SMEBiz - Business

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luxury","article_custom_fields":"{\"\":[\"\"],\"seo_meta_keywords\":[\"\"],\"seo_meta_description\":[\"\"],\"seo_meta_title\":[\"\"],\"sponsored_flag\":[\"\"],\"offer_flag\":[\"\"],\"featured_article_flag\":[\"\"],\"primary_category\":[\"\"],\"other_keywords\":[\"AffordableHousing, UrbanLiving, YoungRenters, PropTech, CoLivingSpaces, RentalSolutions, SmartLiving, 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people.\"],\"columnist\":[],\"byline_email\":[\"\"],\"wide_image\":[\"off\"],\"wide_template\":[\"\"],\"lifestyle_categories\":[\"\"],\"byline_photo\":[\"\"],\"wide_story_template\":[\"\"],\"company_brand\":[\"\"],\"requester\":[\"\"],\"video_programme\":[\"\"],\"video_category\":[\"\"],\"is_video_programme\":[\"\"],\"video_programme_start_date\":[\"\"],\"video_programme_end_date\":[\"\"],\"is_klik_article\":[\"\"],\"klik_start_date\":[\"\"],\"klik_end_date\":[\"\"],\"is_topik\":[\"\"],\"topik_start_date\":[\"\"],\"topik_end_date\":[\"\"],\"caption\":[\"\"],\"fbia\":[\"\"],\"mstar_status\":[\"\"],\"footnote\":[\"\"],\"is_exclusive\":[\"off\"],\"drupal_json\":[\"{\\\"type\\\":null,\\\"properties\\\":{\\\"PUBLISHED\\\":0,\\\"PROMOTED\\\":0,\\\"STICKY\\\":0},\\\"fields\\\":[]}\"],\"wp_custom_json\":[\"{\\\"type\\\":\\\"\\\",\\\"fields\\\":[]}\"],\"is_branded_article\":[\"\"],\"branded_article_start_date\":[\"\"],\"branded_article_end_date\":[\"\"],\"majoriti_paywall_story_type\":[\"\"],\"cxense_tags\":[\"\"],\"superapp_keyword_tagging\":[\"\"],\"external_source\":[\"\"],\"page_number\":\"19\",\"initial_publication\":\"StarBiz 7\",\"date_created\":\"2024-10-05 04:51:44\",\"date_modified\":\"2024-10-05 04:51:43\",\"last_modified_user\":\"Mathivanan A\\\/L Ramanathan\",\"section_color\":\"#FFFFFD\",\"target_page\":\"19\",\"cxense_metatags\":null}","publish_time":"2024-10-05 07:00:00","sub_section_id":10,"image_path":"{\"image_path\":\"uploads\\\/images\\\/2024\\\/10\\\/05\\\/2947825.jpeg\",\"cms_type\":\"live\",\"small_image\":\"\",\"is_updated\":\"0\",\"image_cropping\":\"{\\\"original_image\\\":{\\\"image_original_width\\\":1240,\\\"image_original_height\\\":930,\\\"icd_image_type\\\":\\\"original_image\\\"}}\",\"is_copied\":\"0\",\"media_type\":\"0\",\"image_caption\":\"Catering+to+young+renters%2C+the+properties+feature+regular+community+activities+and+convenient+amenities.+%E2%80%94+Photo%3A+LiveIn\",\"image_count\":3}","section_name":"Business","sub_section_name":"SMEBiz","permalink":"business\/smebiz\/2024\/10\/05\/letting-the-young-live-in-luxury","show_image_in_thumb":0,"a_custom_data":"{\"exclude_from_gallery\":null,\"lead_image_id\":null}","article_body":"<p>AFFORDABLE living quarters has long been a problem in South-East Asia, particularly among young people.<\/p>\r\r<p>A 2019 report by the Asian Development Bank showed that home prices in 90% of 211 cities in the Asia Pacific had become severely unaffordable for median-income households. Even rentals are skyrocketing.<\/p>\r\r<p>Enter proptech company LiveIn. Since 2020, it has worked to address the affordable housing crisis.<\/p>\r\r<p>\u201cWith over 60 million young people moving to cities for better opportunities, many are not able to afford quality homes, and settle for subpar rental accommodations,\u201d explains LiveIn chief executive officer and co-founder Keek Wen Khai.<\/p>\r\r<p>\u201cMeanwhile, property development continues to grow due to aggressive development strategies by developers, leading to low occupancy rates and unrealised returns for property owners.\u201d<\/p>\r\r<p>LiveIn\u2019s solution to the widening gap between supply and demand for long-stay accommodations is to transform vacant properties into modern, affordable homes, providing a comprehensive suite of services from interior design to marketing and tenant management.<\/p>\r\r<p>Through this approach, property owners can benefit from higher occupancies and better rental yields, while tenants get affordable, fully-furnished housing options in convenient locations.<\/p>\r\r<p>Targeting today\u2019s young renters, the business aims to deliver high-quality living, enhanced with flexible leases, integrated services, and community-focused events. Beyond local shores, the Malaysian-based company also has operations in Thailand, Vietnam and Indonesia.<\/p>\r\r<p>\u201cOffering affordable rental solutions at about US$200 per month, LiveIn has experienced rapid organic growth, operating close to 10,000 rooms across four countries while generating profits,\u201d Khai notes.<\/p>\r\r<p>While LiveIn\u2019s managed rent business model has quickly found success within the last four years, the company\u2019s story in fact dates back to 2015.<\/p>\r\r<p>Originally known as Hostel Hunting, the start-up was created with the goal of assisting university students in finding affordable, quality accommodations.<\/p>\r\r<p>\u201cInitially, the business involved buying properties, furnishing them, and renting them out to students,\u201d he says.<\/p>\r\r<p>\u201cHowever, this asset-heavy model wasn\u2019t scalable. Consequently, we pivoted to an online listing marketplace model that had over 100,000 listings at its peak. Although scalable, this model didn\u2019t ensure a consistent standard of offerings.\u201d<\/p>\r\r<p>This eventually led to the business\u2019 official rebrand to LiveIn. Focused around partnering with property owners on a revenue-sharing basis, the model provides a profitable and scalable way to bring affordable, furnished rooms to young people.<\/p>\r\r<p>According to Khai, one of the advantages of working with LiveIn as a landlord is that the business takes on management responsibilities for the properties, including covering operational costs and end-to-end tenant management, while the owner is updated with timely reports.<\/p>\r\r<p>\u201cEven during the MCO (movement control order), we were able to maintain a consistent and high rental collection rate for property owners,\u201d he says. By driving demand generation activities to boost occupancy levels, the business is able to ensure continuous, long-term passive incomes for owners.<\/p>\r\r<p>\u201cIn 2023, LiveIn achieved an average of 40% increased income for property owners and an average of above 85% occupancy.\u201d<\/p>\r\r<p>Additionally, property values are raised as a result of renovations, project management, interior design upgrades, and maintenance by LiveIn.<\/p>\r\r<p>For tenants, access to well-appointed, affordable housing enables students and young professionals to achieve better quality of life.<\/p>\r\r<p>\u201cOur goal is to empower young people in South-East Asia by giving them the financial freedom to pursue their life goals,\u201d Khai says. \u201cOur tenants have seen a remarkable 65% increase in disposable income.\u201d<\/p>\r\r<p>He says location, affordability and convenience are key factors for this customer segment when seeking long-term rentals.<\/p>\r\r<p>Taking into account the importance of proximity to workplaces and education hubs, LiveIn\u2019s properties are situated in areas near city centres and student towns, such as KLCC, Cyberjaya, Seputeh, Subang Jaya and Kampar.<\/p>\r\r<p>\u201cWe provide convenient amenities within the building and regularly organise community activities to promote a strong social network among the tenant community,\u201d he says.<\/p>\r\r<p>In May, LiveIn announced it had surpassed US$10.95mil in its pre-Series B funding round with an extended top-up investment of US$2.6mil from Korean Investment Partners. The firm stated that the funding will propel its growth across South-East Asia and fuel its aim to create vibrant, affordable communities for young adults in the region.<\/p>\r\r<p>\u201cWe expect to encounter challenges in understanding and navigating cultural differences in market expectations as we expand into new cities and countries,\u201d Khai reveals.<\/p>\r\r<p>\u201cBesides differing tenant expectations, property owners in different countries also vary in their awareness of LiveIn\u2019s managed rent model.\u201d<\/p>\r\r<p>He also notes that new locations come with the additional complication of varying building sizes and types that are in oversupply.<\/p>\r\r<p>\u201cTo address these challenges, we will focus on increasing owner engagement levels and refining our back-end systems to launch and operate effectively in new markets,\u201d Khai adds.<\/p>\r\r<p>\u201cThis will enable us to grow sustainably beyond the 10,000-room mark while maintaining high occupancies across all our rooms.\u201d<\/p>\r\r<p>The company has also been active in forging a number of strategic partnerships with operators to add a range of amenities such as gyms, coworking spaces, laundry services, entertainment and F&B to its vertically integrated buildings.<\/p>\r\r<p>\u201cThey are slated to go live successively this year, and we look forward to making a bigger impact in the market.\u201d<\/p>"},{"cms_article_id":3739665,"np_article_id":1453245,"article_title":"Making parking a cruise","article_custom_fields":"{\"wide_image\":[\"off\"],\"external_link\":[\"\"],\"byline_email\":[\"\"],\"drupal_json\":[\"{\\\"type\\\":null,\\\"properties\\\":{\\\"PUBLISHED\\\":0,\\\"PROMOTED\\\":0,\\\"STICKY\\\":0},\\\"fields\\\":[]}\"],\"wp_custom_json\":[\"{\\\"type\\\":\\\"\\\",\\\"fields\\\":[]}\"],\"summary\":[\"It's an all-too familiar story in Malaysia. Urban centres that are choked with vehicles, traffic jams and lots of time spent driving in search of a parking spot, which in turn contributes to further congestion.