Through speeches and a candid panel discussion, the cosy event touched on the difficulties entrepreneurs face, how Maybank assists the business community, as well as how entrepreneurs can pay it forward.

More help for SMEs? Yes, please

Dr John Lee, Country CEO and CEO of Maybank Singapore, kicked off the evening by sharing the three key issues SMEs face, based on a review the bank did in the past year:

1. How best to manage their business
2. How to network to get support for their business
3. How to obtain a holistic banking relationship

“The Maybank YES programme was developed to assist SMEs to meet these three challenges,” said Dr Lee.

Its components, developed last year, were the result of strategic planning. The Entrepreneurship Excellence Programme, which runs engagement sessions like Masterclasses, helps young business leaders to better manage their companies. Meanwhile, the SME Start Digital provides business transformation tools to increase operational efficiency.

Maybank recently added the YES Forum to improve connectivity for SMEs and an e-financing solution to boost their funding when it saw that more could be done.

“Through the YES programme, we hope that Maybank’s commitment to nurturing young entrepreneurial talent will help build a strong SME base and promote an entrepreneurial spirit in Singapore,” said Dr Lee.

Shaping Singapore’s future

Building a culture of enterprise is crucial for the nation. Singapore needs entrepreneurs to drive new businesses and job creation, which help improve the lives of people, increase market competition for greater quality and efficiency, and lower prices for consumers, said Guest of Honour, Minister Edwin Tong in his address.

The tax revenue they generate also funds public services and helps more entrepreneurs, added the Minister for Culture, Community and Youth, and Second Minister for Law. “It is a virtuous cycle,” he said.

He also applauded the young crowd for their can-do spirit. Acknowledging the obstacles in their way such as the lack of experience, networks and finances, Mr Tong said: “To succeed, the young entrepreneur works doubly hard, takes more risks, and is resilient. And when you fall and fall, time and again, you pick yourself up and do it again.

“I hope that this spirit can continue to power our young entrepreneurs for many more generations in Singapore.”

A strong SME community, backed by events like the YES Forum, is integral to honing such a resilient culture, he added. “The YES Forum, which brings together experts, people who can share their experiences with you from different sectors, will be an invaluable thought leadership exercise where you can network and exchange ideas.”

The next article on this event will feature key takeaways for SMEs from the panel discussion.