SMEs Archives - Page 9 of 11

Kuala Lumpur, Malaysia – Credit Guarantee Corporation (CGC) Malaysia, a subsidiary of Bank Negara Malaysia, and banking institution Standard Chartered Malaysia have announced the availability of RM70M in capital to aid small and medium enterprises (SMEs) in Malaysia.

Under a Portfolio Guarantee (PG) agreement, the financing facility is expected to help ease the burdens of SMEs and sustain their business as they recover from the effects of the pandemic. The agreement brings the total amount of tranches jointly launched by both parties to RM1.71B.

The launch of this tranche is timely as it will provide SMEs with the opportunity to revitalize their businesses. Furthermore, The Portfolio Guarantee comes on the back of several financing initiatives announced by the government tailored specifically for SMEs.

“I am pleased to share that this Standard Chartered-CGC RM70 million PG aims to provide working capital for SMEs with viable business but lack collaterals to obtain the required credit facility, more now during this phase of revitalizing and reforming Malaysia’s economy,” said Datuk Mohd Zamree Mohd Ishak, president, and CEO at CGC.

Meanwhile, Abrar A. Anwar, managing director and CEO at Standard Chartered Malaysia, commented that SMEs have shown great resilience despite being one of the hardest-hit sectors during the pandemic, and that their agility is key to their resilience, allowing them to quickly transform their businesses to adapt to new ways of doing business.

He also stated that as more and more businesses leverage on technology, the financing facility will be timely in financing their digital transformation and penetration of new markets, accelerated during the course of the pandemic, and is used not just as a means to thrive in the new normal but also to keep up with evolving customer demands.

“We understand that our clients have unique needs and we want to ensure they have access to the assistance they need ranging from payment deferrals to interest-only repayments and debt restructuring which will not be reflected in their record. Our focus is on ensuring they are informed of the options available to them and that we are operationally prepared to provide much needed financing,” Anwar added.

Manila, Philippines – Despite the majority of Filipino small businesses successfully deploying digital finance gateways, access to external finance, on the other hand, may hamper their business growth, new survey from professional accounting body CPA Australia shows.

According to the report., cash flow difficulties are having a negative effect on some Filipino small businesses as 64% of respondents sought external funds last year; with 43% seeking funds for business growth, and 32% for survival.

However, only 13% of respondents found accessing external finance easy or very easy, the lowest of the markets surveyed. This may explain why respondents mainly sought funds from friends or family (21%) or personal resources (21%), compared to 15% from a bank. Only 16% of Filipino small businesses expect accessing external finance to be easy or very easy in 2021, which is lower than the survey average of 28%.

Part of this issue can be attributed to COVID-19 restrictions, with more than half (58%) of Filipino respondents reported being negatively impacted by COVID-19. However, 46% say they have already recovered or expect to recover in 2021, while 62% of small businesses grew in 2020.

Filipino small businesses made greater use of digital technologies in 2020 as the pandemic accelerated the use of e-commerce. Around 27% of Filipino small businesses reported that they began or increased their focus on online sales in response to COVID-19.

Meanwhile, 61% of respondents received more than 10% of sales from digital or online payment technologies such as GCash, DragonPay, and PesoPay, up from 47% in 2019. About 62% of small businesses received more than 1% of their revenue from online sales, up from 50% in 2019.

According to Mark Chau, regional general manager of business development international at CPA Australia, dynamism among Filipino small businesses should help drive an economic rebound this year as restrictions are gradually eased and global economic activity returns to normal.

“The survey shows that small businesses in the Philippines are eager to innovate and engage with customers through social media. A vibrant and youthful workforce together with growing domestic demand supported the sector in 2020,” Chaus stated.

About 73% of Filipino small businesses expect to grow in 2021, with 52% intending to increase employees. 22% anticipate that revenue from overseas markets will grow strongly, while 31% say they will introduce a new product, process or service to the local or overseas markets, the second highest of the markets surveyed.

“Difficulties in accessing external finance may hinder business plans to hire more employees, invest in technology or expand to new markets. Small businesses in the Philippines should consider seeking professional advice to maximize their success in obtaining external finance,” Chau added.

New Delhi, India – Amazon Web Services, the IT service management unit of e-commerce giant Amazon, has announced a new digital suite called Amazon Digital Suite, targeted to improve digital transformation strategies among small and medium businesses (SMBs) in India.

