Tag: SME

Singapore – Lazada Group and Seoul Business Agency (SBA) have entered into a Memorandum of Understanding (MoU) to provide ecommerce opportunities for South Korean small and medium-sized enterprises (SMEs) planning to expand to Southeast Asia.

The strategic partnership will aid South Korean businesses wanting to extend their reach and thrive in the Southeast Asian digital shopping space by tapping into Lazada’s platform capabilities and vast network of users.

Through this collaboration, Lazada can also further diversify the range of products and brand options available to its users. The partnership gives the e-commerce platform access to an assortment of South Korean brands and products it can offer its users.

Also under the agreement, SBA will lead in promoting Lazada as a key Southeast Asian eCommerce marketplace destination among SMEs in Seoul. First to launch in Singapore, SBA and Lazada will work together to onboard and grow selected cross-border sellers from Seoul onto the Lazada Singapore platform.

Jason Chen, chief business officer at Lazada Group and chief executive officer at Lazada Singapore, said, “We are thrilled to embark on this strategic journey with Seoul Business Agency. This collaboration not only strengthens our commitment to offering buyers an extensive variety of products but also reinforces our dedication to fostering cross-border shopping and welcoming brands and sellers from across the globe to our eCommerce ecosystem. South Korean SMEs have much to offer, and together with Seoul Business Agency, we aim to unlock their potential in Southeast Asia.”

Meanwhile, Hyunwoo Kim, chief executive officer at Seoul Business Agency, also shared, “Seoul Business Agency has always been dedicated to driving innovation and economic growth for SMEs in Seoul. Partnering with Lazada will allow South Korean SMEs to sell their products to customers in Southeast Asia and to optimise their businesses by accessing Lazada’s technology and seller tools. This is a natural extension of our mission, and this MoU signifies our commitment to creating quality job opportunities and facilitating the success of South Korean businesses. We are excited about the potential this collaboration holds for our SME community.”

Singapore – Singaporean digital marketing agency MediaOne Business Group has announced that it will be distilling its strategies and services to cater specifically to small and medium-sized enterprises (SMEs) in Singapore as a recognized Productivity Solutions Grant (PSG) accredited vendor, which helps Singaporean companies improve their productivity and automate existing processes through IT solutions and equipment.

The PSG accreditation demonstrates MediaOne’s commitment to helping businesses become profitable, grow, and achieve self-sustainability in terms of marketing and market share in an accelerated time frame.

With a track record of providing double-digit growth in client traffic, reach, and engagement, as well as thousands of search engine ranking improvements and impressive ROI, MediaOne has enabled SMEs to enhance their online presence, reach a broader audience, and increase their revenue streams.

Recognizing the growing importance of social media in the digital landscape, MediaOne has also recently been awarded accreditation to offer social media marketing and social media advertising services to further support businesses in their marketing endeavors.

In addition to its PSG accreditation, MediaOne also encourages SMEs to act swiftly, as support from the SkillsFuture Enterprise Credit (SFEC) grants may see reductions by the middle of next year. By partnering with MediaOne, SMEs can take advantage of PSG-accredited services and SFEC grants to optimize their marketing efforts and drive growth.

Tom Koh, CEO of MediaOne, said, “We are delighted to extend our PSG-accredited services to include social media marketing and advertising. This accreditation is a testament to our dedication to providing top-tier digital marketing solutions. We have witnessed strong and sustained demand for these services, and we are committed to helping SMEs succeed in the ever-evolving digital marketplace.”

Malaysia – Bank Simpanan Nasional (BSN) has announced their partnership with Visa to kick-start a collaboration focusing on enabling e-commerce for micro, small, and medium enterprises (MSMEs).

Through this strategic partnership, BSN and Visa have committed to nurturing micro-SMEs in a digital commerce training program called ‘Accelerate My Business’ (AMB). The training intends to drive the adoption of digital disbursement solutions, which will provide micro-SMEs with better financial literacy to explore more significant financing to boost their businesses.

According to BSN, the AMB training program will be divided into two module workshops aimed at digitizing the knowledge of 750 selected BSN micro-SMEs and empowering them for the next phase of their business journey.

This comprehensive initiative will run from August 2023 until March 2024, incorporating a total of 27 sessions conducted across 13 different locations nationwide, encompassing both the Sabah and Sarawak regions.

During these workshops, micro-SMEs will be equipped with essential entrepreneurial skills, covering diverse areas such as business management, financial literacy, operational efficiency, and digitalization strategies. Additionally, the AMB learning platform will play a crucial role in providing practical guidance to the participants by offering various resources. This includes interactive activities, worksheets, self-assessment tools, glossaries, and supplementary materials to support them throughout their entrepreneurial journey.

