Delivered Speech by SMS Low Yen Ling at the Emerging Enterprise Awards Ceremony 2025

Ms Elaine Heng, Head of Global Commercial Banking, OCBC,

Ms Chen Hui Fen, Editor, The Business Times,  

Distinguished Guests,

Ladies and Gentlemen,

1.             Good evening. It is my pleasure to join you for the 18^th edition of the Emerging Enterprise (EE) Awards Ceremony. Over the years, the awards have championed dynamic enterprises that dare to innovate, excel and grow. Tonight, we celebrate the spirit of entrepreneurship that continues to drive our SMEs forward.

2.             More than an award, the EE Awards recognise and celebrate young businesses across Southeast Asia with strong growth potential. The awards also serve as a launchpad for visionary early-stage enterprises ready to scale. Winners benefit from financing by OCBC, media publicity from The Business Times and consultancy support from RSM. Beyond these, the awards offer a valuable networking platform that connects entrepreneurs, business partners, and industry leaders.

Sustainability as a Core Focus

3.             As we look to the future, it is inspiring to see young enterprises embracing sustainability as a core part of their business. Many are integrating sustainability into their operations through circular economy models, low-carbon technologies, and responsible sourcing. These efforts play a pivotal role in driving sustainable transformation across industries.

a.    For example, Etavolt, a deep-tech spin-off from Nanyang Technological University, has developed solutions that support the circular economy for solar photovoltaic (PV) technology. The company offers recycling and lifecycle management services for solar panels, along with technologies that rejuvenate ageing solar panels quickly and affordably. Etavolt’s innovation marks a significant step forward in advancing sustainable energy practices.

4.             I am glad that the Emerging Enterprise Sustainability Awards (EESA) recognise not only businesses that adopt sustainable practices, but also the innovators driving the development, deployment and scaling of technologies essential for a green economy. More companies now understand that sustainability is not a passing trend, but a core pillar of long-term success.

Singapore as a Regional Gateway

5.             Singapore’s enterprises continue to expand their footprint across the region, demonstrating remarkable resilience and success in seizing new opportunities abroad. This steady growth is heartening, as it reinforces Singapore’s reputation as a dynamic hub for innovation and enterprise. The internationalisation efforts of our young enterprises will propel them to their next bound of growth, especially as more regional markets mature.

a.    For example, Ailytics, an industrial artificial intelligence (AI) firm, uses scenario-based AI video analytics to help heavy industries improve operational safety and productivity. The company has expanded operations to 9 countries, including Indonesia and Australia.

b.    Another example is Hivebotics, a robotics startup that develops and manufactures autonomous cleaning robots. Their robots have been deployed across Hong Kong, Abu Dhabi and the US, and the company is deepening collaborations in East Asia.

6.             As our enterprises tap into Singapore’s strong connectivity and regional linkages to seize new growth opportunities overseas, they further reinforce Singapore’s position as a gateway to ASEAN and beyond.

Support for SMEs to grow their businesses

7.             The Government remains committed to helping our SMEs transform, stay competitive and seize new opportunities, both in Singapore and overseas.

a.    At last year’s awards, I spoke about how businesses can benefit from tax deductions on overseas expansion activities through the Double Tax Deduction for Internationalisation (DTDi). Earlier this year, we extended the DTDi for another 5 years. Enterprises with expansion plans can continue to enjoy a 200% tax deduction on eligible expenses for overseas market expansion and investment development. Earlier this year, in response to feedback from the business community, we permanently doubled the maximum loan quantum under the Enterprise Financing Scheme—Trade Loans (EFS-TL) from S$5 million to S$10 million.

b.    Beyond financing, we continue to support enterprises in building networks, scaling up and growing globally. Through the Global Innovation Alliance (GIA), Singapore enterprises are connected to a global network of corporate partners and investors across leading innovation ecosystems and key markets. Last month, Deputy Prime Minister Gan Kim Yong announced the first corporate partnership between the GIA and ST Engineering Ventures. This partnership will fund proofs-of-concept and pilots with startups, deepening our support for enterprise innovation and growth.

Conclusion

8.             I want to thank the Business Times, OCBC Bank and all supporting partners for organising the awards and your continued dedication to nurturing enterprise and innovation. The EE Awards remain a vital platform for identifying and celebrating the bold, creative spirit of our emerging businesses in Singapore and the region.

9.             Once again, congratulations to all the finalists and winners. Thank you, and have a wonderful evening.