The Amazon Digital Suite comprises payment and credit solutions from Razorpay; customer support and customer relationship management (CRM) solutions from Freshworks; human resources and payroll management solutions from greytHR; tax compliance and invoicing solutions from ClearTax; accounting and productivity solutions from Zoho; e-commerce and retail order management solutions from Vinculum; and digital ledger and online cataloging solutions from OkCredit.

Prices of the products that are part of the Amazon Digital Suite available on Amazon.in begin at INR 20, and all Amazon Digital Suite software can be purchased individually with discounts of up to 75% off the suggested retail prices. The offering is designed to be easy to use, with customers being able to implement it in a few simple steps.

The launch of the Amazon Digital Suite is part of the company’s goal to digitize 10 million Indian SMBs by 2025, announced in January 2020.

“We want to ensure the power of the cloud is within the reach of SMBs, and we have built a solution that is simple to understand and deploy, and accessible to new customers. With the Amazon Digital Suite, SMBs can overcome the challenges of technology adoption, digitize their operations, innovate in their business, accelerate their growth, and help India prosper,” said Puneet Chandok, president of commercial sales of Amazon Internet Services Private Limited (AISPL) at AWS India and South Asia.

Meanwhile, Vedanarayanan Vedantham, head of SME business at Razorpay commented, “Digital payments in India are at an interesting and exciting inflection point. Small businesses, now more than ever, are waking up to the possibilities offered by digital, and need help assembling this puzzle.

He added, “Today, we are excited to take this mission of serving the underserved SMBs further through this collaboration with AWS. The launch of the Amazon Digital Suite will be a game changer; it will empower millions of SMBs of any size, and make it possible for them to reach new customers around the world.”

The Amazon Digital Suite is available for purchase on Amazon.in and Amazon.in/business for both business-to-consumer (B2C) and business-to-business (B2B) customers respectively. B2B customers purchasing products from the suite using their Amazon Business Account will receive exclusive offers and a goods and services tax (GST) invoice for input tax credit. Customers purchasing the Amazon Digital Suite during Amazon Smbhav 2021, a virtual summit catered at leveraging digital strategies and innovations to Indian customers, entrepreneurs, and small businesses, from April 15-23 will be eligible for discounts of up to 30% in the Amazon Digital Suite store.

Philippines – Dingdong Dantes, a top local actor in the Philippines with a long-time leading man status in the local entertainment industry, has officially launched Monday, 19 April, Dingdong, his new tech startup, which offers commerce solutions for SMEs. Without the frills, the actor goes for his namesake for the business’ official name.

Dingdong offers three solutions, namely, Dingdong Delivery, Dingdong E-commerce, and Dingdong Marketplace.

Dantes, whose real name is Jose Sixto Raphael Dantes, rose into popularity by the terse screen name which is often anchored to the perennial humor of its reference to ‘doorbell’. And without any surprise, Dantes, who joins the band of celebrities opening up their own business ventures, uses the jovial connotation to his advantage, adopting the tagline – “You Ring it, We Bring it” for its delivery services.

Its delivery service was first piloted to the market in August 2020 as a response to the blow of the pandemic on businesses’ economy and peoples’ livelihood. Meanwhile, its e-commerce API for SMEs is currently underway, while its online marketplace serves as the platform that merges both its delivery and e-commerce, offering consumers a place to make their food delivery orders.

The realization of the tech solutions firm, Dantes credits, to a time in 2019 when his wife, equally prime actress in the country Marian Rivera-Dantes, had to accomplish a delivery for her flower arrangement business in which the male Dantes had to step in, and thereafter, sparking the idea to bring a delivery service himself to fruition.

In partnership with software enterprise solutions company and PLDT-backed, Multisys Technologies Corporation, Dingdong’s delivery service helps businesses and organizations to fulfill their last-mile delivery requirements. Meanwhile, Dingdong E-Commerce enables all entrepreneurs to promote and sell products in an online marketplace with user-friendly tools that automate the management of products, inventory, and orders. Its e-commerce solution also allows companies and businesses to aggregate with other merchants in a unified digital marketplace. Committed to becoming the leading and most trusted e-commerce platform, Dingdong E-Commerce also provides auxiliary training in general business topics like branding, accounting, taxes, and product-specific topics.

Dantes said that he recognizes first and foremost that his business venture is show business and that his strength lies in telling stories and realities through his craft. This time, he wants to be able to redirect the power of stories to uplift Dingdong’s stakeholders – its merchants, riders, and consumers, with whom they intend to grow with and improve the lives of.

“At the core of dingdong and its solutions is excellent service that we give to all our stakeholders. We believe that excellent service is the key to all our business relationships and to all the doors of innovative solutions backed by technology,” said Dantes in the virtual press conference.

