SMEs Archives - Page 8 of 11

Auckland, New Zealand – In a move to cater to small and medium enterprises (SMEs) in the country, stock exchange platform Catalist has announced that it has now acquired a license to open a public market for SMEs who are too small to be indexed by the New Zealand’s Exchange (NZX).

Previously operating under the private investment sector, Catalist’s platform is designed to raise up to NZ$20m a year from the public.

Catalist’s public market targets SME listings with an initial value of between NZ$6m and NZ$60m – considerably lower than what would be expected for a traditional stock market listing.

According to Colin Magee, CEO at Catalist , the green light to start trading with retail investors came after the Financial Markets Conduct (Catalist Public Market) Regulations 2021 were passed late last month.

Catalist has worked on the licence and legislation with the Ministry of Business and Innovation (MBIE) and the Financial Markets Authority (FMA) over the past two years to simplify the public listing process, creating a considerably lighter regulatory environment

“SMEs make up a majority of New Zealand businesses, so there’s a real need for those with growth potential to have better access to capital, and equally for investors to have better access to SME investments, to increase economic growth and job creation. Catalist’s public market means smaller businesses can now access public investment, with significantly lessened costs and administrative burdens – and without compromising investor protections,” Magee stated.

He also added that they are already working through the listing process with a number of businesses – and investors can sign up for an account on their website, so they can trade when there’s an auction running.

Differing from a traditional stock exchange, Catalist uses regular auctions, rather than continuous trading, allowing for fairer pricing and increased liquidity for financial products that don’t trade very frequently – often the case with smaller businesses.

Regular auctions also allow for alternative disclosure provisions, a key difference with Catalist’s new market, where businesses only disclose information for each auction, rather than continuously.

Magee explains that traditional stock markets don’t work for SMEs because the costs, time spent on compliance, continuous disclosure obligations and focus on short-term share price get in the way of day-to-day operations and focusing on the long-term health of the business.

“In the past, we’ve seen growth markets, such as NZX’s ‘NXT’ take a traditional continuous trading approach and fail to meet the needs of SMEs. We’ve taken the learning from that and use periodic trading and disclosure instead, which has proved successful in other jurisdictions. Investors can now access well-regulated investment opportunities in SMEs, where they can be confident in the standard of information they receive,” Magee added.

The platform will act as a stepping stone for these registered SMEs to slowly transition into the traditional stock exchange, such as the NZX.

Singapore – Despite the ongoing pandemic, small businesses in Singapore are widely supported locally, thanks to a growing number of Singaporeans rallying their support and patronage to their products, a new report from the Singaporean arm of e-commerce giant Amazon and market research firm YouGov shows.

According to the report data, the Gen X demographic, who are born from 1965 to 1980, are the most supportive among the local demographic, tallying around 48% of respondents saying they at least buy once a week from a local business. This was then followed by millennials (44%) and Gen Z’ers (34%).

While majority of all shoppers polled said they will support organizations that have a charitable component, 63% of Gen Z shoppers said that for the same product, they would rather buy from a seller that gives back to the local community, versus one that does not, compared to 55% of both millennial and Gen X shoppers.

In terms of what type of purchases are being made, clothing and accessories topped the type of purchases being made, with 59% of respondents saying so, 64% of that data are Gen Z shoppers. Other categories include health and personal care (47%) and groceries (46%).

Regarding increased purchases made during the pandemic, pet supplies were the top purchases locally, tallying around 85% response rate from respondents. This is followed by beauty and skincare (82%) and books (78%).

With the introduction of social distancing measures and heightened public health alerts, 2 in 5 Gen X shoppers (39%) said the ability to avoid public spaces and stay safe is a key motivator for online shopping.

While 27%of Gen Z shoppers said the availability of international selection is a crucial online shopping motivator, the highest compared to their Millennial and Gen X counterparts.

