Speech by SMS Low Yen Ling at the Emerging Enterprise Awards 2024

Mr Linus Goh, Head of Global Commercial Banking, OCBC Bank

Mr Chan Yeng Kit, CEO of SPH Media

Distinguished Guests,

Ladies and Gentlemen,

1. Good evening. It is my pleasure to join you for the 17th edition of the Emerging Enterprise Awards. Tonight, we celebrate the spirit of entrepreneurship, innovation, and resilience that drives our SMEs forward.

2. This year, we received over 650 applications from various high-growth industries, including Biotech, Sustainable Energy, Food and Beverage (F&B), and Medical Technologies (Medtech). Congratulations to all the finalists and winners!

3. The awards attracted nearly double the entries this year compared to 2022 when I last attended this event. This is very encouraging. The can-do spirit and enthusiasm of young and promising entrepreneurs are marks of a vibrant enterprise ecosystem.

Embracing Emerging Trends in Our Businesses

4. Emerging enterprises are always quick to embrace and trailblaze the latest trends and potential game changers. Many businesses are incorporating AI into their business models and operations to capture the new opportunities that advanced technology brings.

a. For example, Oncode Scientific, a global leader in cancer molecular diagnostics now offers end-to-end solutions from R&D to commercialisation. The company focuses on areas of need like blood cancers, solid tumours, genetic risk assessment, and infectious diseases. Their diagnostic sensitivity, wide genetic coverage, and non-invasive liquid biopsies, combined with cutting-edge AI technological capabilities have made them pioneers in precision medicine.

5. Besides harnessing AI, many businesses are seizing the business potential arising from the global green transition. This year, the Awards have a new category to recognise enterprises that have developed clever solutions to drive the transformation to a low-carbon future.

a. For instance, Pyxis, a Singapore maritime electrification technology start-up, has developed a proprietary Electric Vessel Management System called Electra. It facilitates fleet management, electric charging, route optimisation, predictive maintenance, and emissions tracking. Electra enables Pyxis to harness the full potential of a connected maritime digital ecosystem through automation. The company has clocked productivity gains and better-optimised vessel performance.

b. I am glad that Pyxis is committed to supporting Singapore’s maritime decarbonisation and plans to expand further into the Asia Pacific.

Moving Together as a Region

6. Asia is one of the fastest-growing economic regions in the world. Enterprises in Singapore are well-placed to capitalise on the new opportunities arising from the changing economic landscape and global carbon transition.

7. Oncorde Scientific and Pyxis are prime examples of companies that have successfully ventured beyond their borders and leveraged the strengths of diverse economies to expand. I hope many of our enterprises here tonight will take advantage of Singapore’s strengths and position to springboard into other regions.

Support for SMEs to grow their businesses

8. The government is committed to supporting our SMEs' internationalisation and business growth to help them seize opportunities regionally and globally. This support includes targeted advisory services, capacity-building programmes, and in-market assistance.

a. For example, businesses can benefit from tax deductions on overseas expansion activities through the Double Tax Deduction for Internationalisation (DTDi).

b. Earlier this year, we also extended the Enterprise Financing Scheme (Green) to support businesses on their sustainability journey and encourage them to reduce their carbon footprint.

9. In addition, last month, we announced the establishment of the Small and Medium-sized Enterprises Pro-Enterprise Office (SME PEO), a one-stop shop to help SMEs navigate regulatory matters. We aim to create a more conducive business environment and lighten the regulatory burden SMEs may face, particularly when dealing with complex government rules and regulations in cross-cutting and nascent areas. The Office will work closely with ministries and regulatory agencies to coordinate a Whole-of-Government effort to streamline regulatory processes and support business growth. The SME PEO will start operating in the first quarter of 2025. We welcome your feedback and hope to assist our many young enterprises.

Conclusion

10. You have our wholehearted support as you climb to greater heights to achieve your aspirations. I encourage all of you to leverage this Awards platform to network, share experiences, and grow together on your journey ahead.

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