Dantes added, “Dingdong as a brand, and as a service is definitely here to build lasting relationships [with] our fellow entrepreneurs, partner riders, and discerning consumers by enabling and empowering them. We understand that it is only through the empowerment of our community members that we will be able to co-create what we call the people-centric solutions that will allow all of us to thrive and progress sustainably amid adversity.”

Currently, the Dingdong marketplace is only available through a web app. Consumers can make their on-demand and pre-booked food deliveries through marketplace.dingdong.ph. Meanwhile, businesses can learn more of its solutions through dingdong.ph.

Manila, Philippines – As contactless payments have emerged as an essential solution for businesses during the pandemic, online payment platform for SMEs in the Philippines, JazzyPay, has partnered with one of the leading commercial banks in the country, UnionBank, enabling its onboarded businesses to reach a wider audience and thus to attract new users.

JazzyPay enables various businesses to accept cashless payments across credit and debit cards, e-wallets, and online baking, as well as over-the-counter cash deposits. The platform now has a total of 27 payment methods including UnionBank.

Through the partnership, JazzyPay customers can settle their payments using their UnionBank accounts, while UnionBank Online users can now pay for local and essential businesses registered with JazzyPay.

Aside from being a unified online payment platform, JazzyPay will also enable businesses to send online invoices to their customers without having to use third-party invoicing services.

According to Edwin Bautista, the president and chief executive officer of UnionBank, transactions done through the bank’s mobile app rose from 40,000 in January 2020 to nearly 1 million by December 2020. As a part of its ‘Tech up, Pilipinas’ advocacy, UnionBank also recently launched its mobile banking app for SMEs, becoming the first SME-focused banking app in the Philippines.

Meanwhile, Kathleen Acosta, the co-founder and chief operating officer of JazzyPay, believes that UnionBank’s constant efforts in providing excellent financial services especially to SMEs have been evident through their recent projects.

“As a payment platform that aims to empower more local businesses in the Philippines, JazzyPay is honored to be able to partner with an innovative company that shares the same vision of growth for SMEs and underserved businesses,” said Acosta.

Singapore – Singapore’s national confederation of trade unions, National Trades Union Congress LearningHub (NTUC LHUB), has signed a Memorandum of Understanding (MOU) with its initiative NTUC U SME, United Overseas Bank (UOB)’s innovation accelerator The FinLab, and Ngee Ann Polytechnic (NP) to officially launch the SME Digital Reboot program.

The program seeks to help 500 companies nationwide in enhancing their digital capabilities by the end of 2022, to help them stay relevant and competitive in a transformed business landscape.

The MOU sees NTUC U SME to initially leverage their broad network of Small Medium Enterprises (SMEs) and associations to boost outreach efforts. Then, with The FinLab’s expertise in supporting ASEAN SMEs with their business transformation journeys, the organization will provide companies the access to a range of digital resources and tools on The FinLab Online, which was designed to help SMEs to understand their business needs and to determine a sustainable digitalization strategy.

Furthermore, NTUC LHUB and NP will provide training across five tracks including Digital Communication and Collaboration, Workflow Automation, Process Automation, Data Processes and Visualisation, and Digital Marketing. And lastly, to ensure that the learning can be applied effectively, the program includes on-ground implementation support through workplace learning sessions by NP lecturers, graduates, and students. .

The SME Digital Reboot program applies to companies of all sizes but will mainly focus on SMEs. As companies employ over two-thirds of the nation’s workforce, SMEs can contribute an estimated half of Singapore’s Gross Domestic Product.

As the pandemic forced businesses to shift to online, many SMEs think of digital transformation as an exclusive measure that only larger companies can afford. Through the SME Digital Reboot, the parties aim to create a mindset shift in SME employers. The program can provide an upskilling for SME employees and help SMEs create sustainable business tools for them to adapt to changes.

The program can also help synergize the unique strengths of key partners to uplift companies to keep pace with the age of digitalization. This will be done through an end-to-end solution covering needs assessment, curated training programs, and workplace learning sessions.

During a pilot program, 40 companies have benefited from the ‘reboot’, turning digital disruption into digital assistance in their businesses. A key group that benefited from the pilot is the Association of Employment Agencies Singapore (AEAS), which is the only industry association that represents employment agencies in the country. Under the program, AEAS members were offered employment advisory for training, training courses for workers, and the right tools to kickstart their digital transformation.

Chairman of NTUC LHUB, Eugene Wong, said that SMEs are key engines of the economy, yet 40% of SMEs surveyed cited the lack of support and expertise as barriers to digitalization.