Lastly, with the majority of Singaporeans identifying as Bargain Hunters (32%) and 41% saying that lower prices are the top motivator for online shopping, it comes as no surprise that 23% of shoppers rely on product comparison sites when making online shopping decisions.

“Customer obsession has always been at the heart of Amazon’s business globally. By keeping our finger on the pulse of changing consumer trends and behavior, we ensure the user experience is optimized for customers’ shopping preferences,” said Henry Low, country manager at Amazon Singapore.

Singapore – Global innovation platform Plug and Play has recently concluded its APAC-centric summit last 1 to 2 June, in which the firm introduced three new programs for startups and SMEs.

The three new programs are the ‘Sustainability Program’, ‘Business Solutions Accelerator by Facebook’, and its ‘GK – Plug and Play Program’.

In the virtual event, it was announced that the ‘Sustainability Program’ seeks to provide the tools and network for startups with disruptive technologies that will allow them to empower big corporations to meet their green initiatives.

Part of the solutions instated include equipping SMEs forward thinking into creating sustainable supply chains, implementation of digital technologies for sustainable production, training and advisory for sustainable practices, and compliance or certification of sustainable practices.

Jupe Tan, managing partner at Plug and Play APAC, commented, “This year we celebrate our 15th anniversary with a global team of almost 600 across 35 cities around the world. We will look to actively invest in technologies that focus on enhancing our living environment and address our resource constraints in a sustainable manner that reduces emissions and efficiently uses natural resources.”

Meanwhile, the ‘Business Solutions Accelerator by Facebook’ will be made possible by Facebook and the Asian Development Bank (ADB) to which Tan describes as an innovation catered to looking into areas such as cleantech and clean energy, sustainable agriculture, inclusive fintech as well as inclusive healthcare.

Through the accelerator, Facebook is looking forward to nurturing and collaborating with technology partners that share Facebook’s commitment to improving the merchant experience for businesses across the Facebook family of apps. Program benefits include product education, dedicated Facebook mentors for guidance on product development and business growth, networking with fellow startups and ecosystem enablers, insights into industry and innovation trends.

Lastly, the ‘GK Plug and Play’ aims to make innovation within reach for enterprising groups and individuals. Plug and Play aims to build a smart future by connecting innovation to the brightest minds, as well as building a unique ecosystem as their mission that connects change-makers and leading organizations. So far, the accelerator program has run 8 batches and accelerated 123 startups giving them enhanced access to mentors, investors, and corporations.

On the program with Facebook and ADB, Tan said, “I am proud to announce that we have embarked on a regional partnership with the Asian Development Bank through ADB Ventures, the new venture arm of the ADB. Together with ADB Ventures, we hope to source for and invest in bold technology startups that are working to solve Asia Pacific’s biggest unsolved problems.

Singapore – Singapore-based e-commerce enabler Shopmatic is pushing the needle forward for SMEs with its ‘Inspiring Entrepreneurship Program’. The program waives sign-up fees for SMEs looking to avail of Shopmatic’s services, namely, Shopmatic Webstore, Shopmatic Chat, Shopmatic Social, and Shopmatic Marketplaces.

The zero hosting charges will run within the period of 90 days which means that the offer is effective for any SME signing up between 3 June and 31 August 2021.

An event which aims to drive entrepreneurship, the ‘Inspiring Entrepreneurship Program’ seeks to further encourage aspiring entrepreneurs and small business owners to take their business online by letting them use the platform’s services, including 60 odd template options for their e-store, shipping integration, and network linkages, among others.

For the said 90-day period, merchants will be able to use the entire Shopmatic platform for setting up their e-commerce presence and will only have to pay a nominal fee of 3% per transaction whenever they make a sale.

Shopmatic’s CEO and Co-Founder Anurag Avula commented that the latest initiative is part of their continued effort to support businesses in the current challenging environment.

“This initiative has helped many businesses during this challenging time by creating an alternate revenue stream. The business categories supported in this initiative include packaged F&B, groceries, fashion, toys, sportswear, cosmetics, jewellery, and organic products,” said Avula.

