Singer Finance Lanka

What Singer Finance Lanka does

Singer Finance (Lanka) PLC is a publicly listed Sri Lankan non-bank finance company (Colombo Stock Exchange: SFIN.N0000) operating under the Finance Business Act No. 42 of 2011 and headquartered in Colombo. Founded in April 2004 as a consumer finance arm of Singer (Sri Lanka) PLC, it became part of Hayleys PLC (Sri Lanka's largest conglomerate) in 2017 and IPO'd on the main board of the CSE in 2011. The company operates 66 island-wide branches serving individuals, SMEs, salaried employees, and senior citizens, with a product suite spanning savings accounts (including the MUTHU minor savings account and senior citizens' variants), fixed deposits, vehicle leasing, gold-backed loans, factoring, vehicle loans, solar financing, quick-draft revolving loans, and Consumer Group Sales (hire purchase via payroll deduction for employees of 400+ institutions). Financially, the company surpassed Rs. 100 billion in total assets in 2025 and holds a Fitch BBB+ (lka) national long-term rating as of January 2025.

The business model is fundamentally a spread-and-fee NBFC: interest income on lending and leasing (with rates ranging from 16% on solar financing to 35-45% on Consumer Group Sales), net interest on the deposit base (savings 7.25-7.75%, FDs 8.50-14.50% AER), plus fee income from debit card services, FX, Western Union remittance commissions, and utility bill collections. Distribution combines an extensive physical branch network with a self-service digital stack (online banking at singerfinonline.com, mobile app, online loan repayment gateway, Visa debit cards). The company's primary structural advantages are the SINGER brand heritage dating to 1877 in Sri Lanka, affiliation with Hayleys PLC, and the Consumer Group Sales institutional channel that anchors customer acquisition in the salaried middle market. Customer concentration is generally low across a mass-retail base, though the lender retains exposure to Sri Lanka's macro-financial cycle through its unsecured and secured consumer lending books.

Name

Singer Finance Lanka

Legal name

Singer Finance (Lanka) PLC

Website

https://singerfinance.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Singer Finance (Lanka) PLC is a publicly listed Sri Lankan non-bank finance company offering deposits, vehicle leasing, gold loans, factoring, and consumer hire-purchase to individuals, SMEs, and salaried employees across 66 branches, backed by Hayleys PLC.

Ownership category

akta.pro rank

Product category

Consumer Finance & Leasing

NAICS

Sales Financing (522220), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Personal Credit Institutions (6141), Short-Term Business Credit Institutions (6153), Finance Services (6199)

akta.pro primary industry

Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF)

Keywords

• Consumer finance
• Vehicle leasing
• Gold loans
• Fixed deposits
• Savings accounts

Headquarters

HQ city

Colombo

HQ country

Sri Lanka

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income from Lending & Leasing: Core revenue is generated from interest charged on vehicle leasing, gold loans, vehicle loans, personal loans, solar financing, consumer group sales, and factoring facilities. Interest rate ranges vary by product: leasing 16.50%-37%, gold loans 16.20%-30%, consumer group sales 35%-45%, factoring AWPLR+6% to 23%, property loans 18%-25%, revolving loans 16.50%-22%.
2. Interest on Deposits: Revenue generated from the spread between lending rates and deposit rates. Deposits include savings accounts (7.25%-7.75% interest paid to depositors) and fixed deposits (8.50%-14.50% AER depending on tenure and payment frequency).
3. Fee and Commission Income: Fees are charged across multiple products and services including service charges on leasing (per asset type), RMV fees, stamp duties, legal fees, appraisal fees, debit card issuance and annual fees (Rs.300-500), ATM withdrawal fees (Rs.50), SMS alert fees (Rs.200 annually), and factoring service charges (0.1%-0.2% on invoice value).
4. Foreign Currency Exchange: Revenue from currency exchange transactions at branch counters island-wide, offering exchange services for multiple currencies including USD, GBP, EUR, AUD, CAD, SGD, CHF.
5. Western Union Remittance Commission: Fees earned from Western Union money transfer services where beneficiaries pay no fee for cash collection (fees borne by sender), generating revenue per transaction.
6. Bill Payment Services: Revenue generated from processing utility bill payments (mobile bills, CEB, LECO, water) at branch counters.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels8 records

Core offering

Singer Finance Lanka is a licensed finance company in Sri Lanka that takes deposits (savings and fixed deposits) and extends credit through vehicle leasing, gold-backed loans, factoring, personal and solar financing, and a payroll-deduction Consumer Group Sales program. It also distributes digital banking services (online banking, Visa debit card, online loan repayment gateway), Western Union remittance collection, foreign currency exchange, and utility bill payments through its 66-branch network and digital channels.