“The strategic partnership with The FinLab and Ngee Ann Polytechnic to roll out a structured SME Digital Reboot program will empower organizations to take the first step in their digital transformation strategy by building in-demand skills to navigate towards digital success. NTUC LHUB endeavors to continue expanding our ecosystem of partners to transform workers for a transformed future,” said Wong.

Meanwhile, Yeo Wan Ling, director of NTUC U SME, said that NTUC U SME is committed to providing targeted assistance to their partner SMEs, to help their workers upskill and their company transforms digitally to adapt in the post-COVID-19 world.

“SMEs are one of the key pillars of Singapore’s economy employing a large portion of Singapore’s workforce. With the added boost from the recent Singapore Budget 2021, I hope to engage more companies and associations like the Employment Agencies (Singapore) to help them innovate and enhance their productivity,” said Yeo.

Janet Young, co-founder and director of The FinLab, further commented, “To do [the program], we are tapping the experience of NTUC LHUB, NTUC U SME, and Ngee Ann Polytechnic together with UOB’s expertise and The FinLab’s suite of digital resources and community of industry experts to provide SMEs the guidance they need to digitize sustainably. Drawing on UOB’s extensive SME network in Singapore and ASEAN, we will continue to broaden our reach to help more companies benefit through the SME Digital Reboot program.”

And finally, Clarence Ti, the principal of Ngee Ann Polytechnic, commented, “To ensure effective implementation of digital solutions, NP has adapted the training pedagogy in the form of use-case playbooks and best practices. NP is also looking forward to offering post-training consultation and guidance to help SMEs roll out their digital solutions smoothly. Being part of the SME digitalization journey not only presents a great opportunity for our staff, students, and alumni to contribute our expertise but also allows us to build up additional use cases to further enhance our training programs in this area.”

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Bangalore, India – The Indian arm of e-commerce giant Amazon is once again hosting for the second time its ‘Amazon Smbhav’ summit on April 15 to 18, 2021, aimed at leveraging digital strategies and innovations to Indian customers, entrepreneurs, and small businesses.

‘Smbhav 2021’ aims to bring together important industry and thought leaders for invigorating discussions on the way ahead towards creating an ‘AatmaNirbharBharat’, the vision by the Indian government to be self-sufficient, by unlocking possibilities for businesses and entrepreneurs through partnership with Amazon.

Centered around the theme ‘Unlocking Infinite Possibilities for India’, the four-day summit will tackle various industries, ranging from manufacturing, retail, logistics, IT/ITeS, content creators, start-ups, brands, and entrepreneurs across India. Over 30,000 participants are expected to participate at Amazon Smbhav, learning about best practices and industry trends from over 70 speakers.

For Manish Tiwary, vice president for Amazon India, ‘Smbhav 2021’ showcases Amazon India’s commitment to “being a strong partner in making the 21st century the Indian century.”

“As we continue to work with a gamut of Indian businesses and entrepreneurs, we are committed to bringing to them tools, technology, and innovation that empower the Indian economy, help create jobs at scale, and unleash entrepreneurial agility in companies of all kinds and sizes. Smbhav 2021 will therefore be a unique platform offering opportunities to unlock these possibilities towards an ‘AatmaNirbharBharat’,” Tiwary said.

During the last Smbhav 2020, Amazon pledged to invest an additional US$1B to digitize 10 million MSMEs, to generate US$10B in cumulated exports from India, and create an additional 1 million jobs in India by 2025.

The summit will primarily focus on four key pillars – Innovation, Skilling & Job Creation, Digitization, Exports & Startup Enablement. The summit will bring together diverse perspectives from eminent business leaders, policymakers, solution providers, and Amazon leadership on areas that are most relevant for India’s growth.

Other summit events that will be included are ‘Amazon Smbhav Awards’ that recognizes businesses, innovators, and individuals that have contributed to the concept of ‘self-reliant India’, and the ‘Amazon Smbhav Startup Pitch Competition’, where participants must pitch feasible startup pitches and get a chance to win Amazon-related cash prizes and mentorships.

The event will also be conducting an ‘Amazon Smbhav Hackathon’ that will provide an opportunity for individuals and startups to present breakthrough ideas that have the potential to solve real-world problems in the areas of business innovation, sustainability & healthcare.

Singapore – Support for employees working remotely has been rated as the top strategy for SMEs across APAC in regards to their growth and success, new statistics from technology company Cisco shows.