Shopmatic, aside from its headquarters in Singapore, has presence in India, Hong Kong, China, Malaysia, Philippines, and UAE.

Singapore – With the initiative to give small and medium businesses (SMBs) across Southeast Asia to boost brand engagement and accessibility, short video platform TikTok has launched its newest initiative ‘Shop Local Saturday’ that gives SMBs opportunities to be featured on their platform.

Currently available for SMBs across Indonesia, Thailand and Vietnam, the ‘Shop Local Initiative’ features a variety of paid advertising packages to showcase the SMB branding through a unique suite of in-app spotlight features on TikTok, which will roll out starting 4 June. With many SMBs still managing the impact of the pandemic, this initiative also seeks to level the playing field by raising awareness about their businesses and amplifying their offerings.

Through the initiative, SMBs will have the unique opportunity to not only participate in TikTok’s campaign but also to leverage the platform’s scale and reach. With special perks such as a dedicated in-app page that is designed to drive traffic to the various SMBs’ sites, exclusive access to creators, produced ads, creative workshops and listings on TikTok’s website and blog, SMBs will receive next-level brand exposure to drive conversions of more users into new customers.

Beyond the benefits to local SMBs, local TikTok users in Indonesia, Thailand and Vietnam can also look forward to great deals, including providing promotion codes within the app for customers, available on TikTok all across June as they do their part to support their local businesses.

Esme Lean, head of small and medium business in Southeast Asia at TikTok stated that they are thrilled with the launch of said initiative, adding that the initiative aims to empower more SMBs to use TikTok as a platform to find their authentic voice and reach new audiences.

“This is our way of supporting SMBs and enabling them to grow in spite of the pandemic. We hope to show SMBs in Southeast Asia that they can leverage TikTok to launch meaningful campaigns that will ultimately drive sales and real business results,” Lean stated.

TikTok notes in its TikTok SMB Report conducted by TikTok for Business, 1 in every 4 SMBs in Thailand as well as 1 in every 3 Vietnamese and Indonesian SMBs have used TikTok as their preferred ad platform and find TikTok ads to be most effective, highlighting the strength of the platform as a marketing tool to drive their business goals.

In addition to the various benefits brought to SMBs by Shop Local Saturdays, TikTok will also amplify the initiative further on the platform through In-Feed Ads as well as attention-grabbing full-screen displays known as Brand Takeovers, to direct users to the Shop Local Saturday listings throughout June.

Beyond Shop Local Saturday, TikTok is firmly committed to helping SMBs bounce back by providing them with the tools, resources and best practices to connect with their audiences and grow their business during this difficult time:

TikTok Ads Manager: SMB can leverage TikTok Ads Manager to create advertising campaigns with easy set up and flexible budgets while helping their business to reach their relevant audiences.
Grow with TikTok – Starter Lab: A monthly training programme kickstarted in February 2021, where over 6,600 SMBs have since benefited from learning directly from established figures in the marketing industry and TikTok experts on getting started on the platform.
Small Business Resource Center: Introduced in March 2021, it houses TikTok’s practices and resources for SMBs to learn to connect with their audience and drive results.
Lead Generation: TikTok’s first-party solution that helps businesses reach prospects in order to convert them into potential customers with ease, is also available to businesses. Lead Generation enables businesses of all sizes to create seamless interactions to reach prospects in order to convert them into potential customers.
Supporting Local Payments on TikTok Ads Manager: TikTok supports local-friendly payments through integration with e-wallets like DANA in Indonesia and Rabbit LINE Pay.
Signed Memorandums of Understanding (MOU) with the governments in Indonesia, Thailand and Vietnam: TikTok has also partnered local governments in key markets with MOUs, reinforcing its commitment to supporting SMBs across the region.

Malaysia – Inspired by Malaysian SMEs’ entrepreneurial spirit and important role in the digital economy, telco Maxis has announced the launch of its new ‘UsahaWIRA’ (hero entrepreneur) program.

