SBF, EnterpriseSG launch platform to help firms strengthen financial literacy, resilience

[SINGAPORE] A new platform will give companies in Singapore greater access to financial advisory services and resources.

Launched by the Singapore Business Federation (SBF) and Enterprise Singapore (EnterpriseSG), the Centre for Enterprise Financing Advisory (Cefa) will provide resources to help local firms “build strong financial management fundamentals, make informed financing decisions (and) access financing partners to raise capital".

This will position these companies for “sustainable growth, transformation and long-term competitiveness”, SBF and EnterpriseSG said.

At Cefa’s launch event on Monday (May 18), Senior Minister of State for Trade and Industry Low Yen Ling said that the centre represents a “significant strengthening” of the support infrastructure for Singapore enterprises.

“It is practical, ecosystem-driven and closely aligned with the government’s strategy of building deep capabilities for our enterprises for the long term,” she added.

Also in attendance at the event were SBF vice-chair Mark Lee and CEO Kok Ping Soon, as well as EnterpriseSG managing director Cindy Khoo and assistant managing director Geoffrey Yeo.

Kok noted that with businesses “operating in a far more uncertain environment today, sound financing and cash flow decisions matter more than ever”.

Practical tools, structured support

In SBF’s latest enterprise financing survey, six in 10 Singapore firms rated their financial literacy in fundraising strategy, valuation and business planning as “moderate and below”.

The survey – conducted over two weeks from Apr 24 to May 8, with 261 businesses taking part – revealed a “strong demand” for practical tools, structured training and personalised advisory support to support financial decision-making.

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Cefa’s network of partners includes financial institutions such as DBS, OCBC and CIMB, professional servicing firms, trade associations and business chambers.

Based on each company’s business needs, the centre connects them to a suitable partner to co-develop financing pathways and improve their funding capabilities.

Companies can also access a free financial management tool kit with resources on enterprise financing.

SBF and EnterpriseSG said that Cefa will “roll out courses on effective cash-flow management strategies and practical financial forecasting” using artificial intelligence, in partnership with the Institute of Singapore Chartered Accountants Academy.