According to the research, 41% of small and medium enterprises (SMEs) in Asia Pacific (APAC) rated it as important as online sales platforms for success and growth. With the shift to a hybrid work environment here to stay, SMEs in the region are expected to continue to invest in technology solutions that support this trend.

As a result of the business disruptions caused by the pandemic in the past year, using technology to reduce cost is the top business goal for one in five (18%) SMEs across APAC in the next 12 months. This is especially prevalent in mature APAC markets such as Australia, Singapore, Japan, and South Korea, where more than one-quarter (26%) of those surveyed selected it as their top goal compared to 17% in emerging markets India, China, Indonesia, and Thailand.

Finding alternative channels to sell and deliver products is a challenge that half (50%) of SMEs in APAC are currently facing, followed by improving employee productivity (44%) and boosting revenue (40%). Such conflicts are manifested by SMEs who are seemed overwhelmed by the global pandemic.

Furthermore, improving employee productivity (44%) is the second-largest business challenge that SMEs in APAC are facing. In mature APAC markets, employee engagement (42%) is the top priority for digitization efforts across SMEs.

For Bidhan Roy, managing director and head of commercial and small business for Cisco Asia Pacific, Japan, and Greater China, the study reveals that the pattern of SME revamps in their remote work support has not only been evident in APAC, but also globally.

“In the current climate, where online is a major consumption channel and dispersed workforces are the norm, our research also finds security and privacy among the chief considerations for SMEs when selecting technology solutions. It is crucial for SMEs, who may have limited resources, to work with technology partners that can help them identify secure, reliable, and value-for-money technology solutions that best fit their needs, as well as provide ongoing, one-stop, and customized support throughout the lifetime of the products and their digital transformation journey,” Roy said.

The findings are based on a survey by Analysys Mason of senior business and IT leaders at 1,600 SMEs with 50 to 150 employees, based in eight markets across APAC.

Sydney, Australia – Online design company DesignCrowd, headquartered in Australia, has just announced a fundraise of A$10M to help drive the growth of its new product BrandCrowd. The round is pre-IPO fundraising, taking the company’s total capital raised to over A$22m.

DesignCrowd, which was founded in 2007, helps businesses crowdsource graphic, logo, and web design from designers around the world. Its new platform BrandCrowd is a foray into the DIY design market, enabling entrepreneurs and small business owners create their needed logo designs and other related designs, such as business cards and social media materials.

The new capital will primarily be used to invest in product development and marketing of both of the platforms, and to expand both of its teams.

Alec Lynch, founder and CEO of DesignCrowd, said that online DIY design is a large, global, and fast-growing market, and the BrandCrowd platform has allowed it to successfully expand to the market.

“Over the last 2 years, BrandCrowd has driven significant revenue growth for us which continued last year despite the global pandemic. BrandCrowd has also allowed us to develop a subscription business model for the first time to sit alongside our existing DesignCrowd marketplace business,” said Lynch.

Manila, Philippines – In response to the steady recovery of the Philippine banking industry and to provide better funding opportunities for small businesses, UnionBank has announced the launch of its new UnionBank SME Banking app, aimed at the country’s growing small and medium enterprises (SMEs).

Through the new banking app, UnionBank’s newest innovation aims to continue empowering SMEs to embrace digital transformation and unlock more opportunities for them to pivot, grow, and thrive in the now digital normal.

Furthermore, It also underscores UnionBank’s primary goal of using its digital expertise to extend more financial services to all Filipinos, including the strategically-vital SMEs who comprise about 99% of the country’s registered businesses.

“Specific segments of the sector’s market continue to be in increasingly vulnerable positions. Some customers face temporary financial strain. Individual and corporate borrowers may lack sufficient money. Those with special servicing needs, such as the elderly, require customized assistance, especially with the transition to digital banking. SME owners are focusing on keeping their business afloat by seeking efficient and accessible banking solutions,” the bank said in a press statement.

Through the UnionBank SME banking app, any business owner can open their own checking account online with ease and convenience. There is no fuss as the account will be available and ready to use within the same day and there is no need to fill out any forms or visit a branch. The app also helps SMEs manage all their financial operations with just a few clicks.

“At the end of the day, we’re all in this together and we want to help all Filipinos be financially inclusive. We are a digital partner that Pinoy SMEs can trust and rely on amid any challenge,” said Jaypee Soliman, vice president of the SME Segment at UnionBank.

UnionBank also offers other SME-related services including their online lending marketplace SeekCap that allows easier lending for SMEs, and business digital platform hub UnionBank GlobalLinker which integrates their business inventory, team and knowledge on the local SME scene all in one platform.