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Straits Times
3 days ago
- Business
- Straits Times
How SMEs can strengthen cybersecurity and protect the bottom line
As cyber threats grow, small and medium-sized enterprises can fortify their defences and ensure financial flexibility with comprehensive support from Singtel and GXS Bank With the right training and financial tools, SMEs can strengthen their cyber defences and stay agile in managing cash flow. It has never been easier for cybercriminals to launch attacks on your business. Today, threat actors can easily access dark web marketplaces and purchase ready-made ransomware to cripple operations and drain finances. In the first half of this year, Nordstellar reported a 49 per cent increase in global ransomware cases exposed on the dark web. Among the hardest hit were small and medium-sized enterprises (SMEs). Here in Singapore, the Cyber Security Agency of Singapore (CSA) shared that SMEs made up 84 per cent of cybersecurity victims in 2023. Yet, their survey revealed that two in three companies had yet to implement basic cybersecurity measures. Nearly 60 per cent of surveyed companies said they lacked the knowledge and experience, while 39 per cent were held back by a lack of resources and manpower. As 5G mobile connectivity fuels digital growth across Asia-Pacific – projected to add nearly US$130 billion (over S$160 billion) to the region's economy by 2030 – businesses are unlocking new opportunities. At the same time, this expanded digital footprint widens the attack surface, leaving companies more vulnerable to cyber threats driven by artificial intelligence. To help SMEs overcome these challenges, Singtel has made enterprise-grade cybersecurity accessible and hassle-free with its two-pronged approach – Singtel Cyber Elevate and Fortinet Unified Threat Management. Elevate your cybersecurity know-how When a cyberattack strikes, the difference between survival and catastrophe often comes down to how well your team is prepared to recognise, respond to and recover from it. Singtel Cyber Elevate is a comprehensive training and cyber incident management programme that helps SMEs build this resilience through mentorship and practical guidance. It is conducted by Mr Wilson Tan, Singtel Enterprise's senior director of Cyber Consulting, Education & Professional Service, who brings over 25 years of experience in telecommunications and leads Singtel's Cyber Security Institute – a top facility for cyber resiliency training in Asia. With government subsidies of up to 90 per cent, the programme is highly accessible to eligible SMEs. Singtel's Cyber Elevate programme helps SMEs in Singapore strengthen their cybersecurity defences through hands-on training, expert support and cyber incident management. PHOTO: SINGTEL Local facilities management company Advancer took part in the programme's two-day workshop and underwent a cybersecurity posture assessment, akin to a full-body scan to uncover gaps in the company's cyber defences. 'We were commended for having good general awareness around phishing attempts and safe browsing habits among our staff,' says Mr Gary Chin, Advancer's chief executive officer. 'However, the assessment identified gaps in formal documentation, escalation paths and consistent response protocols.' Trainers worked directly with the Advancer team to streamline workflows, establish clearer protocols and tighten security across their entire operation. Through realistic cyberattack simulations, the team experienced first-hand the intense pressure of phishing and ransomware attacks without the devastating consequences. It was a strong wake-up call. Mr Chin says: 'We realised that even small teams can be high-value targets due to the sensitive data that we handle. We also learned that having a response plan is crucial to reducing chaos during a real incident.' The Singtel Cyber Elevate programme also helps SMEs strengthen compliance with legal obligations, such as the Personal Data Protection Act, and equips employees with skills to manage stakeholders during a data breach. SMEs will also receive legal and forensics support for a year from law firm Drew & Napier, and cyber incident response company Blackpanda. Mr Gary Chin, CEO of facilities management company Advancer, says the Singtel Cyber Elevate programme helped the team identify security gaps and embed cybersecurity into their daily operations. PHOTO: ADVANCER 'The programme provided clear guidance and practical insights that were easy to understand and apply,' says Mr Chin. 'Cybersecurity is now included in our budgeting and has become a core part of our operations.' Says Singtel Enterprise's Mr Tan: 'It is important to develop an assumed breach mindset to better respond and recover from cyber breaches. Singtel Cyber Elevate seeks to be that safety net that allows companies to build cyber resiliency against the impact of breaches affecting organisations.' But training your team is just the first line of defence. Your network infrastructure needs fortress-level protection too. All-in-one network protection With employees using multiple devices, your network faces more potential entry points for cybercriminals to exploit. A single unprotected device can compromise your entire company. To shut attackers out, the Singtel-Fortinet Unified Threat Management system provides comprehensive protection for your business network. SMEs that adopt this solution will be eligible for up to 50 per cent funding on qualifying costs through the