The program aims to help SMEs in the country to accelerate their business reactivation and build resilience for the future through digitalization.

As part of the program, Maxis will be releasing a series of initiatives and relevant content with a focus on the SME Digitalization Program by Malaysia Digital Economy Corporation (MDEC), which showcase success stories of real-life ‘UsahaWIRAs’ that are already reaping the benefits of the grant and digital solutions, in an aim to inspire thousands of entrepreneurs across Malaysia. In addition, Maxis’ SME Help Squad will also be accessible to answer questions from business owners.

One of the program’s initiatives is “Ronda-Ronda Ketemu ‘UsahaWIRA’, Astro TV series”, which is a six-episode series that features celebrity host and business owner Ajak Shiro, and his journey with a Maxis’ SME Help Squad representative, searching for local hero entrepreneurs who want to share their stories on taking up digital solutions through the grant.

Another initiative is “‘UsahaWIRA’ film and customer featurettes”, a content that puts the spotlight on three ‘UsahaWIRAs’ across the country who overcame their challenges by digitizing their businesses with Maxis Business solutions through the grant and obtained real results that have made a difference in growing their businesses.

“Tanyalah Maxis” is also another initiative of the program, where Maxis Business and MDEC will be releasing various content pieces including bite-sized TikTok-style videos to answer all SMEs’ questions about digitalization and the Grant at the end of May.

And lastly, the “Spark ‘UsahaWIRA’” initiative, which is an extension of Maxis’ popular Spark series – a series of interactive virtual forums to help businesses accelerate digital transformation and embrace IR4.0. It is a full-day event featuring some of the biggest names in the industry along with successful entrepreneurs who will share their journey on digital entrepreneurship, and host multiple workshop sessions.

Maxis’ Chief Enterprise Business Officer Paul McManus shared that as SMEs strive to protect their businesses in this challenging landscape, the company is encouraging them to think of what they need, both now and in the future, to be future-ready.

“The ‘UsahaWIRA’ program aims to empower them to act quickly in adopting digital technologies through learnings and results from experienced entrepreneurs. Our goal is to guide them every step of the way and help them leverage digitalization so that they can always be ahead in a changing world,” said McManus.

Meanwhile, Aiza Azreen Ahmad, the chief digital business officer of MDEC, commented that the past year has brought into sharp focus the digital mandate, condensing the development of digitalization in a short period of time, as it is no longer a choice but a necessity.

“We welcome Maxis’ ‘UsahaWIRA’ program which will give SMEs the confidence to take the first step in going digital through the SME Digitalization programs,” said Ahmad.

Just recently, Maxis has also launched ‘eKelas Usahawan’, a structured digital marketing program to empower women entrepreneurs in rural communities to develop a stronger digital presence. It comprises a series of digital marketing workshops at no cost, with a practical and hands-on approach, equipping them with digital tools and skills to help them grow their business.

Colombo, Sri Lanka – In line with the institution’s clear focus on the nation’s enterprise development, banking institution Nations Trust Bank (NTB) in Sri Lanka has announced that it has received a US$40m grant from FMO, the Dutch Entrepreneurial Development Bank, to help in the revival and growth of the Bank’s SME portfolio, as well as in order to ensure lives and livelihoods are protected and new employment is created.

FMO has worked closely with Nations Trust Bank since 2004 and has partnered to provide the bank with access to long-term funding which has become more challenging due to the economic effects of the COVID-19 pandemic.

NTB stated that it will focus its funding on local manufacturing, pharmaceuticals, value-added agriculture, women-led businesses, and export-oriented business which in turn will generate the much-needed foreign exchange flow into Sri Lanka and aid in building a resilient national economy.

According to Priyantha Talwatte, CEO and director at Nations Trust Bank, the loan facility will enable them to support the growth of their SME clients and to provide solutions which are relevant at each stage of the customer’s business lifecycle. He added that it will contribute to narrowing the SME-financing gap and boosting financial inclusion, a vision both shared by FMO and NTB.

