Newsroom
2022

Newsroom

19 July 2022

Maybank Singapore Launches Young Entrepreneur Scheme (YES) Programme To Provide Millennials With An Entrepreneurial Ecosystem

Maybank Singapore officially launched the Young Entrepreneur Scheme (YES) Programme on 18 July 2022 at a seminar event on entrepreneurship. This Programme seeks to help the entrepreneurial millennial generation bridge the gap between their dreams of launching a business and turning it into a reality, while answering the nation’s call to promote entrepreneurship.

The Bank observes that a lot of new and young business owners face many challenges in starting a business, be it in their financial resources or the lack valuation or fund-raising opportunities. Without at least two years of business track record, it is often difficult for them to secure a bank loan for business expansion and they would have to fall back on their own savings or fund raising efforts. First-time entrepreneurs may also lack appropriate business management tools or relevant experience in running a business, as well as a business network to find peer and mentor support.

Maybank’s Young Entrepreneur Scheme (YES) is a holistic solution designed to address these gaps faced by micro and SME business owners. New clients who are operating businesses that are registered and incorporated in Singapore for less than 2 years, with at least one local director or co-founder under 40 years old and a minimum of 30% local shareholding by Singapore Citizens or PR are eligible to sign up for the YES programme.

YES provides clients with a suite of financial solutions and digital capabilities:

  • Maybank Business Current Account: Giving entrepreneurs a cost-effective operating account with digital capabilities for daily business and cash flow management needs;
  • Maybank Business Credit Card: To financially empower entrepreneurs by supporting their basic payment and liquidity needs with a credit limit up to S$20,000;
  • Entrepreneurship Excellence Programme: As part of an entrepreneurial ecosystem, Maybank is organising a series of collaborative events to engage entrepreneurs by connecting them with industry professionals, investors and experts; and
  • SME Start Digital: Help clients tap government-assisted subsidies from the Start Digital programme which is an initiative by Enterprise Singapore (ESG) and Infocomm Media Development Authority (IMDA) to assist businesses to propel their business forward through the adoption of digital tools and capabilities.
  • Business advisory on regional expansion: Maybank has a wide banking network within Asean, in particular the Malaysia-Singapore trade corridor, to provide connectivity and expertise for businesses to access new markets. For example, there are instant business funds transfer services to Malaysia at no fees, and FX specialists offering attractive foreign exchange rates to serve business transactions.


At the launch event held in conjunction with a seminar entitled “The Art and Science of Entrepreneurship” for budding entrepreneurs, Dr John Lee, Country CEO and CEO of Maybank Singapore, said, “Maybank has established credibility as a ‘start-up’s bank’, serving almost 20% of all micro-businesses and SMEs in Singapore. SME clients can leverage our financing options, business banking services and technological capabilities to grow and scale up their business with the YES programme. This is part of a larger ongoing project that Maybank Singapore is undertaking, to focus on the value propositions of digital innovation, customisation and social impact for millennials. Through the YES programme, we hope that Maybank’s commitment to nurturing young entrepreneurial talent will help build a strong SME base for Singapore.”

Marc Leong, Head of SME Banking at Maybank Singapore, remarked, “We strive to actively support young entrepreneurs under 40 years old to build their business which can potentially grow to be the next unicorn by company valuation and fly the Singapore flag high. By establishing a banking relationship with millennial business owners who are in the early stages, Maybank seeks to entrench ourselves as their key trusted partner for the future.”  

Find out more online: maybank.sg/yes

 

For media queries, please contact corporateaffairs@maybank.com.sg.