Tag: SME support

Kuala Lumpur, Malaysia – UOB Malaysia and its innovation accelerator arm The FinLab have recently concluded their ‘Jom Transform Programme’, in which 116 local small and medium-sized enterprises (SMEs) received advisory and assistance in digital transformation. 

The program aimed to help improve productivity and grow their revenue to overcome the challenges brought about by the impact of COVID-19 pandemic.

Now in its second year, the program was conducted virtually on UOB’s virtual platform The FinLab Online amid physical distancing restrictions during the pandemic. The regional digital platform enabled SMEs to access online workshops, video tutorials, and webinars in digital marketing, business operations, and e-commerce.

“Through our engagement sessions last year, we found that SMEs have long considered digitalization essential to reinventing their business models. The COVID-19 pandemic prompted these businesses to accelerate their digital transformation efforts as they had to operate with strict standard operating procedures within physical restrictions,” said Wong Kim Choong, chief executive officer at UOB Malaysia.

He added, “By hosting the ‘Jom Transform Programme’ on The FinLab Online, SMEs could access our resources online easily and conveniently, progressing on their digitalization journey from the safety of their own homes and offices.”

During the implementation of the program, it found out that 60% of the participating SMEs expressed the intent to adopt digital marketing to expand their online brand presence. The remaining participants were focused on incorporating digital solutions to improve their operations and integrating e-commerce to boost their sales. 

Since its launch in 2020, The FinLab Online has enabled businesses across Malaysia, Singapore, and Thailand to access and to receive guidance on their digitalization journey. In Malaysia, the Jom Transform Programme reached more SMEs outside the Klang Valley last year, including companies in Kedah, Penang, Terengganu, Perak, Johor, Sabah and Sarawak.

The Jom Transform Programme will have another run in 2021, where the first cohort will undergo a business transformation curriculum through The FinLab Online starting 18 May 2021. Interested participants may register at The FinLab website. 

Singapore – Mobile-first commerce solutions for businesses, KADDRA, has announced the completion of its integration with accounting software XERO to provide a fully automated sales-to-accounting flow for SMEs to improve their productivity and have the right tools to scale.

KADDRA provides mobile-first e-commerce and marketing solutions by connecting businesses with their customers through a white label end-to-end platform. It operates under the premise of improving sales processes, marketing reach, and customer service through a subscription based model for native mobile technology catered to SMEs venturing into digitizing their operations. 

According to Quentin Chiarugi, executive chairman and CEO of KADDRA, the integration is part of a larger roadmap the company has slated for software integrations this year.

“It is a crucial step, and it will provide a huge advantage to companies using both our solutions to run their operations. With minimal cost, productivity will dramatically improve from sales to accounting,” Chiarugi stated.

Meanwhile, Will Beattie, CTO & COO of KADDRA, said, “Xero, like KADDRA, is an easy-to-use, plug-and-play solution used by forward-thinking businesses. Their rapid global expansion is proof that back-office operations want to streamline and evolve. With this integration, sales orders can seamlessly be created as invoices in Xero, reducing manual work, data-entry errors and ultimately saving time for the whole operation.” 

Last month, KADDRA has also integrated e-commerce service Shopify in its platform to amplify its stance for business support for SMEs.

Singapore – Digital marketing agency Honour Media has launched an expansion to its content marketing service called ‘Done-for-you (DFY) Content Marketing Service’, this time catered for local businesses, startups, and e-commerce merchants.

The newly updated service is part of their commitment to helping ambitious yet time-poor business owners to maximize their reach, acquire a consistent pipeline of leads, and eventually increase sales. Through the service, Honour Media aims to help business owners achieve their revenue and growth goals such as getting more organic traffic from search engines, reaching more local customers, or making more sales.

Some of the services include in-house research, content outline, pro-grade articles, authority publication pieces, webinar creation, and design to reach a wider audience and building brand awareness.

Alongside tailored content marketing services, their other signature services include Facebook, YouTube Ads, and Messenger Marketing that form part of their three-pronged approach which turns content and conversations into sales.

Honour Media’s service responds to the challenge of businesses in acquiring leads. The company noted that there is more competition than ever in most niches, and staying on top of Google’s changing algorithms can be difficult. Content marketing has become one of the most effective and organic ways for startups and e-commerce businesses to acquire new customers, said the company. 