\"],\"footnote\":[\"\"],\"keyword_tagging\":[\"Star Biz7\"],\"other_keywords\":[\"UrbanMobility, ParkingSolutions, SmartParking, CashlessParking, EcoFriendlySpaces, TechDrivenParking, UrbanDevelopment\"],\"video_source\":[\"\"],\"paywall_package_type\":[\"Metered\"],\"branded\":[\"{\\\"is_branded\\\":\\\"0\\\"}\"],\"breaking_news_start_time\":[\"\"],\"breaking_news_end_time\":[\"\"],\"review_summary\":[\"\"],\"review_rating\":[\"\"],\"review_max_rating\":[\"\"],\"is_exclusive\":[\"off\"],\"media_gallery_flag\":[\"off\"],\"media_gallery_title\":[\"\"],\"send_to_scmp\":[\"off\"],\"company_brand\":[\"\"],\"requester\":[\"\"],\"cxense_tags\":[\"\"],\"page_number\":\"18\",\"initial_publication\":\"StarBiz 7\",\"date_created\":\"2024-09-28 06:36:16\",\"date_modified\":\"2024-09-28 06:36:16\",\"last_modified_user\":\"Mathivanan A\\\/L Ramanathan\",\"section_color\":\"#FFFFFD\",\"target_page\":\"18\",\"cxense_metatags\":\"\"}","publish_time":"2024-09-28 07:00:00","sub_section_id":10,"image_path":"{\"image_path\":\"uploads\\\/images\\\/2024\\\/09\\\/28\\\/2936051.jpg\",\"cms_type\":\"live\",\"small_image\":\"\",\"is_updated\":\"0\",\"image_cropping\":\"{\\\"original_image\\\":{\\\"image_original_width\\\":1240,\\\"image_original_height\\\":1004,\\\"icd_image_type\\\":\\\"original_image\\\"}}\",\"is_copied\":\"0\",\"media_type\":\"0\",\"image_caption\":\"\",\"image_count\":5}","section_name":"Business","sub_section_name":"SMEBiz","permalink":"business\/smebiz\/2024\/09\/28\/making-parking-a-cruise","show_image_in_thumb":0,"a_custom_data":"{\"exclude_from_gallery\":null,\"lead_image_id\":null}","article_body":"<p>IT\u2019S an all-too familiar story in Malaysia. Urban centres that are choked with vehicles, traffic jams and lots of time spent driving in search of a parking spot, which in turn contributes to further congestion.<\/p>\r\r<p>It can be quite painful. But not if Times24 Malaysia Sdn Bhd, the country\u2019s largest car park management company, has its way.<\/p>\r\r<p>Specialising in end-to-end parking management services, the business designs, develops, and manages parking facilities, using advanced technology and data analytics to optimise parking spaces and streamline traffic flow.<\/p>\r\r<p>\u201cOur objective is to transform underused spaces into valuable assets for property owners while enhancing accessibility and convenience for the public,\u201d says Times24 co-chief executive officer and chief commercial officer Ong Yeong Wee.<\/p>\r\r<p>Established in 1994, the company works with more than 100 business partners and manages over 160 parking lots across Malaysia.<\/p>\r\r<p>It is also a member of the Japan-based PARK24 Group, an affiliation which Ong says ensures the business continually upholds the highest industry standards.<\/p>\r\r<p>\u201cAs part of PARK24 Group, we have a wealth of experience and expertise from one of the largest car park management operators in Japan,\u201d he notes.<\/p>\r\r<p>This knowhow is exemplified in the meticulous and comprehensive approach in transforming a lot into a Times24 parking space.<\/p>\r\r<p>\u201cIt begins with an initial site assessment, including feasibility studies and traffic analysis, to evaluate factors such as location, accessibility, potential traffic flow improvements, and environmental impact,\u201d he says.<\/p>\r\r<p>Another key step in the early stages is to engage with stakeholders such as developers and landowners to discuss the potential benefits and returns of the proposed parking solution. Following this, a customised parking layout is designed by the team, tailored specifically to the needs of its location.<\/p>\r\r<p>During construction, top priority is placed on safety and environmental regulations.<\/p>\r\r<p>\u201cThere is also a focus on creating a facility that is both functional and aesthetically pleasing. This phase considers essential aspects like lighting, signage, and accessibility,\u201d Ong adds.<\/p>\r\r<p>Upon completion of a parking space, Times24 typically takes on the management of the facility. This includes overseeing day-to-day operations, maintenance, and customer service. Management systems implemented include 24\/7 customer support, automated access control, and regular maintenance services.<\/p>\r\r<p>\u201cWe also handle all aspects of sales and marketing to maximise the profitability of the parking site.\u201d<\/p>\r\r<p>The structured nature of the process, he says, allows Times24 to offer a seamless experience for users while maximising yield returns for property owners.<\/p>\r\r<p>According to Ong, factors such as location, safety, convenience, and cost are of prime importance to consumers and landlords when it comes to choosing parking facilities. \u201cConsumers prefer well-located, secure, and easy-to-access parking with fair pricing. Landlords seek efficient management and potential revenue generation,\u201d he observes.<\/p>\r\r<p>To address these needs, the business offers facilities that are strategically located with robust security features, competitive pricing and management solutions geared towards heightening user experience and property value.<\/p>\r\r<p>To meet evolving consumer needs, Times24 embraced the integration of technology.<\/p>\r\r<p>An increasing number of its parking spaces feature cashless systems and Licence Plate Recognition (LPR) technology, which allow for a smoother parking experience and lessen the need for physical infrastructure like ticket booths and payment machines.<\/p>\r\r<p>\u201cLPR is gaining popularity in Malaysia, enhancing the efficiency and convenience of parking management. Our survey in Malaysia shows that over 60% of users prefer cashless, with approximately 70% of our car parks already integrating them,\u201d he says.<\/p>\r\r<p>\u201cThis not only reduces resource usage but also contributes to a more efficient and eco-friendly parking experience. Additionally, we support the use of electric vehicles by providing charging stations.\u201d<\/p>\r\r<p>Successful projects by Times24 include ones at Taman Desa Business Park in Kuala Lumpur, Lebuh Noordin in Penang, and Jalan Jubilee in Ipoh.<\/p>\r\r<p>\u201cBy converting underused areas into state-of-the-art parking facilities, we have significantly alleviated traffic congestion and provided convenient parking solutions for local businesses and residents.\u201d<\/p>\r\r<p>Citing the increasing rate of vehicle ownership, demographic expansion in urban areas, and the rise in commercial and residential developments, Ong says the market for parking areas in Malaysia is poised for significant growth in the next three to five years.<\/p>\r\r<p>\u201cThe availability of approximately 20% unused land in regions like the Klang Valley presents an opportunity for the development of new parking facilities.\u201d<\/p>\r\r<p>To strengthen its position as a leading parking management provider, Times24 is now focused on increasing its presence in key urban areas through new parking sites.<\/p>\r\r<p>\u201cThe number of managed lots is continually expanding as we identify new opportunities,\u201d Ong further adds.<\/p>\r\r<p>\u201cWe aim to leverage our experience and market knowledge to target high-demand locations, ensuring convenient and accessible parking solutions for our customers.\u201d<\/p>\r\r<p>\u201cWe are also committed to developing and deploying innovative parking management technologies.<\/p>\r\r<p>\u201cOur sustainability initiatives are a key focus area, as we aim to enhance eco-friendly practices within our facilities.\u201d<\/p>"},{"cms_article_id":3736885,"np_article_id":1447903,"article_title":"Notti makes good with pet nutrition","article_custom_fields":"{\"\":[\"\"],\"wide_image\":[\"off\"],\"external_link\":[\"\"],\"byline_email\":[\"\"],\"drupal_json\":[\"{\\\"type\\\":null,\\\"properties\\\":{\\\"PUBLISHED\\\":0,\\\"PROMOTED\\\":0,\\\"STICKY\\\":0},\\\"fields\\\":[]}\"],\"wp_custom_json\":[\"{\\\"type\\\":\\\"\\\",\\\"fields\\\":[]}\"],\"summary\":[\"Data from Fortune Business Insights reveals that the global pet food market was valued around US$120bil last year. The segment is projected to grow to US$193bil within the next decade, representing a compound annual growth rate (CAGR) of over 5%.\"],\"footnote\":[\"\"],\"keyword_tagging\":[\"Star Biz7\"],\"other_keywords\":[\"PetFoodMarket, HealthyPetFood,PremiumKibble, PetNutrition, PetOwnership, AsiaPetMarket, HumanGradeIngredients\"],\"video_source\":[\"\"],\"paywall_package_type\":[\"Metered\"],\"branded\":[\"{\\\"is_branded\\\":\\\"0\\\"}\"],\"breaking_news_start_time\":[\"\"],\"breaking_news_end_time\":[\"\"],\"review_summary\":[\"\"],\"review_rating\":[\"\"],\"review_max_rating\":[\"\"],\"is_exclusive\":[\"off\"],\"media_gallery_flag\":[\"off\"],\"media_gallery_title\":[\"\"],\"send_to_scmp\":[\"off\"],\"company_brand\":[\"\"],\"requester\":[\"\"],\"cxense_tags\":[\"\"],\"page_number\":\"23\",\"initial_publication\":\"StarBiz 7\",\"date_created\":\"2024-09-21 05:27:38\",\"date_modified\":\"2024-09-21 05:27:38\",\"last_modified_user\":\"Mathivanan A\\\/L Ramanathan\",\"section_color\":\"#FFFFFD\",\"target_page\":\"23\",\"cxense_metatags\":\"\"}","publish_time":"2024-09-21 07:00:00","sub_section_id":10,"image_path":"{\"image_path\":\"uploads\\\/images\\\/2024\\\/09\\\/21\\\/2923440.JPG\",\"cms_type\":\"live\",\"small_image\":\"\",\"is_updated\":\"0\",\"image_cropping\":\"{\\\"original_image\\\":{\\\"image_original_width\\\":1240,\\\"image_original_height\\\":826,\\\"icd_image_type\\\":\\\"original_image\\\"}}\",\"is_copied\":\"0\",\"media_type\":\"0\",\"image_caption\":\"Notti+Pet+Food+Team+%28from+left%29+Amelia+Tang%2C+Shing+Wei%2C+Keyee+Yap%2C+and+Sarah+Koay.