Product overview

Singer Finance Lanka operates as a diversified financial services company offering a comprehensive suite of deposit, lending, and digital banking products. The core product portfolio consists of Savings Accounts (Minor Savings 'MUTHU', Ordinary Savings, Senior Citizens' Savings), Fixed Deposits (Standard and Senior Citizens' variants), Leasing for vehicles, Gold Loans backed by jewelry collateral, and Factoring services. Additional lending products include Vehicle Loans, Solar Financing, Quick Draft revolving loans, and Consumer Group Sales for salary-deducted purchases. Digital banking offerings comprise Online Banking, Visa Debit Cards, and Online Loan Payment services. The company also provides ancillary services including Western Union money transfers, bill payments, and foreign currency exchange. Products are delivered through 66 branches island-wide and digital channels, targeting individuals, families, and businesses across Sri Lanka with solutions for savings, investments, and working capital needs.

Differentiator

Problem solved

Functional benefit

Brands

• MUTHU: Minor savings account for children under 18 years of age with an interest rate of 7.75%.

Products and services

• Savings Accounts Savings deposit products offered to individual customers across Sri Lanka through 66 branches and digital channels. Variants include Minor Savings 'MUTHU' for children under 18, Ordinary Savings for ages 18-60, and Senior Citizens' Savings for ages 60+, with interest rates of 7.25%-7.75% p.a. and a minimum initial deposit of Rs. 300. Deposits are insured under the Sri Lanka Deposit Insurance Scheme (SLDIS) up to Rs. 1,100,000 per depositor.
• Fixed Deposits Time deposit products available as Standard Fixed Deposits (8.50%-14.00% AER) and Senior Citizens' Fixed Deposits (with additional 0.5% interest rate premium). Minimum deposit of Rs. 5,000, flexible terms from 1 month to 60 months, and interest payable monthly, at maturity, or annually. Customers can access cash-backed loans up to 80% of FD value.
• Leasing Vehicle leasing facilities for cars, vans, three-wheelers, bikes, business vehicles, KDH and tourism vehicles, and agro vehicles. Interest rates range from 16.50% to 37.00% with a 4.50% penalty rate; available for both registered and unregistered vehicles. Includes insurance, RMV, and stamp duty (0.1% on lease amount) handling.
• Gold Loan Collateralized loan product backed by gold jewelry (16K-24K) offering instant liquidity with interest rates between 16.20% and 30.00%, an 8% penalty rate, and tenures of 1, 2, 3, 6, 9, or 12 months. First 10 days are interest-free, with free insurance on pledged items and service charges of 0.75%-1.5% on the disbursed amount.
• Factoring Invoice factoring service that purchases accounts receivable at a discount and advances 70-80% upfront to help businesses improve cash flow without requiring tangible security. Interest rates range from AWPLR+6% to 23% p.a., with service charges of 0.1%-0.2% on invoice value, refactor charges of 0.2%-3%, and overdue rates of 36%-54% p.a. No start-up or exit fees apply.
• Vehicle Loans Financing option for vehicle purchases with a maximum interest rate of 20.00%, flexible repayment plans, and a Rs. 6,000 vehicle mortgage processing fee. Facilities for both registered and unregistered vehicles with top-up and asset replacement options.
• Solar Financing Financing for solar energy products purchased from SINGER Solar or Hayleys Solar showrooms across Sri Lanka. Fixed interest rate of 16% p.a. (subject to conditions), minimum 30% down payment, and flexible repayment up to 36 months.
• Quick Draft Revolving loan facility using vehicle registration book as collateral, with interest rates of 16.50%-22.00% p.a. and duration up to 12 months. Borrower pays only interest each month, with principal amount settled at convenience during or at the end of the 12-month period.
• Consumer Group Sales Hire purchase facility for employees of public and private sector organizations allowing purchase of consumer goods with convenient monthly salary deductions. Interest rates range from 35% to 45% p.a., with no down payment required and no service charges. Serves employees of more than 400 onboarded institutions across Sri Lanka.
• Western Union Money Transfer International remittance collection service allowing customers to receive money sent by relatives abroad through Western Union's global network at any Singer Finance branch within minutes. No fees charged to the receiver; sender pays the fee.
• Bill Payments Utility bill payment collection service at branches for mobile bills, Ceylon Electricity Board (CEB), LECO, and water bills, providing customers with a single-location bill management point.
• Foreign Currency Exchange Foreign currency exchange service at all Singer Finance branches enabling customers to exchange major currencies including USD, GBP, EUR, CHF, AUD, CAD, and SGD at daily published rates.
• Online Banking Digital banking platform enabling account management, fund transfers between own/Singer Finance/other bank accounts, loan instalment payments, utility bill payments, and account statement access. Internal transfers are free, external transfers Rs. 25, utility bill payments Rs. 20, and SMS alerts free.
• Visa Debit Card Debit card accepted globally at Visa merchants and ATMs, available to all Singer Finance savings account holders with real-time card activation and 24/7 customer support. Card issuance Rs. 400-500, annual fee Rs. 300, ATM withdrawal Rs. 50 per transaction (first 2 free), and SMS alerts Rs. 200/year.
• Online Loan Repayment Gateway Online payment gateway allowing one-time or recurring loan instalment payments for mortgage loans, vehicle loans, personal loans, and other loan schemes using VISA/MASTER cards. Provides real-time payment updates and SMS alerts, accessible without separate login credentials via facility number.