“Honour Media is the new-age digital marketing agency that helps ambitious business owners to create, market, and distribute the right content at the right time to the right audience. In order to thrive in the new normal, we have to stop looking back and be open to adopting new ways to supercharge marketing efforts without paying a dime for paid ads. With our new service, we can now help ambitious, driven and smart business owners distribute more content that pays them back with organic leads, customers, and sales,” said Sherlene Lian, owner of Honour Media.

Shah Alam, Malaysia – MyStartr, a Malaysia-based crowdfunding platform, has announced that it has completed 13 projects in 2020, to which all of them have successfully concluded their fundraising rounds amounting to RM20M.

Among the 13 successful projects in 2020, there were 3 projects successfully raised more than RM2M, namely education smartcard system i-3S (RM3.03M), football court operator FootballHub (RM3.03M) and online auction house BidNow (RM2.1M). 

“Knowledge in relation to the capital market mechanism is essential for startups. However, awareness is still low among startups. Therefore, MyStartr has a mission and objective to assist start-ups, especially the young entrepreneurs who have developed creative and innovative products and services, to grow further. The vision is to assist 5,000 entrepreneurs to be successful over the next 10 years with RM2.5B funded amount,” the company said in a press statement.

They added, “Although the startup scene in Malaysia has been growing tremendously over the last few years, the capital market is still not familiar with the early stage startups. As such, equity crowdfunding platforms such as MyStartr plays a crucial role in bridging the gap between the investors and startups, educating more and more retail investors to invest in a proper way, and assists the startup in scaling faster and bigger.”

In terms of investors, the platform had attracted 1,580 investors participating in equity crowdfunding (ECF) while about 75% of them were retail investors who invested less than RM5,000 in a project. Meanwhile, Malaysia Co-Investment Fund (MyCIF) contributed RM4.09M fund to the platform in 2020, benefiting 8 startups to raise funds successfully and grow their business after the campaign.

Singapore – Business-to-business (B2B) marketplace Proxtera and digital escrow service Tazapay are teaming up in launching a new SME-catered solution called ‘Proxtera Protect, Powered by Tazapay’ to provide international buyers and sellers with a secure and protected payment service to streamline global trade.

Initially available to SMEs in Singapore and India, the new solution allows Tazapay to provide a digital escrow service for both buyers and sellers connected via participating platforms on the Proxtera network. Through the new solution, SMEs will be able to complete transactions through the secure escrow payments service, providing both buyers and sellers with a critical layer of protection and confidence when doing business with a new partner.

‘Proxtera Protect, Powered by Tazapay’ responds to the issue that new trading partners have not been able to meet to build trust, causing an increased number of deals to fall through and lost time and resources on both sides. Tazapay solves this problem by offering secure digital background checks and an escrow service to hold funds until such time that both parties have confirmed delivery and receipt of the goods. Proxtera Protect also ensures that monies are returned should shipments not arrive.

For Rahul Shinghal, CEO of Tazapay, their recent partnership with Proxtera speaks to resolving the ongoing issue among SMEs that are restricted from growing their number of trading partners.

“Proxtera is similarly focused on providing SMEs with options and tools that allow them to work with a wide range of business partners and drive growth. We’re pleased to power Proxtera Protect and grow alongside Proxtera as both entities focus on their missions to elevate the local economy by empowering SMEs with global trade opportunities,” Shinghal stated.

SMEs can join the Proxtera network via its e-commerce platform partners to benefit from new business opportunities. Upon identifying a potential opportunity, they can leverage Proxtera Protect, powered by Tazapay’s market leading infrastructure to finalize the escrow terms and subsequently make and receive payments securely.

Meanwhile, for Shirish Jain, program director at Proxtera, the partnership means aligning also with their mission of unlocking new trade and business opportunities for SMEs around the world. 

“Proxtera Protect, Powered by Tazapay is a critical component to bridge the trust gap that hinders cross-border trade. With the addition of trusted partners such as Tazapay, Proxtera can deliver on its promise to provide SMEs a wealth of business tools and opportunities at their fingertips, opening up pathways to growth and driving economic recovery to help businesses thrive in the ‘New Normal’,” Jain stated.

Hong Kong – Nexstgo, a Hong Kong-based technology services provider, is enhancing the product lineup of NEXSTMALL BIZ, the provider’s business solution catered to client small and medium enterprises.

Some of the services include one-stop professional IT services, remote conferencing and VPN security systems, together with a wide range of mobile computing products including branded services from tech companies VAIO and AVITA. 

