OPENING ADDRESS BY MINISTER OF STATE FOR TRADE & INDUSTRY, MR LEE YI SHYAN, AT THE 21ST BLUESKY EXCHANGE & EVENING ON 29 AUGUST 2006, 7.10PM, AT PHILLIPS SECURITIES PTE LTD
Mr Lim Hua Min,
Executive
Chairman,
Phillip Securities Pte
Ltd
Distinguished
Guests
Ladies and
Gentlemen
Good Evening
Introduction
A warm welcome to all of you for
joining us today at the 21st BlueSky Exchange and
Evening. On behalf of ACE, I would like to extend our thanks to
Phillip Securities Pte Ltd for hosting this evening’s
event.
Public-Private
Partnerships
The Over-The-Counter
(OTC) private equity trading platform established by Phillip
Securities is the first of its kind in Singapore. It is a significant milestone
and an example of
how the government works with the private
sector to develop new financing initiatives for
SMEs.
Through such
public-private partnerships, we are able to leverage on expertise
and resources from both the public and private sectors to introduce
a spectrum of financing initiatives that cater to the different
profiles and needs of SMEs.Some recent examples
include
- the SME ACCESS Loan, which provides loans through securitisation to more SMEs,
- the Enterprise Fund, offering an alternative channel of financing for asset-light companies,
- the Internationalisation Finance Scheme, offering loans to Singaporean companies venturing overseas; an
- the Trade Credit Insurance Programme, which helps lower premiums and enable our SMEs compete better in international markets.
Besides working with government, private sector
financial institutions are also independently developing new
products for SMEs. Many financial institutions are placing more
focus on supporting SMEs. Some even have SME-centric units to
better understand their unique needs and develop new financing
tools that are more customized to suit their requirements. For
example, to address the problem of lack of collateral faced by
SMEs, several banks have recently started offering unsecured loans
to SMEs.
Conclusion
Going forward, ACE will continue to work closely with the
government and private sector partners, financial institutions, and
financial intermediaries to identify innovative financing
instruments, bridge gaps in the financing environment and educate
SMEs in financing-related
issues.
On this note, I wish Phillip
Securities all the best in making the OTC Capital a vibrant trading
platform. I look forward to seeing more companies tapping on the
OTC Capital to raise funds for their growth and
expansion.
Thank
you very
much.