“These funds will support the bank’s own ‘Diriya’ program which was floated to support the revival of business with the advent of the pandemic. Our strong and long-standing relationship with FMO has made this facility possible and stands testament to Nations Trust Bank’s continuous ability to transact with international lenders to support local business rebuilding activity,” Talwatte said.

Meanwhile, Marnix Monsfort, director of Financial Institutions at FMO, commented, “FMO is very pleased that we can once again engage with Nations Trust Bank to support them in their strategic journey of supporting SMEs. By contributing to further narrowing the SME-financing gap, NTB can and will boost financial inclusion to various underserved segments, one of the goals highly supported by FMO.”

Aside from this endeavor, NTB has also partnered with the Central Bank of Sri Lanka for the ‘Saubhagya’ business support loan scheme, as well as disbursing over Rs. 20b (US$101.5m) towards the internally generated fund under ‘Nations Diriya’ dedicated to extending financial support to a range of industries engaged in direct or indirect export-oriented business and in local manufacturing.

Manila, Philippines – Alibaba Business School, the educational arm of e-commerce giant Alibaba, has announced the kickstart of its first-ever Alibaba Netpreneur Training Program in the Philippines with support from QBO Innovation Hub, a local public-private partnership platform for local startups, and regional venture capital firm Gobi Partners via their Gobi-Core Philippine Fund (‘Core Capital’).

The training program aims to equip entrepreneurs and business leaders with tangible and actionable steps they can take to advance in the digital economy, based on Alibaba’s own entrepreneurship journey. It is part of Alibaba’s wider initiative to promote inclusive development and empower entrepreneurs and businesses both large and small.

The program is designed as a combination of online and offline training modules. The online program will be conducted via a series of virtual seminars from 21 July to 1 September, providing first-hand exposure to e-commerce and digital innovations, access to business leaders across Alibaba and those in China, as well as an opportunity to connect with like-minded, leading entrepreneurs in participants’ own region, through exercises, interactive lectures, and dynamic discussions.

Applications for this program are open from now until 20 June.

Over the six-week period, the sessions will cover Alibaba’s key learnings from its growth from a fledgling startup into a full digital ecosystem, as well as practical advice to help businesses digitally transform their own operations and confidently embrace global business opportunities. Alibaba Business School will also host optional webinars during the program focusing on industry trends and insights.

“The acceleration of the digital economy as a result of the global pandemic is creating huge opportunities that may not be immediately recognizable. We are keen to demonstrate to SMEs and entrepreneurs how they can make full use of our digital ecosystem learnings and insights to spot and win these opportunities, and to transform their businesses for long-term success in the digital economy,” said Zhang Yu, partner and vice president at Alibaba.

Participants will be graded and quizzed on a weekly basis, culminating in a final capstone assignment at the end of the program. All participants who complete the course will be invited to join the Alibaba Global Initiatives community, where they will be able to receive access to additional content and activities post-program such as webinars and newsletters.

For Katrina Rausa Chan, executive director of QBO Innovation Hub, the new training program is fitting as the country is witnessing a digital transformation ‘awakening’, which has become even more critical to the country’s economic resilience, recovery, and advancement.

“Small businesses, and especially innovative startups, play a key role and need our support. We’re thrilled to partner with Alibaba Business School in launching the Alibaba Netpreneur Training Program. This initiative will empower local entrepreneurial talent and build a more dynamic startup scene,” Chan stated.

Ken Ngo, managing partner at Core Capital, meanwhile commented, “Access and exposure to operational best practices is vital for Filipino entrepreneurs to be competitive in a digital future. More importantly, I believe the real value of this program lies in how it highlights the role of leadership and vision in growing companies and communities. Together with our partners, I’d like to invite all Filipino founders and business owners to take this opportunity and apply for this program now.”

The Alibaba Netpreneur Training Program is Alibaba Business School’s latest initiative to drive success in the Philippines digital economy and build talent in digital commerce and business.