\",\"image_count\":6}","section_name":"Business","sub_section_name":"SMEBiz","permalink":"business\/smebiz\/2024\/09\/21\/notti-makes-good-with-pet-nutrition","show_image_in_thumb":0,"a_custom_data":"{\"exclude_from_gallery\":null,\"lead_image_id\":null}","article_body":"<p>DATA from Fortune Business Insights reveals that the global pet food market was valued around US$120bil last year. The segment is projected to grow to US$193bil within the next decade, representing a compound annual growth rate (CAGR) of over 5%.<\/p>\r\r<p>The pet food market is also displaying tremendous growth in the Asia-Pacific region. Currently worth US$34bil, the segment should be worth US$53bil in 2029, representing a CAGR of over 9%, according to Mordor Intelligence.<\/p>\r\r<p>This growth is a direct result of increasing of pet ownership. On local shores, over half of Malaysians (51.1%) own pets \u2013 and the figure is expected to rise, according to Standard Insights\u2019 latest Consumer Report Malaysia 2023.<\/p>\r\r<p>Because of the limited choice of high-quality pet food, the industry will choose lower-quality options as pet ownership increases. This compromise on quality can be detrimental to the health of pets.<\/p>\r\r<p>As a pet parent to both a dog and a cat, Keyee Yap is adamant about giving her pets the best. She admits, however, that nothing met her expectations when finding the right food for her \u201cfur babies\u201d. With a background in food science and nutrition, and experience working with healthy, organic food companies, she decided to take a closer look at pet nutrition.<\/p>\r\r<p>The end result was Notti Pet Food, a Malaysian homegrown brand, which focuses on health, convenience and nutritious treats and foods for pets.<\/p>\r\r<p>Established just last year, Notti aims to offer a superior alternative to traditional pet food. The unique product line uses 100% human-grade meat and is enriched with fruits, vegetables, probiotics and prebiotics, setting it apart from commercial brands that rely on meat meal and ambiguous labelling.<\/p>\r\r<p>Using real ingredients and a gentle 90\u00b0C slow-baking method, Notti preserves the nutritional integrity of the ingredients, compared to the high-temperature extrusion processes used by major brands.<\/p>\r\r<p>Yap explains that the entire process to develop the range of foods, including research and development, took about six months.<\/p>\r\r<p>As a pet owner herself, Yap was convinced the market was ready for super premium kibbles.<\/p>\r\r<p>\u201cPets are like family, we want to give them the very best,\u201d she elaborates. \u201cPeople today are increasingly seeking better options in every aspect of life \u2013 from the food we eat to the products we choose for our pets. The shift towards higher-quality, healthier choices is clear, making it the perfect time to introduce super premium kibbles.\u201d<\/p>\r\r<p>Although the pet industry is growing rapidly, Yap opines that the super premium segment, particularly nutritious, high-quality pet food, is still underserved.<\/p>\r\r<p>\u201cMany products fall short in terms of ingredient quality and nutritional value,\u201d she says.<\/p>\r\r<p>\u201cMany pet owners are becoming more aware of what they feed their pets and are looking for better options. However, they often find themselves with limited options as the market doesn\u2019t always offer quality they\u2019re seeking.<\/p>\r\r<p>\u201cThis gap is what inspired Notti, to offer a solution for health-conscious pet parents,\u201d she adds.<\/p>\r\r<p>Foods offered by Notti have received veterinary endorsements, exceeding international AAFCO (Association of American Feed Control Officials) nutrient standards, and suitable for all ages, breeds, and sizes. The brand has also caught the eye of markets across South-East Asia.<\/p>\r\r<p>Notti is available on its official website, as well as on Shopee, Lazada, and TikTok. It is also available in over 130 physical pet stores across Malaysia.<\/p>\r\r<p>\u201cWe\u2019ve also expanded to Singapore, the Philippines, and Hong Kong, making it easier for pet owners in these regions to access our premium offerings,\u201d says Yap.<\/p>\r\r<p>In June, the company secured seed investment of US$500,000 from 500 Global and First Move, marking a major milestone in the bootstrapped company\u2019s journey. The new capital will be used to drive Notti\u2019s strategic initiatives, including launching new product lines and expansion in South-East Asia.<\/p>\r\r<p>\u201cWe plan to use the seed funding to enhance and diversify our product offerings, providing even better options for pet owners,\u201d says Yap.<\/p>\r\r<p>\u201cThis funding will also allow us to expand our product line and increase our brand awareness, ensuring more people learn about Notti. Additionally, we aim to invest in initiatives that support and engage the pet community, further solidifying our commitment to improving the lives of pets and their owners.\u201d<\/p>"},{"cms_article_id":1748193,"old_article_id":"5398E639-817F-4137-A02A-9844FFB16563","article_title":"SME FX hedging made easy with CIMB","article_name":"SME FX HEDGING MADE EASY WITH CIMB","article_headline":"SME FX hedging made easy with CIMB","article_subtitle":"","article_body":"<p>ANY company involved with import and export knows that drastic forex fluctuations and price uncertainties are not good for business. This is especially true for small and medium enterprises (SMEs), which often face cash flow and margin challenges. <\/p><p>Such challenges are more pronounced when the foreign exchange market experiences a lot of volatility in tandem with the vagaries of the domestic and global economy, as well as geopolitical developments.<\/p><p><div class=\"embeded-image inline-image-center\"><img alt=\"\" height=\"414\" width=\"620\" src=\"https:\/\/media.thestar.com.my\/Prod\/23966CD2-F428-44AE-9063-416CD5D4BA10\" \/><div class=\"inline-caption\">Drastic forex fluctuations and price uncertainties are not good for business.<\/div><\/div><\/p><p>For example, the range of the ringgit was almost 9% in 2018 (3.86 – 4.20), indicating a high volatility. This volatility is a function of US interest rate movements, the US-China trade war, geopolitical risks in the Middle East which influences oil prices, and the mixed pace of global economic growth. On the domestic front, potential changes in Malaysia’s policy rate, growth rate, inflation rate and foreign interest in our capital markets could also influence the movement of the ringgit. <\/p><p>For an SME that is importing goods from overseas, when the US dollar to ringgit rate swings from 4.00 to 4.40, this directly translates into a 10% increase in costs. SMEs will then need to consider between possibly passing down the cost to their end-clients, or taking a hit on their profit margins.<\/p><p><div class=\"embeded-image inline-image-center\"><img alt=\"\" src=\"https:\/\/media.thestar.com.my\/Prod\/33E2D081-DA66-4D2B-967A-55A72EECB207\" style=\"width: 400px; height: 282px;\" \/><div class=\"inline-caption\">SME Thought Leadership 2019 educates SMEs on best practices and leveraging financial products and services.<\/div><\/div><\/p><p>So, the question is, are there smarter ways for SMEs to better protect their capital flow and hedge against forex fluctuations?<\/p><p><strong>1. Leverage of Bank Negara Malaysia’s Foreign Exchange Administration framework<\/strong><\/p><p>Acknowledging the issue, Bank Negara Malaysia (BNM) recently announced further liberalisation of the Foreign Exchange Administration framework in late March this year, which provides greater hedging flexibility for SMEs and enables them to better manage their FX risk.<\/p><p>One of the changes made to the framework includes allowing SMEs with net import obligations, to now receive payment in foreign currency from other resident exporters for domestic trade in goods and services. In other words, an SME who receives US dollars from their overseas exports can then use those same dollars to pay another resident SME, without having to convert the funds to ringgit. This reduces the need for unnecessary conversions and will ultimately minimise FX risk.<\/p><p>Another change from BNM is extending the hedging tenor of FX currency obligations to 12 months, with residents able to obtain approval from the bank for further extensions. This allows SMEs to now lock in their FX rates for longer tenors, to have better control over their costs and profits.<\/p><p><strong>2. Sign up for a hedging facility<\/strong><\/p><p>SMEs can also consider a hedging facility, which enables companies to hedge and lock in favourable FX rates and use those rates when payables and receivables are due, thus eliminating worries on FX market prices fluctuations.<\/p><p>One example is CIMB Bank Bhd’s FX hedging facility specifically catered to the SME segment, with a simplified, hassle-free application process. <\/p><p>The no-collateral hedging facility is made available to all SMEs registered in Malaysia that have been in business operation for a minimum of three years. To apply, SMEs only need to provide their directors’ identification at the nearest CIMB Bank branch, and once the one-off FX agreement with CIMB Bank is signed, SMEs can proceed to use the this tool to better manage FX risk.