Quantifiable outcome

• Total assets surpassed Rs. 100 billion, validating disciplined growth strategy and customer trust.
• +5 more outcomes

Named customers5 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

22 partnerships are on record, tiered core and minor.

• Bank of CeyloncoreOthersBanking partner providing banking services including fund transfers, settlement services, and financial infrastructure support for Singer Finance's operations and customer transactions.
• Commercial Bank of Ceylon PLCcoreOthersBanking partner providing settlement, fund transfer, and correspondent banking services supporting Singer Finance's digital banking and interbank transactions.
• Deutsche Bank AGminorOthersInternational banking partner supporting foreign currency operations, international transfers, and correspondent banking relationships for Singer Finance's global transaction capabilities.
• Hatton National Bank PLCcoreOthersBanking partner providing settlement services and fund transfer infrastructure for Singer Finance's interbank transactions and digital banking platform.
• National Development Bank PLCcoreOthersBanking partner providing settlement and fund transfer services for Singer Finance's customer transactions and digital banking operations.
• Nations Trust Bank PLCcoreOthersBanking partner providing settlement infrastructure and fund transfer services supporting Singer Finance's interbank transaction processing.
• Sampath Bank PLCcoreOthersBanking partner providing settlement and fund transfer services for Singer Finance's banking operations and customer transactions.
• Seylan Bank PLCcoreOthersBanking partner providing settlement infrastructure and fund transfer services for Singer Finance's interbank transaction processing.
• Muslim Commercial BankcoreOthersBanking partner providing settlement and fund transfer services for Singer Finance's banking operations.
• Cargills BankminorOthersBanking partner supporting Singer Finance's settlement infrastructure and interbank fund transfer operations.
• Pan Asia Banking Corporation PLCcoreOthersBanking partner providing settlement and fund transfer infrastructure for Singer Finance's banking operations.
• DFCC Bank PLCcoreOthersBanking partner providing settlement and fund transfer services supporting Singer Finance's digital banking and branch transaction processing.
• Western UnioncoreChannel Partner/ Reseller/ DistributorWestern Union授权Singer Finance作为其在斯里兰卡的汇款代理，允许客户在全国任何分行收取国外汇入的资金。收款人不收取任何费用，分行提供延长的营业时间以方便客户。此服务为Western Union在斯里兰卡的广泛网络提供了补充。
• Visa InternationalcoreTechnology or IntegrationSinger Finance issues Visa debit cards enabling global acceptance at millions of Visa ATMs and merchant POS terminals worldwide. The partnership provides card processing infrastructure, 24/7 customer service support, and security protocols for cardholders.
• Ernst & YoungcoreOthersExternal auditor for Singer Finance (Lanka) PLC, providing independent financial statement audits from Rotunda Towers, No. 109, Galle Road, Colombo 03.
• Hayleys Group Services (Private) LimitedcoreOthersProvides company secretarial and registrar services to Singer Finance (Lanka) PLC as part of the Hayleys Group's shared services infrastructure. Singer Finance is a subsidiary of Singer (Sri Lanka) PLC, which is ultimately owned by Hayleys PLC.
• Neelakandan & NeelakandanminorOthersExternal legal counsel and notary public providing legal services to Singer Finance, located at M&N Building (Level 5), No. 02, Deal Place, Colombo 03.
• Fitch RatingscoreOthersInternational credit rating agency that rates Singer Finance (Lanka) PLC's National Long-Term Rating at BBB+ (lka) as of January 2025. This rating provides independent creditworthiness assessment for investors, depositors, and counterparties.
• Singer (Sri Lanka) PLC (Parent)coreStrategic or Co-development PartnerSinger Finance (Lanka) PLC is a subsidiary of Singer (Sri Lanka) PLC. The company leverages the Singer brand heritage dating back to 1877 and cross-sells financial products at SINGER retail showrooms. The parent company provides brand licensing, retail distribution (SINGER showrooms), and corporate governance oversight through Hayleys Group.
• Hayleys PLC (Ultimate Parent)coreStrategic or Co-development PartnerHayleys PLC is the ultimate parent company and Sri Lanka's largest conglomerate, providing Singer Finance with institutional strength, governance frameworks, and brand backing. Singer Finance joined the Hayleys Group in 2017. Hayleys provides shared services including company secretarial and registrar functions through Hayleys Group Services.
• SINGER Showrooms (Retail Network)coreChannel Partner/ Reseller/ DistributorSINGER retail showrooms island-wide serve as a distribution channel for Singer Finance's Consumer Group Sales (hire purchase for electronics and appliances) and Solar Financing products (SINGER Solar products). The physical retail presence of the SINGER brand complements Singer Finance's own branch network.
• Hayleys SolarminorChannel Partner/ Reseller/ DistributorHayleys Solar showrooms across Sri Lanka offer solar products financed through Singer Finance's Solar Financing program, where customers can purchase Hayleys Solar products with convenient payment schedules and competitive interest rates.

