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Singapore SMEs make the cut
THE SME100 awards were presented at a glittering dinner function at the Marina Bay Sands in Singapore on July 7, to recognise and honour some of the best and upcoming small and medium-sized enterprises (SMEs) in Singapore for the important role they play in the country's economy.
William Ng, group publisher and editor-in-chief of SME Magazine, which is published by Business Media International, based in Malaysia, presented the awards to the top 31 winners at the gala event.
The awards to honour fast-moving companies were focused on Singapore SMEs. There were no foreign nominations. "SMEs are the lifeblood of every economy and we are pleased to do our part in contributing to the Singapore Story," says Mr Andrew Au, founder and chief executive officer of award winner, AGDelta, a homegrown financial technology firm serving the local, regional and global banks and independent financial advisers in over 15 countries. "It is a tremendous honour for AGDelta to be recognised as one of Singapore's fastest-moving companies and particularly so because so few awards these days are based on hard financial audit and onsite inspections and interviews. "It is a real privilege to be the only fintech in Singapore to receive this prestigious recognition," he adds. The winners of the SME100 Awards were solely identified and recognised based on proportionate representation of the 20 industry groupings using the SME100 score card, said Business Media International.
The judging benchmarks for the awards are based on both quantitative and qualitative criteria with 80 per cent weightage given to quantitative criteria and the balance 20 per cent placed on qualitative criteria. The SME100 Awards judging criteria is a five-stage evaluation process. It is implemented through a 100 per cent audit mandate where 90 per cent of the nominees were subjected to physical site audits. The other 10 per cent were vetted through telephone interviews and further background research. Independently researched, ranked and published by SME Magazine, SME100 ranks the top 100 fast-moving companies with assistance from the official auditor for the award and partner Nexia TS, which demarcates the eligible winners. It is a data-driven analysis and no individual judge was involved in the entire process.
SME Awards is an annual recognition programme organised by SME Magazine, naming the fastest-moving businesses in the SME sector. To promote recognition of top businesses in a lucrative and dynamic market, the SME100 Awards have served as a symbol separating the best among the top names.
Since its launch in 2009, the awards have served a benchmark of reliability among business owners. Available in both Malaysia and Singapore, the SME Magazine has managed to uphold the prestige of the dynamic SMEs market through the SME100 Awards. Dedicated to business owners and entrepreneurs, SME Magazine features current news and in-depth analyses, as well as practical features.
Business Media International said that the awardees are also featured in a special edition of the SME magazine and other supporting publications. The SME100 awards are open to all SMEs in Singapore. To be eligible, the company needs to fulfil the following criteria:
- Be a homegrown, locally incorporated company with at least 30 per cent local equity;
- Have an annual turnover of over S$500,000 or have full-time employees between 20 and 200 for manufacturing, manufacturing-related and agro-based industries; and an annual turnover of over S$500,000 or have full-time employees between 10 and 150 for services, primary agriculture and ICT industries;
- Can either be a holding company or a subsidiary. If the holding company participates, all subsidiaries will not be eligible; and,
- Have audited financial statements for the past three years.