<\/p><p><strong>3. Tap into forex specialists’ knowledge to better understand the market and manage FX risk<\/strong><\/p><p>Having access to a forex specialist could also help make hedging initiatives much easier. SMEs with hedging facilities at CIMB Bank will also have access to its dedicated relationship managers and FX specialists, who will be able to offer advice and expertise on currency movements and possible hedging opportunities.<\/p><p>In conclusion, fluctuations in the foreign exchange market can make or break the cashflow and margin of a company, especially an SME. Although there is no way to fully control it, there is a way to manage it via FX hedging. SMEs must be more aware of the risks associated with foreign exchange fluctuations, and to know that with CIMB Bank’s support, they can take appropriate steps in managing those exposures.<\/p><p>In conjunction with SME Thought Leadership 2019, CIMB Bank Bhd is running a five-part series of thought leadership articles to educate SMEs on best practices and leveraging financial products and services. SME Thought Leadership 2019 is organised by Star Media Group and presented by CIMB Bank.<\/p>","author_name":"","author_id":0,"publish_time":"2019-07-29 00:00:00","last_edited":"2019-11-28 23:04:27","permalink":"business\/smebiz\/2019\/07\/29\/sme-fx-hedging-made-easy-with-cimb","summary":"ANY company involved with import and export knows that drastic forex fluctuations and price uncertainties are not good for business. This is especially true for small and medium enterprises (SMEs), which often face cash flow and margin challenges.","article_byline":"","is_old_article":1,"image_path":"{\\\"image_path\\\":\\\"https:\\\/\\\/media.thestar.com.my\\\/Prod\\\/BE82904E-5931-43DF-A3E4-02E3EE017C0F\\\",\\\"cms_type\\\":\\\"liveItem\\\",\\\"small_image\\\":\\\"~\\\/media\\\/2e392888ada74daba82e62b1fa01bdf0.ashx\\\/\\\",\\\"is_updated\\\":\\\"0\\\",\\\"image_cropping\\\":\\\"\\\",\\\"is_copied\\\":\\\"0\\\",\\\"media_type\\\":\\\"0\\\",\\\"image_caption\\\":\\\"\\\",\\\"image_alt_text\\\":\\\"\\\",\\\"image_count\\\":\\\"\\\",\\\"vid\\\":\\\"false\\\"}","article_tags":"","section_id":25,"section_name":"SMEBiz","sub_section_name":"SMEBiz","sub_section_id":2000110,"is_archive":"1","article_custom_fields":"{\"keyword_tagging\":[\"\"],\"other_keywords\":[\"Thought Leadership, SME Thought Leadership Forum, SME Thought Leadership 2019, CIMB Bank Bhd, CIMB Bank, CIMB\"],\"summary\":[\"ANY company involved with import and export knows that drastic forex fluctuations and price uncertainties are not good for business. This is especially true for small and medium enterprises (SMEs), which often face cash flow and margin challenges. \"],\"paywall_package_type\":[\"Metered\"]}","is_premium":0,"related_articles_ids":"","column_name":"","column_image_url":""},{"cms_article_id":1748188,"old_article_id":"0E1530BC-DD70-49DA-96C5-3642CC612CB9","article_title":"Training the trainers","article_name":"Training the trainers","article_headline":"Training the trainers","article_subtitle":"","article_body":"<p>ALTHOUGH their passion for fitness started as a personal choice for a healthier lifestyle, the duo behind iConFIT has found that there is much to do when it comes to making a business out of staying fit. <\/p><p>The husband-and-wife team, Ryan Ooi and Karine Lee, sees iConFIT as being at the forefront of disrupting the fitness training industry.<\/p><p>One of the company’s main missions and also its key ingredient in shaping up a successful business model is by offering a path for its customers to be a certified trainer at an affordable price to cater to the growing number of fitness enthusiasts and the health conscious.<\/p><p>Lee says iConFIT is looking to fill a gap in the professional fitness training segment as there is a lack of clarity in the regulations governing the fitness industry – just about anybody can claim that they can teach in the health and fitness field. She hopes to bring in a better sense of professionalism and career growth to the industry through its certification programme. <\/p><p>“It is one of the most abused and unregulated businesses in Malaysia, with the welfare and career path of personal and fitness trainers often neglected. As a trainer for more than a decade, I have seen coaches that charge RM50 per session.<\/p><p>“Not everyone can excel academically, but we can see that there are a lot of youths who are interested in this fitness lifestyle that is getting increasingly popular. <\/p><p>“Our members are also very interested and dedicated to what we do and sometimes they, too, enquire about opportunities to be involved in the business to build a career out of this,” shares Lee.<\/p><p>According to Lee, the career as a trainer is actually very short.<\/p><p><div class=\"embeded-image inline-image-center\"><img alt=\"\" height=\"558\" width=\"398\" src=\"https:\/\/media.thestar.com.my\/Prod\/23E993E7-526D-4DC2-AF95-D9E9FF4E60F3\" \/><div class=\"inline-caption\">Going nowhere: Lee notes that there is not much career growth for personal trainers.<\/div><\/div><\/p><p>“Unfortunately, these practices continue to plague the local health and fitness industry. One of the reasons why I decided to take up a professional fitness certification was to educate myself on the proper methods and techniques of exercise and programme design,” she says.<\/p><p>But while she agrees that it is important for fitness professionals to acquire professional certification, Lee stresses that having a cert is no guarantee that one can actually translate that knowledge into actual practice.<\/p><p>Above all, it is important to identify the general level of training these fitness professionals have received. This is especially so because they are in the business of helping people feel more confident and comfortable about themselves.<\/p><p>Rather than have interested trainers spend huge amounts of money to get a training that involves several layers of certifications, iConFIT offers those keen on promoting a healthy lifestyle a simpler process of obtaining the relevant qualifications. <\/p><p>The main point here, adds Lee, is to ensure longevity and a sustainable career for those who are committed to spreading the message of healthy living.<\/p><p>At iConFIT, the company tries to help potential trainers not just by equipping them with the skills and certificate needed to be a trainer, it also tries to provide them with a path to move up the value chain by giving certified trainers the opportunity to build and grow their own gym business under the iConFIT banner. This, in turn, helps the company grow its number of outlets.<\/p><p>In other words, the company is putting in effort to build its trainers because, truly, their success will lead to the success of the company.<\/p>","author_name":"C.H. GOH","author_id":-681399,"publish_time":"2019-07-29 00:00:00","last_edited":"2019-11-28 23:04:30","permalink":"business\/smebiz\/2019\/07\/29\/training-the-trainers","summary":"ALTHOUGH their passion for fitness started as a personal choice for a healthier lifestyle, the duo behind iConFIT has found that there is much to do when it comes to making a business out of staying fit.","article_byline":"","is_old_article":1,"image_path":"","article_tags":"","section_id":76,"section_name":"Business","sub_section_name":"SMEBiz","sub_section_id":2000110,"is_archive":"1","article_custom_fields":"{\"keyword_tagging\":[\"\"],\"other_keywords\":[\"\"],\"summary\":[\"ALTHOUGH their passion for fitness started as a personal choice for a healthier lifestyle, the duo behind iConFIT has found that there is much to do when it comes to making a business out of staying fit. \"],\"paywall_package_type\":[\"Metered\"]}","is_premium":0,"related_articles_ids":"3286E94E-E218-4546-B0EA-AC2292AB3CFA","column_name":"","column_image_url":""},{"cms_article_id":1748182,"old_article_id":"3286E94E-E218-4546-B0EA-AC2292AB3CFA","article_title":"Shaping up a fit business","article_name":"Shaping up a fit business","article_headline":"Shaping up a fit business","article_subtitle":"","article_body":"<p>AT 49, Ryan Ooi Ghee Lik is still full of energy and enthusiasm as he stands for almost an hour, leading a youthful group of professional trainers in a demonstration of exercise routines. <\/p><p>“I’ve always been sports-oriented, I love being involved in sports and have even represented the state of Penang in Karate competition,” he shares. <\/p><p>Clearly, fitness is a big part of Ooi’s life. Not only has it given him some of the biggest challenges and accomplishments in his life, it has also provided him with an opportunity to build a fitness club business in iConFIT Group. The company, he says, is a testament of how far his passion has brought him.<\/p><p>Ooi founded the company with his wife Karine Lee. <\/p><p>“We actually started iConFIT by accident, out of passion and the quest for wellness, without any business experience or intention,” says Lee.<\/p><p>Lee, who is the company’s marketing director, recalls that she used to be a workaholic during her days in the private sector. Coupled with work stress and a lack of exercise, she began to feel worn out. <\/p><p>Not one to take things as it is, Lee and Ooi started spending time to research and refine their fitness regimes to develop a healthier lifestyle.<\/p><p>This then led to the couple wanting to share what they had learned with others who could benefit from it.