Sydney, Australia – The Australian arm of small business lending company OnDeck has launched a new credit scoring innovation to allow greater access for small and medium enterprises (SMEs) in Australia on their credit services.

Called as ‘KOALA Score™’ formerly as Key Online Australian Lending Algorithm, is developed by OnDeck and uses a sophisticated blend of credit algorithms and statistical techniques in combination with data from credit reporting agencies illion and Equifax, to support more granular credit risk assessment for Australian SME lending.

KOALA gives OnDeck the ability to analyze the personal credit scores of business owners, which is a unique feature of the new credit model. This is a plus for newer enterprises, sole traders, and partnerships, which typically do not have the substantial volume of commercial data required by traditional lenders.

“Previously our credit scoring was very commercial credit score driven, but KOALA uses a mix of commercial and consumer credit history plus cash flow, to build a more holistic risk profile,” said Cameron Poolman, CEO at OnDeck Australia.

KOALA was first piloted on a consumer test last March 2021, where it recorded 5% of customers who received loan offers that extended the option of spreading the repayments over longer terms if desired. Furthermore, OnDeck also recorded an 11% increase in approvals for business loans up to $250,000, with the enhanced credit risk assessment provided by KOALA increasing confidence in loan amounts and duration.

“Moreover, the KOALA risk assessment model has been tailored to the Australian small business customer, and this granular insight potentially gives SMEs more access to funding they need, coupled with an uptick in lending limits,” Poolman added.

OnDeck also provides a ‘Know Your Score’ service to SMEs, allowing small businesses to check their Equifax business credit score online at no cost. Since launching the service in 2016, almost 20,000 small business owners have discovered their business credit score.

“We have now backed this up with KOALA, using the quieter environment of 2020 to drive innovation in our business. The development of KOALA – and its tailoring to the Australian small business landscape, highlights our commitment to the SME sector. KOALA is significantly more granular because it uses a greater range of data sources and ultimately enables us to offer loans to more Australian businesses, at a time when they really need it,” Poolman concluded.

Australia – The minister for the Department of Industry, Science, Energy and Resources in Australia has announced Tuesday, 28 April, that its Cyber Security Business Connect and Protect Program has already provided a total of A$6.9M in funding to 14 trusted organizations that will work directly with businesses to help them amplify their cybersecurity efforts.

The program was established to provide trusted organizations that advise SMEs with funding to raise awareness of cybersecurity risks and promote the necessary action to address these risks.

Some of the organizations include are IT Connexion, Murray Hume Business Enterprise Centre, Loyal I.T. Solutions, and Hunter Business Centre. Each of the 14 organizations will be implementing its unique cybersecurity programs to provide support to businesses in both regional and metropolitan areas in every state and territory.

One particular project to receive funding is Western Sydney University’s Oz Cyber Security Aid Centre in Parramatta, which has received specifically a A$745,920 grant. The university will partner with four NSW cybersecurity companies to set up an online call line and physical Cyber Security Aid Centre.

Minister Christian Porter said that building digital security and capability among SMEs is a government priority and vital to its continuing economic prosperity and development.

“SMEs make up 99 percent of all Australian businesses and employ about half our workforce, so it is essential to our economy and national security that SMEs continue to expand and improve their digital capabilities in a secure way,” Porter said.

“The assistance provided through this grant program will support businesses in recognizing cyber risks and opportunities, particularly in the wake of the strong digital uptake during the COVID-19 pandemic,” he added..

The grants support the Australian Government’s Cyber Security Strategy 2020 and its vision of creating a more secure online world for Australians, their businesses, and the essential services upon which everyone depends.

The minister also said that the grants will coincide with the newly released Cyber Security Assessment Tool, which is available on business.gov.au. This tool is free to use for all SMEs and provides easy-to-follow, actionable advice on how to secure one’s business from cybersecurity threats.

A list of successful applicants under the program can be found here.