Maybank has unveiled a group-wide initiative to empower SMEs across Southeast Asia with values-based solutions, reinforcing its commitment to the sector, Singapore CEO Alvin Lee told finews.asia.
Alvin Lee, what is the goal of Maybank Singapore’s «myimpact» small and medium-sized enterprise (SME) program?
The myimpact SME program demonstrates the bank’s commitment to the SME sector. We want to support them at every step of their entrepreneurial journey. One in five SMEs in Singapore are our customers, and we fully understand their business challenges and recognize that they are at different stages of their business growth and sustainability journeys.
The myimpact SME program offers tailored financial and business advisory solutions to future-proof businesses – empowering SMEs through sustainability capability-building and partnering with them on their decarbonization journey as well.
Which countries are included in this initiative in total?
The program is a group-wide initiative to empower SME customers in Singapore, Malaysia, Indonesia, the Philippines and Cambodia, with values-based solutions to support SMEs.
What specific solutions does the program provide?
Maybank’s myimpact SME is a collaborative ecosystem of different partners such as sustainability consultants, solar panel specialists and cloud accounting software, leveraging their respective expertise and services to equip them with necessary tools such as advisory services, and facilitation and accreditation, to help SMEs accelerate their sustainability journey.
Could you give us an example?
Yes, SMEs will receive funding from the bank for «Gprnt» sustainability reporting such as emissions reporting, green and sustainability-linked financing, climate risk management and sustainable supply chain reporting on a real-time basis, to better support their risk management and net-zero transition efforts.
«A key focus area for us has always been to build the capacity of SMEs to scale up their business»
They can also calculate their carbon emissions and report key ESG metrics through the «ESGpedia» online tool. Additionally, they will enjoy preferential rates on ESG training programs and the purchase of solar panels with our other partners, amongst many others.
How does your ecosystem address SMEs' challenges at different growth stages?
Maybank's Alvin Lee (Image: MB)
A key focus area for us has always been to build the capacity of SMEs to scale up their business from the start-up stage to the business expansion stage through our ecosystem to meet their diverse needs.
We do this in many ways such as funding, innovation and networking support. For example, we expedite loan approval turnaround time – key to SMEs, with our e-Financing solution which grants loans of up to S$150,000 ($111,000) for businesses with at least 1 year of operations, in mere minutes – for a fuss-free digital loan application for ease of approval.
«We see a significant shift among entrepreneurs and businesses towards decarbonization»
We also provide green loans for businesses to weave sustainability into their operations, such as Worldwide Hotels Group to develop their hotel and commercial development, and the world’s first Islamic green financing in hospitality to the Royal Group of Companies.
How does Maybank Singapore aim to help SMEs build resilience and competitiveness in an eco-conscious market?
As Singapore moves forward with the Singapore Green Plan 2030 and its commitment to achieving net zero emissions by 2050, we see a significant shift among entrepreneurs and businesses towards decarbonization and sustainable business practices to align with the country’s sustainability goals. SMEs are the key contributors of Singapore’s economy, and they play a critical role in environmental sustainability.
But the path to sustainability is not without its challenges.
Yes, many entrepreneurs face challenges such as access to capital for business growth and sustainable initiatives and need guidance to navigate complex regulatory requirements.
«We are aware that many SMEs need to juggle multiple pressing concerns»
Whether it is investment in resource-efficient infrastructure or new technology, sustainable developments require significant initial investment and tend to pose challenges for entrepreneurs. Additionally, as sustainability regulations continue to evolve, entrepreneurs may face challenges in understanding and complying with these regulations.
How does your new program help SMEs overcome challenges in adopting sustainable practices?
We also play a pivotal role in supporting entrepreneurs in their decarbonization efforts, by providing capital and expertise which may not be readily available for them.
We are aware that many SMEs need to juggle multiple pressing concerns and lack the resources and know-how to adopt sustainability in their business operations. That is why we are expanding our support to SMEs with the launch of our new program.
What financial benefits are available to women entrepreneurs under the «HERpower» program?
As part of our program, we will also offer additional support for women entrepreneurs through the HERpower program helping them unlock new opportunities, access tailored financing solutions, and receive exclusive access to networking events and workshops.
«Our women entrepreneurs will also enjoy premium discounts»
The program provides female entrepreneurs access to curated business benefits designed to boost their business operations and unlock new opportunities to scale their businesses. These include waivers and subsidies for:
- loan processing fees for any loan applications
- Terminal Setup Fee for Electronic Data Capture (EDC) Terminal
- payroll charges of up to S$100 per month
- halal facilitation certification subsidies of up to S$500
Our women entrepreneurs will also enjoy premium discounts from one of Maybank’s entities – ETIQA – on their ETIQA Tiq personal accident plans.
What additional resources are offered to women entrepreneurs through the HERpower program?
In addition to a suite of banking solutions and benefits for female entrepreneurs, we also provide learning and networking opportunities, digital tools to accelerate growth, and guidance on adapting sustainable practices into business operations, to ensure that SMEs are future-ready.
«Maybank strives to create an environment where female entrepreneurs can thrive and innovate»
As an advocate of socioeconomic advancement and women empowerment, Maybank strives to create an environment where female entrepreneurs can thrive, innovate and lead the way in sustainable practices.
Could you share the story of a woman entrepreneur who has benefited from Maybank's support?
Among the women entrepreneurs that Maybank has supported is Chen Xiaoxuan, the main shareholder of Supreme Cars Financial Services, who has chosen Maybank as her banking partner to establish and grow her business as the bank is known for its trustworthiness, client support and understands SMEs' business challenges, offering tailored financial solutions to meet their needs.
Ms. Chen has benefitted from the bank’s various programs and support to the company, including customized business solutions, programs designed specifically for SMEs, networking sessions and more.
With the help of Maybank, Ms. Chen was able to grow her business, hire more manpower and expand production capacity which allowed her to see an increase in income over the previous year.
Alvin Lee Han Eng was appointed Country CEO, CEO of Maybank Singapore, and CEO of Malayan Banking Berhad Singapore on January 1, 2024. With over 30 years of banking experience, he has held various roles in wealth management since joining Maybank nearly 12 years ago. Prior to Maybank, he worked at Citi and Barclays and served as a consultant for Burgan Bank. He holds a Bachelor of Accountancy (Hons) from Nanyang Technological University and serves as a Nominee Director for Maybank Asset Management Singapore.