<\/p><p><div class=\"embeded-image inline-image-center\"><img height=\"399\" alt=\"Big demand: Lee and Ooi went from free public exercise classes to serious business as their fitness classes gain traction.\" width=\"600\" src=\"https:\/\/media.thestar.com.my\/Prod\/B8D769BF-8FE9-4627-AC1D-F4D95F95877C\" \/><div class=\"inline-caption\">Big demand: Lee and Ooi went from free public exercise classes to serious business as their fitness classes gain traction.<\/div><\/div><\/p><p>IConFIT’s early days took shape in the form of free exercise classes for the public in open spaces. But what started out as just something of interest and for personal well-being five years ago has now become a serious business for the pair as the club continues to gain traction amid the current health trend.<\/p><p>The main pull factor here, says Lee, is the fact that iConFIT focuses on making exercise and fitness a fun, flexible and affordable option for those who are newcomers to an organised fitness regime.<\/p><p>Ooi, being a fitness enthusiast himself, is the main brains behind the company’s new fitness regimes. He says fellow enthusiasts are always on the lookout for either new forms of workouts or additional routines.<\/p><p>Combining trending workout regimes such as Zumba and Yoga with its in-house designed routines such as speed drumming, he says its energetic and vibrant movements have caught on with a growing number of followers.<\/p><p>“For many people, fitness is starting to become a lifestyle, and we wanted to bring that habit to Malaysia and make a positive impact by helping people get fitter, healthier and feeling good,” says Ooi.<\/p><p>Ooi also notes a growing number of professionals such as doctors and architects at its classes as more people start to see the value of and opportunities in an active fitness regime.<\/p><p><strong>Recruiting growth<\/strong><\/p><p>Unlike a typical fitness chain that focuses on building up scale and promoting celebrity elements in exercise, iConFIT provides fitness training and exercises designed for promotion of healthy lifestyle for an average urbanite.<\/p><p>The company’s main customer recruitment strategy is targeted at fitness novices who are new to exercise – people who are genuinely interested in living better lives.<\/p><p>Getting fit has moved from being just a trend to a necessity, says Ooi. <\/p><p>“Our fundamentals and philosophies are very different to that of other health clubs. We aim to have growth through our own network of customers who will themselves become certified trainers, where they can then open a new centre under our iConFIT concept,” he says.<\/p><p>He believes that customers make the best ambassadors for a brand. And when a customer believes in a lifestyle or a brand enough to want to become certified trainers themselves, chances are the new centres under them will be in good hands.<\/p><p><div class=\"embeded-image inline-image-center\"><img height=\"400\" alt=\"Different moves: Ooi says fitness enthusiasts are always on the lookout for new routines.\" width=\"600\" src=\"https:\/\/media.thestar.com.my\/Prod\/47FDE4FA-11B4-404E-A9C3-9852972B5772\" \/><div class=\"inline-caption\">Different moves: Ooi says fitness enthusiasts are always on the lookout for new routines.<\/div><\/div><\/p><p>One of the key advantages of iConFIT is the fact that the company’s expansion and new outlets are driven by the success of turning its customers into professional fitness trainers. They will have the ability to select the areas to operate in, and operations are catered to the local customer demographics.<\/p><p>The company currently has 24 centres, mainly concentrated in the Klang Valley while the first outlets in the southern state of Johor and in Kuching, Sarawak are expected to be ready within the third quarter of this year, says Lee. <\/p><p>Each centre can accommodate between 100 and 150 students, and has an average turnover of up to RM 5,000 per month.<\/p><p>“We try to keep the number of students for each centre low so that we can provide a more personalised approach and have better interactions between trainer and students. <\/p><p>“Most people are not as aware or as exposed to the benefits of healthy living and regular exercise. But it is also not easy for people to leave their homes and come for a workout in a gym on a frequent basis, so we provide for evolving class timetable. <\/p><p>“There is also a need to have professional certified staff who’ll engage with and motivate our members to see results in their fitness programme. This encourages them to keep coming back,” adds Lee.<\/p><p><strong>Fit for growth<\/strong><\/p><p>As the fitness trend continues to catch on, so is the number of new gyms and fitness centres. Certainly, they have been mushrooming in shopping malls, in commercial areas and even near residential areas.<\/p><p>But has the boutique gym scene in town reached a saturation point? According to Lee: far from it.<\/p><p>She opines that there is still a lot of room in the market to tap into, particularly in smaller cities and towns. The company just started exploring markets outside of Kuala Lumpur, where Lee notes that gyms are not as easily accessible to people.<\/p><p>She adds that there is potential for a new opening within every 8km to 10km radius in all major towns and cities.<\/p><p>“We are very careful in selecting a partner that will carry out this business concept. We have to ensure that they share our value in promoting a healthy lifestyle to our members, and this takes time for us to be confident that a new trainer is qualified and ready for such a challenge. <\/p><p>“This is one of the biggest hurdles in expanding our presence,” she says.<\/p><p>While Lee and Ooi are eyeing potential opportunities in the market, they have not aggressively expanded their outlets as they are still actively looking for the right candidate to open up centres in major suburbs like Petaling Jaya, Subang and Shah Alam.“And we don’t even have a presence in Penang yet,” she says.<\/p><p><div class=\"embeded-image inline-image-center\"><img height=\"480\" alt=\"Untapped market: The company sees plenty of room for growth in smaller cities and towns.\" width=\"600\" src=\"https:\/\/media.thestar.com.my\/Prod\/FE69F70A-B88A-47C9-A054-844BA80302C8\" \/><div class=\"inline-caption\">Untapped market: The company sees plenty of room for growth in smaller cities and towns.<\/div><\/div><\/p><p>But she is confident that as their customer base grows, it will be able to add more outlets to its network.<\/p><p>“There will be many more openings and new recruits to join our ranks going forward.”<\/p><p>Apart from their ability in physical fitness training, Lee notes that it is also important to look for the right talent with the financial know-how to operate a centre. <\/p><p>The company is expected to roll out its mobile app as well as online training manuals by this year, in order to reach a wider customer base. This will also provide existing customers with the convenience of training at home.<\/p><p>The duo also notes that online coaching has become one of the trendier business models in town. This also makes educating the community on quality living through positive changes in lifestyle and eating habits more accessible, affordable and customisable.<\/p><p>Lee says the company is now looking beyond the local market and will explore potential strategic partnerships to tap potential in other Asean countries. It recently explored potential expansion plans into Vietnam and Singapore, but has put these plans temporarily on the shelf due to regulatory issues and high operation cost respectively.<\/p><p>Given the competitive nature of the fitness industry, the power couple has found a way to prove that the fitness game is not just confined to the big boys with deep pockets and celebrity endorsements.<\/p><p>Its flexible and open concept has opened up a market for people looking for options that have not existed before. But the true health of the business, however, will be defined by the conversion rate of youths joining the ranks of the fitness club over the last five years, says Lee.<\/p>","author_name":"C.H. GOH","author_id":-681399,"publish_time":"2019-07-29 00:00:00","last_edited":"2019-11-28 23:04:30","permalink":"business\/smebiz\/2019\/07\/29\/shaping-up-a-fit-business","summary":"AT 49, Ryan Ooi Ghee Lik is still full of energy and enthusiasm as he stands for almost an hour, leading a youthful group of professional trainers in a demonstration of exercise routines.","article_byline":"","is_old_article":1,"image_path":"","article_tags":"","section_id":76,"section_name":"Business","sub_section_name":"SMEBiz","sub_section_id":2000110,"is_archive":"1","article_custom_fields":"{\"keyword_tagging\":[\"\"],\"other_keywords\":[\"\"],\"summary\":[\"AT 49, Ryan Ooi Ghee Lik is still full of energy and enthusiasm as he stands for almost an hour, leading a youthful group of professional trainers in a demonstration of exercise routines. \"],\"paywall_package_type\":[\"Metered\"]}","is_premium":0,"related_articles_ids":"0E1530BC-DD70-49DA-96C5-3642CC612CB9","column_name":"","column_image_url":""},{"cms_article_id":1748199,"old_article_id":"5C1511B2-64BB-4980-90A4-FA9967A32AB0","article_title":"Explore export opportunities","article_name":"Explore export opportunities","article_headline":"Explore export opportunities","article_subtitle":"","article_body":"<p>EXPORTING products abroad is often seen as a daunting task for many small and medium enterprises (SME), but achieving the first ever sales will change that perception.