The future of SMEs in Singapore - SME Biz-Innovation Summit 2019
Updated: Jul 23, 2019
With an estimated two-thirds of Singapore’s total workforce and half of Singapore’s GDP, SMEs are projected to be the future driver of our economic growth. An entry of SMEs into the digital economy could boost ASEAN’s GDP by up to US$1 trillion. The biggest challenge to scale up SME businesses has been managing the rising cost and manpower while retaining talent within the company. The question now is, how can resource optimisation and digitalisation help SMEs alleviate the increasing costs of operations?
The 8th SME Biz-Innovation Summit that happened on 11th July 2019 brought in 150+ business owners and 20+ industry experts to discuss the latest business innovation, trends, and to brainstorm various collaborative opportunities for SMEs in Singapore.
One of the industry experts was our Chief Operating Officer, Caleb Lye, who along with the other speakers, shared his view on how technology can be used to bridge the SME Gap in managing cash flow, liquidity and credit risk, which exists because 80% of Singapore SMEs do not qualify for traditional financing. During the Executive Panel Session, “Overcoming Financing and Investment Challenges: Exploring the Non-Conventional and Efficient Alternatives”, a few key points and ideas about how SMEs businesses can improve their cash flow were brought up.
The key topics discussed were:-
Comparing alternative financing plan with conventional SME loans.
Can alternative financing help SMEs to increase business credibility and flexibility?
How do SMEs use data analytical tools to reduce cost and manage KPIs for capital investment.
Understanding the operational benefits of investing on Financial Planning & Analysis solutions.
The effectiveness of digital financial tools such as e-invoicing, smart contract, and QR payment collection solution to increase debt collection.
We were overwhelmed by the positive words of encouragement and feedback from the audience throughout the discussion. Thank you to all who came down to the event and allowed us to have such a great time at the SME Biz-Innovation Summit 2019. To our new friends and partners, we look forward to continuing our conversations with you.