Scale indicators7 records

Recent moves6 records

Expansion highlights10 records

Direct peers

• People's Leasing & Finance PLC: Largest non-bank finance company in Sri Lanka, focused on leasing, hire purchase, deposits, and SME lending. Most direct peer given similar product mix (leasing, deposits, factoring) and overlapping regulatory framework.
• Central Finance PLC: Established Sri Lankan finance company focused on vehicle leasing, hire purchase, and deposits. Direct overlap with Singer Finance's core leasing and consumer credit offerings.
• LOLC Finance PLC: Sri Lankan Licensed Finance Company with a diversified consumer and SME lending book including microfinance, leasing, gold loans, and factoring. Comparable scale and product breadth to Singer Finance.
• Siyapatha Finance PLC: Sri Lankan Licensed Finance Company offering leasing, consumer credit, and SME financing. Operates in the same Hayleys-adjacent ecosystem historically and shares comparable product mix and regulatory standing.
• Merchant Bank of Sri Lanka & Finance PLC: Long-standing Sri Lankan Licensed Finance Company with a similar consumer/SME lending focus and deposit-taking operations. Comparable NBFI peer under the same Finance Business Act.
• Commercial Credit & Financial Services PLC: Sri Lankan Licensed Finance Company offering consumer finance, SME lending, leasing, and deposits. Comparable mid-tier NBFI operating in the same regulatory environment.

Others

• Singer (Sri Lanka) PLC: Direct parent of Singer Finance and operator of the SINGER retail showroom network across Sri Lanka. Closely tied via capital, brand, and distribution but operates in consumer durables retail rather than financial services.

Broad incumbents

• Hatton National Bank (HNB): One of Sri Lanka's largest private commercial banks with full-service retail and corporate banking including leasing, deposits, and SME lending. A broad incumbent competing for the same consumer/SME wallet.
• Sampath Bank PLC: Major Sri Lankan private commercial bank offering retail deposits, leasing, and SME products. Relevant incumbent benchmark; notably Singer Finance's chairman is a former MD of Sampath Bank, underscoring competitive overlap.
• National Savings Bank (NSB): State-owned Sri Lankan savings institution with a national deposit franchise. Overlaps with Singer Finance on retail savings and FD products, though operates at much larger scale and with government backing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/singerfinance
• LinkedInlinkedin.com/company/singer-finance-lanka-plc

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Singer Finance Lanka