The program will also be categorised based on the entrepreneurial expertise of the participants—beginner and seasoned stages—to ensure that their diverse needs will be catered to.

Jay Khairil, chief executive of BSN, stated that by staying true to their vision of ‘No Malaysian Left Behind,’ BSN remains mindful of the community’s needs by diversifying our product and service offerings tailored to various segments.

“We have also integrated financial education resources and programs within our services to ensure our customers can access vital financial insights and practical advice. Hence, the strategic partnership with Visa is timely and coincides with our aim to drive digital transformation among micro-SMEs for enhanced operational efficiency and competitive advantage in today’s dynamic business landscape,” he added.

Meanwhile, Ng Kong Boon, country manager for Malaysia at Visa, shared that Visa sees micro and small businesses as the backbone of the Malaysian economy.

He further emphasised the importance of the partnership, saying that “we are pleased to partner with BSN as we share a common goal in empowering these enterprises with resources and tools to uplift their businesses and livelihoods, ultimately creating a ripple effect throughout their communities. By continuing to build on this foundation with greater financial and business knowledge, we can help them find new growth and thrive.”

Singapore – Validus, one of Southeast Asia’s leading all-in-one SME business account and financing platforms, has announced the appointment of Anshul Johri as its group chief technology officer (CTO), effective 5 April 2023. 

Johri brings over 17 years of technology expertise in driving growth and scale for startups and large companies across various industries and is responsible for leading the technology strategy across the region to propel Validus into its next phase of growth.

Prior to joining Validus, Johri spent six years as head of engineering at Indonesian unicorn Traveloka, where he scaled its financial services products such as payment platform, digital wallet, buy now pay later (BNPL), insurance and wealth management. Anshul’s experience spans e-commerce, travel, and fintech industries across India and SEA countries.

“Anshul’s successful and varied experience at organisations ranging from bootstrapped startups to unicorns and Fortune 50 companies makes him an invaluable addition to our executive team as we continue to drive our ambitious technology plans forward,” said Validus’ Co-founder and Executive Chairman Vikas Nahata.

He added, “We are delighted to have him on board to infuse a new energy as we execute on our key technology initiatives to build, scale, and deliver best-in-class digital financial services for small businesses across the region.”

Previously, Validus and global financial services company Citi have established a US$100m securitisation facility to drive SME financing in Southeast Asia.

Singapore – YouBiz, the corporate card and finance management platform by YouTrip, has announced their strategic partnership with cloud-based accounting software provider Xero. Said partnership aimed at reducing operational costs remains amongst SMEs in the Southeast Asian region.

It also aims to equip local businesses and startups with more capabilities to manage their corporate expenses efficiently through the integration of Xero’s accounting software.

Through this integration, YouBiz users can unlock automated sync on all multi-currency accounts with Xero, reducing manual reconciliation of expenses and erroneous accounting entries. YouBiz users who are new to Xero can also enjoy 50% off on any Xero accounting plan for 6 months.

Caecilia Chu, co-founder and CEO at YouTrip has expressed their excitement with said partnership, remarking that with growing inflation and rising prices, finance automation platforms with enhanced accounting capabilities will allow SMEs to cut down on operational costs significantly and redirect valuable funds and resources towards their global expansion plans.

“With Xero on board, YouBiz users will have better control and greater visibility over their business spending. And as we continue to be a valuable and reliable partner to SMEs, YouBiz will strive to forge more partnerships with digital brands and businesses that SMEs work with, to bring more returns and cost savings beneficial to companies, and aid them in their digitalisation efforts,” Chu said.

Sydney, Australia – Business growth consultancy 24HR Business Plan has launched its new product offering, called the 24HR Marketing Plan, to further drive client growth opportunities primarily for small to medium size business enterprises or larger companies with small marketing teams.

The new 24HRMP builds on the successful principles of the 24HR Business Plan and will help organisations bridge the gap between business and marketing strategies. The program will let businesses have access to experts with high-level CMO credentials and a raft of international and local marketing experience. 

Over a total of 24 hours, the program combines several collaborative workshops and strategic development focused on marketing’s core 4Ps to deliver a winning marketing strategy and execution plan.

Jarther Taylor will lead 24HR Marketing Plan and will be joined by renowned global marketing leaders David Rebetzke and Bronwyn Powell for the Senior Advisory team. The three bring a combined experience of more than 60 years leading long-term marketing growth strategies across local and global brands to the program. 