<\/p><p>Timberdeck Sdn Bhd marketing and operation manager Jimmy Chong said entrepreneurs just need to step out of their comfort zone and go for it.<\/p><p>“I noticed that many Malaysians don’t really like to step out of their comfort zone and are afraid of failing. But when we achieve our first overseas sales, we will enjoy it and will want more,” he says when sharing his own experience in exporting his products abroad during the SOBA LAB at M Roof Hotel and Residences last Wednesday.<\/p><p>In order to export, he adds, it is necessary for entrepreneurs to do sufficient research into the respective countries’ business culture and market.<\/p><p>“We need to find out about what can be done and what can’t, the red tapes and all the necessary data. It is important that we adapt to their culture.<\/p><p>“It is also important to learn to speak their language. Simple and basic greetings will do and they love it,” he says.<\/p><p>Chong notes that having the “human touch” is equally important in maintaining business rapport with customers.<\/p><p><div class=\"embeded-image inline-image-center\"><img height=\"399\" alt=\"Expand your market: Chong urges local businesses to export their products and services.\" width=\"600\" src=\"https:\/\/media.thestar.com.my\/Prod\/D38DA272-9009-463C-9C30-62D4ECD95C61\" \/><div class=\"inline-caption\">Expand your market: Chong urges local businesses to export their products and services.<\/div><\/div><\/p><p>“There was a client from Saudi Arabia who suddenly stopped taking orders from us. I later found out that they had changed their general manager (and the new person) didn’t speak English,” he says.<\/p><p>“I Google-translated an email, sent it to him and reconnected my business with him,” says the quick-thinking Chong.<\/p><p>He also encourages entrepreneurs to utilise the services provided by the Malaysia External Trade Development Corporation (Matrade). <\/p><p>“We can get market data of other countries from them. We can also call Matrade to help us set up meetings with potential clients or business partners.<\/p><p>“They will also take part in or hold international trade fairs and it’s best to join these to expose ourselves (to the international market),” he adds.<\/p><p>In an earlier panel discussion, titled “Engine of Growth”, Digi head of corporate and SME Allie Tan says most people want to adopt digitalisation and technology when expanding their businesses but they do not know how to go about it.<\/p><p>“They have concerns about the cost and time and would often adopt a look and see approach. My advice is not to over-complicate matters,” she says.<\/p><p>“From an SME’s perspective, I think they should prioritise and first find out which area (of the business) that needs it (upgrade in technology),” she adds.<\/p><p>RHB Bank Bhd SME banking head Yip How Nang says companies should avoid fuelling sales with aggressive expansion.<\/p><p><div class=\"embeded-image inline-image-left\"> <a href=\"http:\/\/soba.com.my\/\" target=\"_blank\"><img alt=\"\" src=\"https:\/\/media.thestar.com.my\/Prod\/011E7D57-CFBE-407E-A89F-1232ABF35EAF\" style=\"width: 350px; height: 325px;\" \/><\/a><\/div><\/p><p>“Based on our experience and encounters, we learned that there will always be ups and downs with business sales. So it’s important to plan ahead and conserve cash to avoid cash flow issues,” he says, adding that it is also good to have friendly ties with bankers to be able to negotiate payment plans.<\/p><p>“It’s always good for the owners to know what’s going on with their company, especially on financial matters,” he adds.<\/p><p>Yip also advised companies planning to expand their business to look at some financial schemes offered by relevant governmental agencies.<\/p><p>“There are plenty to choose from. Just find one that suits you,” he says.<\/p><p>Meanwhile, PKT Logistics Group Sdn Bhd chief operating officer P’ng Tean Hau says having a strong working culture would shape the direction of a company.<\/p><p>“As business owners, culture starts from the top. It’s similar to how we run our household,” says P’ng. <\/p><p>When every employee embodies a common culture and corporate identity, it will help drive the whole company forward together, he says.<\/p><p>The panel was moderated by Federation of Malaysian Manufacturers SMI sub-committee member Won Foo Yee.<\/p><p>Attendees also learned about how entrepreneurs could get loans for business expansion from Credit Guarantee Corporation Malaysia Bhd (CGC) bumiputra development and products senior vice president Mohamed Azman Mohamed Taufik. Azman says having a good payment track record will help entrepreneurs have a good chance of getting financing.<\/p><p>He says entrepreneurs need to show that they have the capabilities to pay off things like credit card bills consistently.<\/p><p>Azman also says those seeking financing could approach CGC for assistance and also advice.<\/p><p>“It is our role to help SMEs get financing. CGC is less stringent when compared to other financial institutions,” he says, adding that they are linked to about 16 relevant financing agencies.<\/p><p>“We can also match entrepreneurs with financial institutions that suit their needs,” he says.<\/p><p>Attendees also heard two inspiring talks by MyNews Holdings Bhd founder and chief executive officer Dang Tai Luk and RE2 International Corporation Sdn Bhd CEO Catherine Teh, both of whom shared the ups and downs of their entrepreneurial journeys.<\/p><p>SOBA LAB is organised by Star Media Group Bhd in conjunction with The Star Outstan\u0622\u00adding Business Awards (SOBA) 2019.<\/p><p>The next SOBA LAB will be held in Johor Baru (Aug 1) and Penang (Aug 8).<\/p><p>SOBA 2019 is organised by Star Media Group with Digi, PKT Logistics Group and RHB Bank as main sponsors, CGC as co-sponsor and Matrade as official trade promotion partner. <\/p><p>It is endorsed by the Ministry of International Trade and Industry, supported by Bursa Malaysia and audited by BDO, with dimsum as the official media partner.<\/p><p>This year’s SOBA competition is open for submission from all locally incorporated enterprises that are not part of a multinational or listed group, and with foreign equity not exceeding 50%. Those interested in participating can download the submission pack at www.soba.com.my.<\/p><p>The deadline for entries is Oct 7, 2019.<\/p><p>For more information on SOBA 2019, call The Star Events Business Unit at 03-7967 1388 ext 1857 (Pei Wen) \/ 1529 (Kimy) or visit <a href=\"http:\/\/www.soba.com.my\" target=\"_blank\">www.soba.com.my<\/a> .<\/p>","author_name":"IVAN LOH","author_id":-680949,"publish_time":"2019-07-29 00:00:00","last_edited":"2019-11-28 23:04:27","permalink":"business\/smebiz\/2019\/07\/29\/explore-export-opportunities","summary":"EXPORTING products abroad is often seen as a daunting task for many small and medium enterprises (SME), but achieving the first ever sales will change that perception.","article_byline":"","is_old_article":1,"image_path":"","article_tags":"","section_id":25,"section_name":"SMEBiz","sub_section_name":"SMEBiz","sub_section_id":2000110,"is_archive":"1","article_custom_fields":"{\"keyword_tagging\":[\"\"],\"other_keywords\":[\"\"],\"summary\":[\"EXPORTING products abroad is often seen as a daunting task for many small and medium enterprises (SME), but achieving the first ever sales will change that perception.\"],\"paywall_package_type\":[\"Metered\"]}","is_premium":0,"related_articles_ids":"","column_name":"","column_image_url":""},{"cms_article_id":1748203,"old_article_id":"951D9D3B-9724-4A04-AB9A-F9D27A090B01","article_title":"China\u2019s credit push to small firms falters","article_name":"Chinas credit push to small firms falters","article_headline":"China\u2019s credit push to small firms falters","article_subtitle":"","article_body":"<p>CHINA’S campaign to boost loans to small firms was supposed to support the economy during its biggest slowdown in decades, but banks’ reluctance to lend has left exporters and manufacturers in its southern industrial belt struggling to pay the bills.<\/p><p>Despite prodding from Beijing, several bankers have told Reuters they have little appetite to lend to smaller companies due to the uncertain economic outlook, the US-China trade war and a years-long drive to purge risks from the financial system.<\/p><p>That has chilled credit flows to private sector firms, undermining stimulus measures that were designed to cushion the impact of slowing demand.<\/p><p>In the southern city of Dongguan in Guangdong province, one of the country’s major manufacturing hubs, some small firms are moving production overseas in the face of operational and financing challenges.<\/p><p>“These days the most discussed topic, something that we always talk about in meetings, is whether we should move to Vietnam. Many of my clients have moved there,” Li Jiajun, the chief financial officer at Guangdong LiShun Yuan Intelligent Automation Co, told Reuters.<\/p><p>LiShun, which makes paper box packaging machinery, lost financing from two of its four banks in the second quarter, halving its total credit line to 10 million yuan (RM6mil).<\/p><p>One of those two banks – both are mid-sized – blamed its tighter lending policy on the first half’s economic climate, while the other said its local branch was banned from approving new loans due to a spike in bad debts, he said.