Furthermore, Nexstgo ensures enterprises of any size and industry can find the most suitable software and hardware solutions on NEXSTMALL BIZ, helping businesses maintain the strongest performance under the continuously transforming business environment during the new year.

“Stepping into the new year, the ‘new normal’ commercial environment continues to affect business IT purchasing decisions. In order to help SMEs be successful in their digital transformation and adapt to the new reality of remote working, Nexstgo has enhanced its business solutions available through the NEXSTMALL BIZ platform to provide a more comprehensive technology application strategy focusing on the business and commercial field,” the company explained in a press release.

One of the aspects Nexstgo focuses among these releases is network security among customers and IT consulting services. Nexstgo has launched technological solutions specifically for network security management, including the installation of bank-level encryption software by Norton VPN for customers in business areas that require remote-work with a high level of integrated protection. Some include Targus Docking Station, which supports multiple USB interfaces and screen configurations; Targus Privacy Screen Filter, designed to protect high-value information; and Targus Security Cable Lock that locks the connection end of the transmission line to protect valuable resources on the device.

“As a strategic partner to SMEs, Nexstgo’s elite team also provides customers with professional IT support and technology operation consulting services, helping companies confidently achieve digital transformation and adapt to the ‘new normal’. These supporting services undertaken by the professional specialist team handle inquiries regarding computer products and software systems, and provide product management and technical support,” Nexstgo further stated.

Lastly, Nexstgo provides online and video conference software and hardware, such as NEXSTGO laptop products with dedicated functionality for online meetings equipped with a high-quality Dolby voice system, and artificial intelligence camera lens Huddly-IQ designed for remote video conferencing, and other related activities. 

“The package helps companies of all sizes to deliver excellent customer service, and to keep pace with fast-changing business environments. By taking advantage of these solutions and transforming into an e-commerce business – with the realities of the ‘new normal’ replacing traditional face-to-face service – companies can greatly increase their revenues, productivity and cost management performance,” said Nexstgo. 

Melbourne, Australia – Thrive, an AI-powered fintech aimed at small and medium enterprises (SMEs), has announced the initial stages of its crowdfunding, targeting A$3M, on the equity crowdfunding platform Birchal.

The crowdfunding comes after the platform’s interest in launching the Thrive app for its SME waitlist, which has numbered over 7,500 businesses.

According to Thrive’s data, financial admin has been the most disliked activity in running a business and that business owners waste over 42 days a year in managing their financial affairs. This is something that the platform aims to solve by automating banking, accounting tasks, and lending for SMEs. 

Furthermore, Thrive combines a smart business account with value-added services like receipt scanning, invoicing, tax forecasting, payroll, and more. Using artificial intelligence (AI) and machine learning (ML), these tools are designed to run on autopilot, winning back time for busy business owners and making it easy for them to stay in control of their financial destiny.

“We have been running a number of focus groups with small business owners as we put the finishing touches on our product. After we kept getting asked about investment, we decided that we couldn’t think of anything better than to allow our potential customers to become investors in the business as well,” said Michael Nuciforo, co-founder & CEO of Thrive.

Meanwhile, Thrive Co-founder and COO Ben Winford added, “We were really impressed with the Birchal team and platform. We can’t wait to launch our campaign and to get our members behind us. Crowdfunding presents an exciting opportunity to build our brand, grow our member base and build further advocacy for our business.” 

Singapore – Funding Societies, a Southeast Asia-centric digital financing platform for regional SMEs, is expanding its operations to Thailand, marking its fourth market since the platform’s establishment six years ago. Currently, the platform operates in Singapore, Indonesia, and Malaysia.

With the market expansion, Funding Societies will be addressing the US$250B SME credit gap that exists in ASEAN’s biggest economies – Thailand, Singapore, Malaysia, and Indonesia. Funding Societies has disbursed over US$1.4B in financing across more than 65,000 SMEs throughout the region and is prepared to provide Thai SMEs with full access to its short-term customizable financing solutions, which are funded by retail and institutional investors.

The platform will also operate closely under the debt-crowdfunding license given by Thailand’s Securities and Exchange Commission. This expansion comes after more than one year of working with Thai regulators and planning for market entry.

Co-founder and group CEO of Funding Societies, Kelvin Teo (left), said, “Funding Societies’ vision has always been to financially enable growth for SMEs, while growing wealth for investors. Having built a market-leading presence in Singapore, Indonesia, and Malaysia, we’re excited to bring our vision to Thailand and launch today. We’ll also be able to better support Singapore companies expanding into Thailand and vice versa.”

