Malay chamber sets up committee for high-growth potential firms

Singapore

THE Singapore Malay Chamber of Commerce and Industry (SMCCI) has set up an Investment Advisory Committee (IAC) to identify firms with high-growth potential, in recognition of the critical role played by this group of companies in generating economic growth and vitality for the country.

The objective of the IAC is to help shortlisted companies chart their investment strategy and future plans, so they can scale up faster.

The committee is headed by veteran banker Noor Imambeck, who used to be the general manager of Abu Dhabi Islamic Bank and executive director of Arab Banking Corporation; he is assisted by Basheer Buhari, managing director ING, and four other members.

SMCCI president Farid Khan said: "SMCCI set up the IAC to give independent perspectives of the direction and investment strategy for SMCCI and its members. With the vast experience of the members of IAC, we are confident of helping SMCCI and its members to grow stronger and expand faster."

The IAC is one of several initiatives being driven by the new leadership at SMCCI, which has added a number of fresh faces since May.

Mr Farid, who is chairman of marine services provider Bourbon Offshore Asia, has taken over the chamber presidency from Shamir Rahim, CEO of logistics software firm Versafleet.

Abu Bakar Mohd Nor, chairman of cloud technology services firm InfoFabrica, was elected deputy-president, replacing Akbar Abdul Kader.

Other new names on the SMCCI board include young start-up owners like Imran Mohamad of digital marketing firm The Leverage Group, who heads the Young Entrepreneurs Network (YEN); honorary secretary Fazli Mansor of ISGN Ventures, and assistant honorary treasurer Shamir Wahid of Dayn Advisory.

The new leadership noted that they must cater to the more diverse needs of the chamber's members, who now come from more varied backgrounds, compared to the traditional areas of F&B and retail, which were the main sectors of activity among Malay businessmen before.

Malay businesses are now entering emerging areas like technology and digital marketing; SMCCI members come from diverse areas including finance, engineering and technology. Mr Imran, managing director of The Leverage Group, said he was attracted to join SMCCI to make a difference.

"To be honest, before joining SMCCI, I didn't know much about it. Although I am in digital marketing, I do not see myself as a businessman that targets only Malay customers. I joined SMCCI with an open heart and asked what could I contribute with my experience," he told Malay-language daily Berita Harian (BH).

After joining SMCCI as a member, he was appointed as one of the board of directors and asked to lead YEN at SMCCI to organise events to cater to the chamber's younger members; the group's members now account for 30 per cent of the chamber's overall membership.

One of YEN's latest initiatives is a 12-month programme called Protégé Kita, a collaboration with Enterprise Singapore to upskill young entrepreneurs amid a growing number of start-ups.

It matches competitive enterprises and start-ups with mentors who can provide these aspiring entrepreneurs with business knowledge and link them to relevant networks while nurturing and guiding them.

With an eye on the global halal industry, SMCCI also plans to develop an integrated halal hub in Singapore within the next two years.

It has signed a strategic partnership with Singapore's Elite Partners Capital (EPC) to develop the 66,000 sq m of gross floor area on a Jurong site at an estimated cost of between S$80 million and S$100 million.

EPC will finance and manage the asset, while SMCCI will develop the programme for businesses.

The hub will house halal food processing units, central kitchens, cold-rooms, a Halal Excellence Centre and logistics operations in a multi-store, state-of-the-art complex. To date, some 26 F&B businesses have shown interest in taking up space at the hub.

Home-based businesses can also look forward to access to a shared facility; a shared central kitchen can help more of such businesses to industrialise, especially those that cannot afford huge investments to set up a central kitchen on their own.

Ali Abbas, chairman of the Halal Advisory Committee and a member of the SMCCI board of directors, said: "Halal Hub hopes to create opportunities for food and beverage (F&B) businesses, especially small and home-based businesses, who wish for access to a central kitchen but are hampered by the high cost. With Halal Hub, they can use the central kitchen and pay only when they use the facilities."

SMCCI has also signed several agreements with banks such as CIMB and Maybank to assist members in getting access to micro-financing.

Despite the introduction of new initiatives, SMCCI needs to continue to work with the government, professional-services providers and strategic partners in order to build a strong ecosystem to support the varied needs of members, said Mr Abu Bakar.

One example of such collaboration is with BH. Throughout 2019, SMCCI collaborated with BH in many ways, including the sharing of space at Wisma Geylang Serai to conduct their activities. The SMCCI board of directors also contribute to a column in Berita Minggu to give their perspectives on issues relating to the business world.

BH also organised many networking sessions that have connected SMCCI with businesses from various industries, so as to provide BH readers with opportunities to learn about the assistance and resources provided by SMCCI and its SME Centre, as well as the government business grants available to them.

"The only way is through collaboration among members and with others, and to explore new business opportunities domestically and regionally as a starting point," said Mr Abu Bakar.