<\/p><p>As a result, the company, which expects to generate 250 million yuan in revenue this year, is delaying orders worth nearly 20 million yuan following the cut and taking “defensive measures” – slashing its payroll by 40% and selling equity to raise funds.<\/p><p>“Government policy and implementation on the ground are still somehow disconnected. It’s not so easy, at least, I haven’t enjoyed much benefits so far,” Li said of China’s efforts to boost lending.<\/p><p><strong>Tightened risk control<\/strong><\/p><p>In China, the state sector has long absorbed the lion’s share of corporate lending from an industry dominated by government-controlled banks, forcing smaller borrowers across the country to rely on non-bank “shadow” lenders, which have been squeezed in the crackdown on financial risk.<\/p><p>“We are better than we used to be, but far from serving so many small companies in need,” Bao Jiehan, vice president of the Dongguan branch of China Construction Bank, the country’s second-largest lender, told Reuters.<\/p><p>Only 26% of China’s tax-paying businesses have bank loans, leaving “plenty of room” for banks to lend, a banking regulatory official said.<\/p><p>Financing is especially tough for exporters who have been squeezed by the trade war, as banks tighten scrutiny and impose stricter risk controls, bankers and companies said.<\/p><p>Chen Xiuxia, chairwoman of Guangzhou-based Choice International, said lenders have gradually halved its credit line to 30 million yuan since President Xi Jinping’s 2017 call for banks to curb financial risks.<\/p><p>Her efforts to secure more lending have not succeeded so far, with banks demanding heavy collateral and many non-bank lenders shut down.<\/p><p><div class=\"embeded-image inline-image-center\"><img height=\"399\" alt=\"Should I stay or should I go: Manufacturers in Guangdong province are increasingly talking about moving their productions to Vietnam. \u201d\u201d Reuters\" width=\"600\" src=\"https:\/\/media.thestar.com.my\/Prod\/DEF8CD3A-692E-4187-AB1B-113707A9F2F5\" \/><div class=\"inline-caption\">Should I stay or should I go: Manufacturers in Guangdong province are increasingly talking about moving their productions to Vietnam. — Reuters<\/div><\/div><\/p><p>“De-leveraging is aimed at the financial system but businesses like us are hit as a knock-on effect,” said Chen, whose company exports goods like air conditioners and cars to Africa and expects to generate US$100mil (RM411mil) in revenue this year.<\/p><p>Luo Zhiquan, chairman of Dongguan Gowin Import & Export, is trying to obtain a 5 million yuan loan using an office building as collateral to add to his 10 million yuan credit line. His bank will only lend 50% of the property’s value.<\/p><p>That was due to strict bank risk control over wobbling exporters amid the US-China trade war. Gowin, which trades for 200 local manufacturers, saw its annual order value drop by 10% this year due to a 50% plunge in exports by his clients to US buyers.<\/p><p>“Some banks just do not want to do business with trading companies anymore,” said Luo, recalling what a Dongguan-based rural commercial bank told him when stopping his credit line.<\/p><p><strong>Flock of geese<\/strong><\/p><p>Chinese policymakers are calling on the Big Five state banks to be “lead geese in the flock” in the push to boost lending.<\/p><p>Outstanding bank loans issued to small firms rose 21% on-year to 10.3 trillion yuan at end-May, driven mostly by the Big Five, which have extended more credit at cheaper rates.<\/p><p>In April, China’s State Council set a target requiring the Big Five to increase such loans by 30% this year and cut their rates by 1 percentage point.<\/p><p>In Guangdong, CCB said it has hiked small business lending by 45% to 97.1 billion yuan in the first half of 2019.<\/p><p>Its main strategy is to increase the number of borrowers while reducing the average loan per company to rein in risk, bankers said. The average amount is 630,000 yuan for the bank’s 140,000 small business loan borrowers in Guangdong, said Liu Lele, vice head of small business lending at CCB Guangdong.<\/p><p>In the past, most small business loans averaged 10-20 million yuan per borrower, said Bao of CCB Dongguan.<\/p><p>Small business loans are priced at 5.3% on average, from 6% last year, said Liu, following the government’s April mandate requiring the Big Five to cut small firms’ financing costs.<\/p><p>Overall the Big Five’s lending to small business rose 23.7% in the first five months, while their average interest rate decreased by 0.65 percentage point to 4.79%.<\/p><p>“We are trying to break even. Profit is very thin, definitely less than 1%,” said Liu, who hopes to adopt a more market-oriented approach to pricing loans in the future.<\/p><p>Although analysts see risks to banks’ profitability and asset quality from the government’s lending drive, state bankers say this is not an immediate concern for big banks and regulators who have set a higher tolerance for small firms’ bad loans.<\/p><p>Some smaller-sized banks, however, are more conservative in their lending.<\/p><p>“We are still going through de-leveraging and structural changes of the economy,” said a senior executive at a lender based in northern China that is active in Dongguan.<\/p><p>“In an economic downturn, banks’ risk appetite is low.”<\/p><p><strong>Weakening demand<\/strong><\/p><p>At the same time, some small companies’ appetite to borrow has diminished as economic prospects dim.<\/p><p>Guangdong Songqing Intelligent Technology Co, an industrial robotics maker, has cut this year’s sales target as clients delay purchase orders in a wait-and-see approach, chairman Xiao Yongxiang told Reuters. Last year, the company closed its low-end mechanical arm business as demand shrank.<\/p><p>Xiao said he wants to raise 20 million yuan by selling equity to pay back half of his bank loans and ease the pressure from 120,000 yuan in monthly interest repayments.<\/p><p>Several bankers across China told Reuters that loan demand from qualified borrowers has weakened this year.<\/p><p>“Clients tell me labour costs and rent are high, trade frictions are hurting exports, their profits are getting thinner and thinner, and it’s just getting harder and harder to do business,” said Sun Shanming, vice general manager of the small business lending department of CCB’s Guangzhou branch. — Reuters<\/p>","author_name":"","author_id":0,"publish_time":"2019-07-29 00:00:00","last_edited":"2019-08-02 17:33:02","permalink":"business\/smebiz\/2019\/07\/29\/chinas-credit-push-to-small-firms-falters","summary":"CHINA\u2019S campaign to boost loans to small firms was supposed to support the economy during its biggest slowdown in decades, but banks\u2019 reluctance to lend has left exporters and manufacturers in its southern industrial belt struggling to pay the bills.","article_byline":"","is_old_article":1,"image_path":"","article_tags":"","section_id":25,"section_name":"SMEBiz","sub_section_name":"SMEBiz","sub_section_id":2000110,"is_archive":"1","article_custom_fields":"{\"keyword_tagging\":[\"\"],\"other_keywords\":[\"\"],\"summary\":[\"CHINA\\u2019S campaign to boost loans to small firms was supposed to support the economy during its biggest slowdown in decades, but banks\\u2019 reluctance to lend has left exporters and manufacturers in its southern industrial belt struggling to pay the bills.\"],\"paywall_package_type\":[\"Metered\"]}","is_premium":0,"related_articles_ids":"","column_name":"","column_image_url":""},{"cms_article_id":1748205,"old_article_id":"93E5C048-4C50-468F-B49F-A2587B04FFCB","article_title":"Richest female in VC backs volleyball media venture","article_name":"Richest female in VC backs volleyball media venture","article_headline":"Richest female in VC backs volleyball media venture","article_subtitle":"","article_body":"<p>ONE of the most successful women in venture capital (VC) is joining forces with one of the most decorated women in sports.<\/p><p>Aspect Ventures co-founder Theresia Gouw is the first outside investor in five-time Olympian Kerri Walsh Jennings\u2019s p1440, the first digital media platform dedicated to the sport and culture of beach volleyball.<\/p><p>The company\u2019s name is based on the three-time gold medallist\u2019s mantra of living all 1,440 minutes of the day with passion and purpose. Gouw saw that firsthand as a graduate student and volleyball fan at Stanford University, where Walsh Jennings starred as an undergraduate.<\/p><p>\u201cShe\u2019s a legend and has always been an inspiration,\u201d\u200c Gouw said. \u201cWhether it\u2019s p1440 or a software startup, I\u2019m investing in people. And I was also drawn to the fact that we need more women founders to show the world what can be possible.\u201d\u200c<\/p><p>Neither Walsh Jennings nor Gouw would disclose specifics of her personal investment.<\/p><p>Walsh Jennings envisions p1440 mushrooming into a global lifestyle brand and resource for all things beach volleyball. She said money is only a small part of what Gouw brings to the year-old venture, which streams live competitions via its mobile application and website, and offers coaching and health and wellness resources.<\/p><p>\u201cTheresia is in financially, and she\u2019s incredibly committed regarding her time and vision, which is priceless,\u201d\u200c Walsh Jennings said via telephone from Portugal, where she was competing in the FIVB Beach Volleyball World Tour. \u201cIt\u2019s about the resources Theresia brings, the connections.