mover in integrating digital procurement solution with Shariah compliant SCF proposition to the market. FinansHere, FSB’s new offering, is an extension of the ProcureHere ecosystem which aims to support the working capital management needs of its 20,000 registered suppliers. FinansHere connects the source-to-pay process under ProcureHere by providing an automated ecosystem environment from its process initiation until financing settlement from the accounts payables’ perspective.
Backed by Privasia’s existing sturdy corporate clientele, FSB can leverage on its solid credit profile to facilitate in reducing the financing cost of the SMEs. FSB will tap into Privasia’s existing collaboration with several funding institutions to offer Fintech solutions on the SCF platform.
“We are very delighted to have Dato’ Sharil as the Chairman of FSB to spearhead the Shariah compliant SCF platform which is an extension of Privasia’s ProcureHere. This added value of competitive financing cost for working capital management will definitely benefit both buyers and sellers as well as funders registered in the our platform. With the growing adoption of cloud and Fintech solutions, I believe Privasia is on the right path of growth and we remain optimistic of our business prospects moving forward,” said Privasia Chief Executive Officer/ Managing Director Puvanesan A/L Subenthiran.
About Dato’ Mohamed Sharil Bin Mohamed Tarmizi
Dato’ Mohamed Sharil Bin Mohamed Tarmizi was appointed as an Independent Non-Executive Director of Privasia on 5 July 2017 and subsequently as the Chairman on 27 May 2020.
Graduated with a LLB (Hons) from University College of Wales in Aberystwyth, he embarked on his journey practicing law before becoming a partner in an investment advisory firm which was later acquired by Maybank. Thereafter, he held the position of Chairman and Chief Executive of the Malaysian Communications and Multimedia Commission (“MCMC”), an independent regulatory body set up to develop, oversee and regulate the communications and multimedia sectors in Malaysia, from 16 October 2011 to 31 December 2014.
His working experience beyond Malaysia has contributed greatly to the global internet community. He has worked closely with various international organizations such as Internet Corporation for Assigned Names and Numbers (“ICANN”), Internet Society (“ISOC”), International Telecommunications Union (“ITU”), the World Bank, the World Trade Organisation (“WTO”), Asia Pacific Telecommunity (“APT”), Pacific Islands Telecoms Association (“PITA”), Commonwealth Telecoms Organisation (“CTO”), International Institute of Communications (“IIC”), Universal Postal Union (“UPU”) and United Nations International Children's Emergency Fund (“UNICEF”) and remains in an advisory capacity to some of them.
He is a Senior Advisor to Quantephi Sdn Bhd, a boutique investment advisory firm licensed by the Securities Commission of Malaysia and a Senior Advisor to Asean Advisory Pte Ltd, a specialist advisory and consulting firm based in Singapore. In addition, he is also an Independent Non-Executive Director/ Chairman of two other corporations listed on Bursa Malaysia, namely Opcom Holdings Berhad and Bina Darulaman Berhad. Subsequently, he is also one of the Board Members of Digital Nasional Berhad (“DNB”), a special purpose vehicle established by the Government to build, own and manage Malaysia's 5G network for commercial launches nationwide.