According to Andrew Baxter, founder and senior advisor at 24HR Business Plan, the new offering will enable companies to access highly experienced CMOs to lead their marketing planning process. He also added that the offering will equip companies with the ability to find market opportunities for their businesses and create a marketing strategy and actionable plan for growth and sales success.

“24HRMP is a working model based on the successes of 24HR Business Plan and works in partnership with clients to deliver brand and marketing-led growth strategies and most importantly a clear route to implement the plan,” said Baxter.

Meanwhile, Taylor shared his excitement over the launch. “I am excited to bring the proposition to market and have the opportunity to create something terrific and grow with it. And the best part of this opportunity is we bring the incredible skills and capabilities of our Senior Advisory team and make them accessible to our clients,” he said.

Linda Apostolidis, managing director at NewyTechPeople, also commented, “We have grown incredibly quickly over 2 years and our brand has grown organically. Everything was in our head and we executed on the fly. Having external advice to help build an overarching marketing strategy and roadmap, that we can execute on, works well for the size of our business.” 

Baxter concluded, “Collectively, the team’s deep local and global knowledge and hands-on marketing experience, has created a dream team to take this product to market. I can’t wait to watch the team bring 24HR Marketing Plan to life, and influence the way clients create marketing plans to drive business growth.”

24HR Business Plan is a consulting firm based in Sydney, Australia, which is focused on organisational development and insight-led management.

Manila, Philippines – B2B ordering and store solution platform Growsari Enterprise has announced the launch of its two new business units, SariMart and SariPay, along with new leadership appointments to independently run these business units. 

Maimai Madrid-Punzalan, currently Growsari’s chief growth and marketing officer, will take the position of general manager for SariMart, which is the B2B e-commerce business arm of the platform. 

SariMart will have the mandate to be the country’s largest B2B e-commerce wholesaler for neighbourhood MSMEs and will operate independently from Growsari’s platform, including partnering with other offline and online players.

Speaking on her new appointment, Punzalan shared, “I am thrilled for this opportunity to continue serving the needs of sari-sari stores and other small retailers beyond Growsari’s current network to provide them convenient access to a broader range of products at affordable wholesale prices so they can maximize their earning potential.”

Meanwhile, Sandeep Bhalla will be taking on the role of general manager of SariPay, which is the independently run financial services company that aims to support the MSME network with working capital loans, cash management, remittances and similar products.

“Small stores have been left out of basic financial services by mainstream banks and companies. At SariPay, we want to continue building a financial ecosystem which is inclusive and easy to understand for the millions of MSMEs in the country,” said Bhalla on his new appointment.

Both Punzalan and Bhalla bring more than 20 years of commercial leadership from different large multinational companies, with Punzalan formerly working as a regional senior director of P&G and J&J Asia, and Bhalla being a former senior adviser at the Boston Consulting Group (BCG) and former managing director of Citibank Asia.

Growsari’s co-founder ER Rollan also shared his excitement over the new business units and appointments. “With MaiMai and Sandeep’s deep expertise coupled with the license to operate independently, we will be able to unlock faster growth via external partnerships. The platform in the meantime will continue to bring as many products and services to the small stores as possible,” he said. 

Last year, Growsari has also secured US$77.5m as part of its Series C funding, which accelerated GrowSari’s expansion in the country.

Philippines – Global merchant platform for SME, yufin, has partnered with Singapore-based insurance provider, Gigacover, to enable Filipino small businesses on the platform to access Gigacover health insurance products tailored to their needs at the touch of a button.

Under the partnership, the small businesses will also be able to access business protection and offer customised insurance products such as family and health insurance to their customers.

The platform said that the announcement comes as it has exceeded 15,000 merchant sign-ups since launching in Davao City, in the Philippines end of May 2022.

Shubhrendu Khoche, chief strategy and product officer at yufin, said, “Small businesses are the lifeblood of Southeast Asian economies and communities but many are underserved. Our partnership with Gigacover helps us bring insurance to last-mile merchants to give them peace of mind and to help them offer their customers much-needed access to insurance protection.”

Meanwhile, Chesca Figueroa, country manager and partnerships lead at Gigacover Philippines, noted, “With this partnership, we aim to further support yufin’s efforts in financial education, planning, and protection to their respective small merchants.”

Gerald Chua, head of merchant acquiring at yufin Philippines, commented, “We are delighted and humbled by the welcome yufin has received so far from our community merchant partners. We help small businesses manage their transactions through a suite of tools, products and services that help them grow and prosper.”

Liz Servañez, head of business development and partnerships at yufin, noted, “With partnerships such as our partnership with Gigacover, much-needed financial services products, like insurance protection can also be sacheted to make them accessible and affordable for the yufin merchant network and their customers.”

