
Tackling current business issues
Then in the second session, the panel of experts explored different methods that small and medium enterprises (SMEs) seek financing outside of the conventional practice of approaching normal financial institutions.
The afternoon event, which was held at Menara Star to a packed audience, was attended by Star Media Group chief executive officer Chan Seng Fatt and chief operating officer Lydia Wang. Similar to previous labs, there were two sessions that covered two distinct topics.
The first topic explored the challenges that companies face in light of 'The Tariffs and Taxes Aftermath: What is Next for Malaysian Businesses?'
Moderated by the Malaysia Entrepreneurs and Development Association president Datuk Teh Tai Yong, the topic was discussed by panel speakers past SOBA winner Mega Fortris Berhad group managing director and group chief executive officer Datuk Adrian Ng, PKT Logistics Group Sdn Bhd chief operations officer Dr Jason Cheah and Malaysia External Trade Development Corporation (Matrade) strategic planning division director Noor Hayati Abu Noh.
The speakers discussed the different scenarios that businesses have to confront, from the 25% tariffs imposed by the United States to the expanded Sales and Service Tax from the government as well as instances of supply chain disruptions due to the civil unrest in the Middle East.
Ng advised businesses to understand themselves and to draw back until the time is right to scale back up.
Noor Hayati both touched on the importance of diversification, either in business or which country to trade with. Cheah urged SMEs that it is time to start looking into environment, social and governance matters as it has a profound impact.
The second session, which was moderated by Associated Chinese Chambers of Commerce and Industry of Malaysia treasurer Datuk Koong Lin Loong, gave SMEs enlightening information on 'Raising Funds and Accessing Capital for Business Growth'.
Speakers in this session included RHB Bank Berhad SME banking, SME engagement head Sim Ee Chiew, Credit Guarantee Corporation Malaysia chief business officer Sean Tan, PEOPLElogy Berhad founder Allen Lee and Hernan Corporation founder and group CEO Datuk Anna Teo.
The panel gave a lively session as Teo declared she rarely approached banks for financing. She asked businesses to be more flexible and explore other possibilities.
While banks would be the first step for budding businesses, she said entrepreneurs should network and ask about other alternatives, such as private equities.
Tan explained that CGC's job is to transfer the credit risks from a bank to CGC. In the event a business fails, and the SME is unable to pay, CGC will provide the necessary relief.
Ng shared his experience of raising funds via the initial public offering route, which he said was 'more challenging because (Bursa Malaysia) wants the public to trust you (hence the need for) transparency.'
Sim said that banks do much more than just provide loans, they help enhance cash flow and operation efficiency in order to eliminate idle cash, as well as digitalisation services.
Besides the panel discussions, SOBA sponsors introduced their business models and some of their services to the participants.
CGC's SME advisory and strategic alliances head Mike Wong talked about some of the services that are available to SMEs that are seeking ways to finance their companies.
PKT Logistic's presentation was on the company's diversified range of services, from logistics and education to its own inland port, presented by Cheah.
RHB Bank SME business development head Kelvin Chin and U Mobile Sdn Bhd commercial pre-sales section head Lim Swee Mei showcased the services that would benefit SMEs in their businesses.
SOBA 2025 is organised by SMG with CGC, PKT Logistics, RHB Bank and U Mobile as main sponsors, Great Wall Motor Malaysia as co-sponsor, and Matrade as the official trade promotion partner.
It is audited by BDO while radio stations 988 and Suria are official media partners.
For details, call the SOBA hotline at 017-231 1789 or visit www.soba.com.my. Look out for the announcement of the next SOBA LAB 2025, which will be held on Aug 14 at Iconic Hotel, Bukit Mertajam, Penang.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


New Straits Times
an hour ago
- New Straits Times
Ministry assures traders will not exploit Sara cash aid
SETIA ALAM: The Domestic Trade and Cost of Living Ministry has assured that traders will not exploit the RM100 cash aid under the Sumbangan Asas Rahmah (Sara) programme by raising prices of essential goods. Deputy Minister Datuk Dr Fuziah Salleh said continuous monitoring and enforcement operations will be carried out to prevent profiteering and any form of abuse. "Enforcement is an ongoing effort, but we will intensify it whenever there is a risk of misuse. "Whenever there is a new announcement such as on the Sales and Services Tax, we immediately launch enforcement operations due to concerns about price hikes. "Hopefully, this will not happen with Sara," she said after officiating the closing ceremony of the TikTok Shop Summit 2025 at Setia City Convention Centre today. She also said the one-off RM100 Sara aid is strictly for essential items and can only be used at 4,100 registered outlets nationwide using the recipient's identification card. Yesterday, Prime Minister Datuk Seri Anwar Ibrahim announced several key initiatives, including the Sara cash aid, the postponement of toll rate hikes for 10 highways, and a lower subsidised RON95 petrol price at RM1.99 per litre.