\u201d\u200c<\/p><p>That network includes, for instance, Melinda Gates, a vociferous critic of the gender gap in venture capital who last year made an investment in a fund run by Aspect Ventures.<\/p><p>According to the Sports & Fitness Industry Association, there are 4.8 million beach volleyball players in the US, and 6.3 million court volleyball players. Digital distribution to fans glued to their mobile phones and tablets will allow p1440 to reach what Gouw said are 900 million global volleyball participants.<\/p><p>Gouw knows a thing or two about the power of digital, social media and scale. Prior to founding Aspect Ventures in 2014, she was the first female partner at Accel, which was one of Facebook Inc\u2019s first venture investors. She landed last year on Forbes magazine\u2019s list of self-made women, with an estimated net worth of US$500mil (RM2.1bil).<\/p><p>Walsh Jennings said it\u2019s paramount to keep volleyball and its culture top-of-mind outside of the quadrennial Olympic cycle. <\/p><p>\u201cOur sport had been so popular, but so underserved for so many years,\u201d\u200c she said.<\/p><p>P1440 will use the investment capital to create more content, like tutorials and fitness videos, as well as to obtain live rights, Walsh Jennings said. The venture has, until now, been self-funded by Walsh Jennings and three managing partners, including her volleyball-playing husband. She declined to speculate on when it would be profitable.<\/p><p>Walsh Jennings said she plans to invite other professional athletes to join the company\u2019s advisory board, including US national team soccer player Alex Morgan-who is starting a female-focused media venture of her own-and Premier Lacrosse League co-founder Paul Rabil.<\/p><p>\u201cWhat we\u2019re building is going to require money, going to require time,\u201d\u200c Walsh Jennings said. \u201cWe\u2019re going to own this category. It\u2019s authentic, it\u2019s rich and it\u2019s powerful.\u201d\u200c \u2014 Bloomberg<\/p>","author_name":"","author_id":0,"publish_time":"2019-07-29 00:00:00","last_edited":"2019-11-28 23:04:23","permalink":"business\/smebiz\/2019\/07\/29\/richest-female-in-vc-backs-volleyball-media-venture","summary":"ONE of the most successful women in venture capital (VC) is joining forces with one of the most decorated women in sports.","article_byline":"","is_old_article":1,"image_path":"","article_tags":"","section_id":25,"section_name":"SMEBiz","sub_section_name":"SMEBiz","sub_section_id":2000110,"is_archive":"1","article_custom_fields":"{\"keyword_tagging\":[\"\"],\"other_keywords\":[\"\"],\"summary\":[\"ONE of the most successful women in venture capital (VC) is joining forces with one of the most decorated women in sports.\"],\"paywall_package_type\":[\"Metered\"]}","is_premium":0,"related_articles_ids":"","column_name":"","column_image_url":""},{"cms_article_id":1748206,"old_article_id":"F16CC611-966E-4B05-9239-2D89577DEE55","article_title":"When a phone won\u2019t cut it, go for a robot photographer","article_name":"When a phone wont cut it go for a robot photographer","article_headline":"When a phone won\u2019t cut it, go for a robot photographer","article_subtitle":"","article_body":"<p>CAROLYN Bessette is good at making soap. So good that people pay US$8 (RM33) for a bar of Farm to Shower Peppermint Watermelon or Hopi Blue Corn handmade soap through her website. What she\u2019s not good at, however, is photographing soap. <\/p><p>\u201cI tried doing it myself, and it was just awful,\u201d\u200c she said.<\/p><p>The 52-year-old entrepreneur and her husband run Dr. Bessette Naturals. In addition to their online store, they have a location at a farmer\u2019s market in Boston, where customers can browse all-natural skincare products. <\/p><p>In March, the company that makes their cash register, Square Inc, approached the couple asking if they\u2019d like to try a new product new product \u2013 photography service the company was testing. The cameraman, they learned, was a robot.<\/p><p>Before the rise of online shopping, photographing inanimate objects wouldn\u2019t have been a logical growth opportunity for a global payments business with a market value of US$33bil. But Square thinks there are enough store owners with a bad eye for photography that it spent more than US$20,000 on a robot and devoted 1,000 sq ft to the project in a New York warehouse sandwiched between Table 87 and Avocaderia, two hot restaurants in Industry City, Brooklyn.<\/p><p>Square is beginning to take orders from anyone in the US for mechanically snapped photos. It will charge about US$10 plus shipping for customers to send a product weighing less than 20 pounds to the Brooklyn studio and within two weeks, receive three digital photos from different angles. Staff will select the best ones for customers. Square also offers a 360-degree photo service for about US$30 apiece.<\/p><p>While Square said the service is cheaper than many professional photographers, it\u2019s also competing with the phone in people\u2019s pockets. <\/p><p>David Rusenko, the general manager of e-commerce at Square, said he tells shopkeepers that enchanting photos are crucial to selling on the web, when shoppers can\u2019t pick up or try things on. <\/p><p>\u201cWhen you buy something online, all you have are product photos,\u201d\u200c he said.<\/p><p>Jack Dorsey, the Twitter Inc co-founder, started Square a decade ago with a Chiclet-size device that can process a credit card swipe through an iPhone. The company now sells touchscreen cash registers, small-business loans, payroll software and website-building tools. The stock is up 40% this year as the company looks to break into more aspects of the retail business.<\/p><p>Catering to the needs of online sellers is a booming business. More than half of sales on Amazon.com Inc\u2019s website go to independent sellers on the marketplace. Amazon sells them advertising services, cloud hosting and a US$100 AmazonBasics Portable Photo Studio, which offers a pristine white environment for shooting product photos that can fold up like a massage table. Shopify Inc sells software to create and manage online stores, as well as stock photography to make them pretty. The Canadian company\u2019s stock has doubled over the last six months.<\/p><p>The Square Photo Studio consists of a white table, lots of bright lights on tripods and a robotic arm with a high-end camera affixed to the end. The arm swings with precision to different angles and snaps away using a mechanical finger on the shutter release.<\/p><p>Despite the technical novelty, humans are essential to the process. John O\u2019Brien-Carelli, the product manager for the project, said his team has to unpack the items, set each one on the table, activate the robot using a nearby computer and oversee the rest of the process. Customiing the robot\u2019s settings to each product is one of the most time-consuming aspects, he said. Then they have to pack everything up and ship it back.<\/p><p>Square is optimistic that the photography project can eventually recoup development costs and justify more studios, O\u2019Brien-Carelli said. If the one in Brooklyn takes off, the company would open more studios, each with a specialisation to reduce the time needed to reset the robot\u2019s instructions. One might be for jewellery and perhaps another just for soap. \u2014 Bloomberg <\/p>","author_name":"","author_id":0,"publish_time":"2019-07-29 00:00:00","last_edited":"2019-11-28 23:04:23","permalink":"business\/smebiz\/2019\/07\/29\/when-a-phone-wont-cut-it-go-for-a-robot-photographer","summary":"CAROLYN Bessette is good at making soap. So good that people pay US$8 (RM33) for a bar of Farm to Shower Peppermint Watermelon or Hopi Blue Corn handmade soap through her website. What she\u2019s not good at, however, is photographing soap.","article_byline":"","is_old_article":1,"image_path":"","article_tags":"","section_id":25,"section_name":"SMEBiz","sub_section_name":"SMEBiz","sub_section_id":2000110,"is_archive":"1","article_custom_fields":"{\"keyword_tagging\":[\"\"],\"other_keywords\":[\"\"],\"summary\":[\"CAROLYN Bessette is good at making soap. So good that people pay US$8 (RM33) for a bar of Farm to Shower Peppermint Watermelon or Hopi Blue Corn handmade soap through her website. What she\\u2019s not good at, however, is photographing soap. \"],\"paywall_package_type\":[\"Metered\"]}","is_premium":0,"related_articles_ids":"","column_name":"","column_image_url":""}]}; var paywallSpan = '<span class="labels labels--free" data-toggle="tooltip" title="" data-original-title="This is a Free article"><i class="fa fa-unlock"></i></span>'; var premiumSpan = '<span class="biz-icon" data-toggle="tooltip" title="" id="sbp-tip" data-original-title="Premium">Premium</span>'; var sbpLockSpan = '<span class="biz-icon" data-toggle="tooltip" title="" id="sbp-tip" data-original-title="This is a Premium article" aria-describedby="tooltip489695">Premium</span>'; var sbpUnlockSpan = '<span class="labels labels--gold" data-toggle="tooltip" title="" data-original-title=""><i class="fa fa-unlock"></i></span>'; var sbpUnlockSpan = '<span class="labels labels--gold" data-toggle="tooltip" title="" data-original-title=""><i class="fa fa-unlock"></i></span>'; var paywalllockSpan = '<span class="labels labels--gray" data-toggle="tooltip" title="" data-original-title="This is a locked article"><i class="fa fa-lock"></i></span>'; 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