Hong Kong – Consumer bank DBS in Hong Kong and non-profit organisation GS1 Hong Kong have joined hands to further enhance their innovative SME trade financing solution with the Hong Kong Monetary Authority (HKMA) Commercial Data Interchange (CDI) platform. 

The move is part of DBS Hong Kong’s commitment to providing enterprises with tailored, efficient financing services while also supporting the fintech ecosystem development led by the HKMA in Hong Kong.

DBS Hong Kong said that it plans to leverage CDI’s platform capabilities to further enhance its recently launched trade financing solution and accelerate its ecosystem strategy in Hong Kong.

Alex Cheung, managing director and head of Institutional Banking Group of DBS Hong Kong, said that the latest trade financing solution enhancement demonstrates the bank’s strong commitment to developing Hong Kong’s fintech ecosystem. 

“As a leader in SME banking, DBS is proud to be a part of HKMA’s CDI platform. Since launching our innovative digital trade finance solution with GS1 Hong Kong earlier this year, we have successfully provided SMEs with enhanced and simplified access to working capital. DBS Hong Kong is proud to be an early adopter of CDI and we look forward to working on additional use cases that leverage the platform and find new ways to increase access to funding for SMEs,” added Cheung.

In June 2022, DBS Hong Kong and GS1 Hong Kong launched a digital post-shipment trade financing solution powered by alternative data. The solution enables SMEs on GS1 Hong Kong’s ezTRADE platform to utilise their trade data to access trade financing in a digital and straight-through manner.

With the new solution, SMEs can access much-needed working capital with just one click via the bank’s corporate banking platform, DBS IDEAL. This means that SMEs no longer need to manually submit hundreds of invoices and supporting documents, reducing time and effort through the adoption of a more digital and sustainable way of doing business and seeking financing. 

Moreover, the solution redefines the trade financing journey for SMEs with DBS availing financing through a streamlined credit assessment process. Through DBS’ predictive analytics capabilities, invoice data is used to assess the financial health of SMEs, with the amount of financing available to SMEs updated on a dynamic and recurring basis.

Anna Lin, chief executive of GS1 Hong Kong, shared that the collaboration between GS1 Hong Kong and DBS Hong Kong on digital trade financing has borne fruit to many SMEs enjoying trade financing in a much simpler and digitised manner already. 

“With the CDI, I look forward to unleashing the full potential of more alternative data, enhancing SMEs’ access to financial services and nurturing the trade financing ecosystem in Hong Kong,” said Lin.

Meanwhile, Sandy Tan, head of ecosystems for Institutional Banking Group at DBS Bank Hong Kong, noted that their digital solution has redefined the trade financing journey for SMEs on GS1 HK’s ezTRADE platform, and via their collaboration, they have enabled a digital ‘one click’ transaction experience and greatly reduced the time and effort needed to acquire working capital.

“DBS Hong Kong is committed to taking an active role in further developing and growing Hong Kong’s robust fintech ecosystem. Building on the launch of CDI’s capabilities, we expect to bring our solution to the next level in customer experience while providing more offerings to support the business growth of the SME community,” said Tan.

Manila, Philippines – SME-centric financial platform Investree in the Philippines has announced that it will be extending its reach beyond Luzon, expanding recently to Central and Western Visayas and Davao Region in Mindanao. 

The move seeks to serve and empower SMEs in the said regions by providing accessible and affordable financing solutions that can help their businesses thrive as the economy reopens. With its expansion in the Visayas and Mindanao, which began this September, Investree Philippines is now fully equipped to support enterprises in the regions’ various industries, including manpower, security services, F&B, school supplies, pharmaceuticals, and medical sectors.

Investree Philippines optimises data and technology to connect businesses with institutional investors that share the same mission of supporting SMEs. Its SME clients, including new ones in the Visayas and Mindanao, can now fulfil larger order volumes, deploy and train manpower, develop their business to cater to new target markets, and implement geographical expansion. They can likewise look to fast-tracking business growth in terms of product and/or service development.

“Our mission since day one has been to support SMEs through accessible and secure financing solutions and, in so doing, contribute to the country’s growth one SME at a time. We are broadening our reach outside of Luzon and are now building relationships with more entrepreneurs in Visayas and Mindanao to help more businesses across the country keep up with the changing times. We at Investree Philippines are here to work and grow with them,” said Kok Chuan Lim, Investree’s co-founder and CEO.

In addition, the company said it has aggressive growth plans for the near future, to further penetrate other regions in the country.