Barnama
an hour ago
- Barnama
Do Not Politicise, Belittle RM100 SARA Assistance, Great Value For The Poor
BUTTERWORTH, July 24 (Bernama) -- The provision of additional cash assistance of RM100 to Malaysian citizens, aged 18 and above, through the Basic Rahmah Contribution (SARA) programme should not be politicised, but rather seen as a form of concern for the poor. Deputy Entrepreneur Development and Cooperatives Minister Datuk Seri said downplaying the value of the RM100 assistance was like belittling the poor in this country because it had a great impact on the daily lives of the less fortunate. "If he is a rich man, T20, he would indeed look down on RM100, but does he know how many people in this country are in the B40 group…how much RM100 is to them and for rich people, he doesn't understand whether RM100 is a big deal or not. "Do they know how many kilogrammes of rice RM100 can buy, how many chickens it can buy? So, if the (government) initiative is good, we have to say it is good, if it is not good, we have to say it is not good, not to belittle it,' he told reporters after attending the PENN 2.0 Special Fund Financing Briefing and Presentation Ceremony here tonight. Explaining further, Ramanan said all parties should show empathy and understand the reality of the lives of low-income groups, especially in challenging economic conditions. Anwar, who is also the Finance Minister, yesterday announced several major initiatives as a sign of appreciation from the MADANI Government to the people, including the one-off RM100 grant under the SARA programme, the delay in toll hikes for 10 highways, and the lower RON95 petrol price subsidy at RM1.99 per litre. Meanwhile, Ramanan also said the MADANI Government no longer relies on a single agency such as the Malaysian Indian Community Transformation Unit (MITRA) in addressing the issues of the Indian community, but has instead introduced various high-impact programmes including financing and entrepreneurship development. According to him, the government is now implementing a more comprehensive approach involving various agencies such as the National Entrepreneurial Group Economic Fund (TEKUN), Bank Rakyat, SME Bank and Amanah Ikhtiar Malaysia (AIM) specifically to empower Indians. '(It is) increasing the Prosperity Empowerment and A New Normal for Indian Women (PENN) fund from RM50 million to RM100 million, in addition to an additional RM50 million fund for the BRIEF-i programme, the Indian Community Entrepreneur Development Scheme (SPUMI) and introducing Vanigham Financing for Indian Entrepreneurs with financing of RM50 million,' he said.


New Straits Times
2 hours ago
- New Straits Times
Ministry to monitor IC misuse after RON95 price adjustment
SETIA ALAM: The Domestic Trade and Cost of Living Ministry will issue reminders to petrol stations to prevent the misuse of Malaysian identity cards for the upcoming RON95 fuel price adjustment. Deputy Minister Datuk Dr Fuziah Salleh said the ministry will intensify monitoring efforts to prevent leakages and misuse by foreign-registered vehicles using Malaysian ICs. "Previously, petrol stations were prohibited from selling RON95 to vehicles with foreign registration plates. "If local ICs are used (after the fuel price adjustment), we will remind petrol station operators to stay vigilant, and we may need to monitor closely to ensure these ICs are not misused repeatedly," she said at the closing ceremony of the TikTok Shop Summit today. Yesterday, Prime Minister Datuk Seri Anwar Ibrahim announced several key initiatives as a gesture of appreciation from the government to the people. Among these initiatives are a one-off RM100 cash aid under the Sumbangan Asas Rahmah (Sara) programme, the postponement of toll rate hikes for 10 highways, and a lower subsidised RON95 petrol price at RM1.99 per litre. On June 16, Anwar said the government would proceed with the RON95 fuel subsidy rationalisation, as it is crucial for the country. Anwar, who is also the finance minister, said there was no issue of a RON95 price increase affecting the majority of Malaysians. On June 26, Finance Minister II Datuk Seri Amir Hamzah Azizan said the government would move ahead with its plan to implement targeted subsidies for RON95 petrol this year. However, the rollout would be done in phases to ensure the most effective and least disruptive mechanism is adopted.