Meanwhile, Varun Bhandari, country head of Funding Societies for Thailand (right), commented, “By leveraging technology, Funding Societies offers SMEs a new avenue of accessing business financing that is fast, affordable, and convenient. The crowdfunding landscape in the country is growing steadily and we see a lot of potential here. We look forward to driving financial inclusion in Thailand and helping to uplift the country’s economy.”

Singapore – ‘Start Digital’, a digital initiative started by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore for SME support, is refreshing their existing digital solutions in order to provide newly incorporated SMEs or those that have yet to digitize with foundational and easy-to-deploy digital solutions.

Initially launched in January 2019, the Start Digital program has helped more than 30,000 SMEs to adopt various digital transformation strategies for their businesses, known collectively as the ‘Start Digital Pack’. These solutions are offered across six partners, namely financial institutions DBS, Maybank, OCBC, and UOB, as well as telco Singtel and M1.

Start Digital is offering three new and enhanced categories:

  • Digital Collaboration – These enable employees to work from home or any other convenient locations. Examples include Microsoft 365 and Google Workspace.
  • Digital Marketing – Tools that provide SMEs with templates to create social media ads and manage their digital ad buys and placements on a single platform. This allows SMEs to easily manage targeted digital marketing campaigns and reach out to consumers on social media.
  • Digital Transactions – InvoiceNow-linked solutions offered by bank partners are integrated with e-payment including PayNow Corporate to enable SMEs to generate/receive e-invoices through InvoiceNow and receive/make e-payments seamlessly. These solutions help SMEs improve transaction accuracy and administrative productivity. Both e-invoicing and e-payments are part of digital utilities which IMDA is putting in place as baseline infrastructure for the digital economy. Similar to their physical counterparts, digital utilities provide common standards and ease of transactions for businesses. 

Start Digital initially included accounting, human resource management system and payroll, digital marketing, digital transactions and cybersecurity solutions. 

“Based on feedback from SMEs and Start Digital partners, IMDA and Enterprise Singapore are enhancing Start Digital to include new solutions that will enable SMEs to collaborate seamlessly with internal and external parties, and gain new customers,” according to a factsheet released by IMDA and Enterprise Singapore.

Both institutions have been proactive in driving support for SMEs and startups based on digital transformation strategies. Earlier this year, Enterprise Singapore supported the launch of the PlanetSpark Innovation Centre to focus on tech startups seeking to deploy artificial intelligence of things (AIoT) to the market. 

Sydney, Australia – Tat Capital, an Australian-based financial services company has launched its newest financial solution Tat:BizPay which aims to help small and medium enterprises (SMEs) in utilizing credit limits in corporate cards to help SMEs make payments, including commercial rent, or other supplier payments.  

The capital solution, powered by fintech Nium, allows business owners to convert their credit card limit into an interest-free cash flow stream for their business, for up to 55 days. The platform will allow business owners to use their credit card to pay local vendors that do not accept credit cards. Businesses now gain full control of costs, by eliminating fees and charges associated with other credit solution options.

Furthermore, the new Tat:BizPay allows greater flexibility, ease and speed to the payment of salaries, rent, and suppliers, while saving businesses up to 1.1% on borrowing costs and loan processing fee charges and reducing foreign exchange (FX) conversion charges for international transfers.

According to Ram Gorlamandala, founding director of Tat Capital, Tat:BizPay is the “perfect example of Tat Capital’s philosophy of providing smarter, more equitable paths to wealth.”

“Innovation in Financial Technology means that we are now able to deliver products and services that are as credible, robust and secure as banks, but free of legacy issues; while being more obtainable, affordable and better suited to the small to mid-sized business sector,” Gorlamandala said.

He added, “Daily, due to our networks and relationships here and across the Indian Subcontinent, we are exposed to significant business issues and some very interesting business solutions. And occasionally, we uncover a smart and simple solution that is perfect for local businesses. The Tat:BizPay working capital offering, powered by Nium, is one of these solutions.”

Meanwhile, Michael Minassian, regional head of Nium’s Consumer and SME Business (Instarem) commented, “More than ever, SMEs around the world need access to working capital and credit lines. We are delighted that our collaboration with Tat Capital gives more local businesses a simpler and smarter way to bolster their cash flow.”

Tat:BizPay will be first rolled out to Tat Capital clients and later on to any SMEs in the wider market once existing clients are operational.