Government's Productivity Solutions Grant . Developed by Singtel and global cybersecurity leader Fortinet, this solution helps safeguard every device connected to your network, from office computers and laptops to wireless devices, IP phones and even employees' personal devices. Acting as a central command hub, it blocks threats before they breach your systems, secures wireless access, and protects essential communications like emails and voice calls. It also fine-tunes your network based on your business priorities, so your most critical applications can run smoothly and securely. Everything is managed through a single platform, making it easy and hassle-free for any business to stay protected. More on this topic Navigating uncertainty: How your new business can adapt and grow with the right support Securing financial health with GXS bank For SMEs, digital security is only half the battle – a healthy cash flow is just as critical. For many business owners, having access to financial support can be a leg-up as they build and grow resilient companies. Business owners such as sole proprietors and start-ups often face hurdles when opening business accounts or applying for loans. High fees, strict requirements and lack of collateral can limit access to funds, right when these businesses need them most. GXS Bank built its GXS Biz Account to help address these challenges head-on. The GXS Biz Account offers no minimum balance or monthly fees, and daily interest rates from 1.68 per cent a year. SMEs enjoy a clear separation of personal and business finances, and they can receive and make unlimited free payments through PayNow and Fast. New customers who sign up for a GXS Biz Account with the promo code 'SG60' will receive $60 in cash. Visit this link to find out more . For businesses that need an extra boost, the GXS FlexiLoan Biz offers up to $150,000 in unsecured financing with interest from 4.99 per cent a year (Effective Interest Rate at 9.32 per cent a year). There are no annual or early repayment fees, and SMEs have full flexibility to repay early without additional costs. You can also get loans starting from $1,000 in a matter of minutes. GXS Bank also offers up to $1 million in access to working capital loans, invoice financing and purchase order financing through GXS Capital , its wholly-owned subsidiary. This enables SMEs to unlock funds based on outstanding invoices – helping them smooth out cash flow and invest in growth without waiting for payment cycles to clear. By easing day-to-day financial pressure, GXS Bank empowers SMEs to act quickly when opportunities arise. Whether you are protecting your business from ransomware or scaling up with agility, Singtel and GXS Bank offer the end-to-end protection and flexibility that SMEs need in a high-risk, high-potential world. Find out more about the Singtel Cyber Elevate programme here . Disclaimer: GXS Business Banking consists of products and services provided by GXS Bank and GXS Capital, which are licensed and regulated by the Monetary Authority of Singapore. GXS Bank and GXS Capital are separate entities and are not associated with the businesses of SPH, Grab, Singtel, or their entities. Approval of your application is subject to the receipt of all supporting documents, review, and processing time. Terms and Conditions apply. Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 24-month repayment period, from 1 Jan 2025 to 1 Jan 2027.
Business Times
16-07-2025
- Business
- Business Times
Singlife, GXS partner to embed insurance in digital bank's first investment product
[SINGAPORE] Financial services company Singlife announced on Wednesday (Jul 16) a partnership with GXS Bank to embed insurance coverage for the bank's first investment product on GXS Invest. The collaboration will allow eligible customers who invest in the offered fund through GXS Invest to automatically receive complimentary group personal accident insurance coverage underwritten by Singlife. GXS Invest is the digital investment platform of GXS Bank, and is available on its digital bank app. At the platform's launch on Tuesday, the digital bank is offering the Fullerton Singapore Dollar Cash Fund (Class G), which is a money market fund for low-risk investing. The fund is managed by Fullerton Fund Management, a fund house part of an independent asset management group owned by Temasek Holdings. In a Tuesday statement, GXS Bank noted that a money market fund also addresses the needs of the three in five of its customers who say that they are seeking a more conservative risk approach to investing. The Singlife policy provides coverage for accidental death and total permanent disability, to protect customers from income disruption and keep their financial goals on track without the need to sign up for a separate insurance plan. Eligible GXS customers will be covered for up to three times their investment amount, capped at S$100,000, said Singlife. The joint venture builds on the local insurer's ongoing efforts to embed insurance protection into digital experiences, such as healthcare subscriptions and employee wellness programmes, to make protection more accessible and relevant to consumers.
The Star
14-05-2025
- Business
- The Star
Pei-Si Lai takes helm at GXS Bank; Kaushik Chowdhury steps up as GXBank CEO
KUALA LUMPUR: GXBank, the digital bank subsidiary of GXS Bank in Malaysia, has announced the appointment of Pei-Si Lai as the group CEO of GXS Bank. The appointment will take effect on June 1, 2025. Lai, who is currently the CEO of GXBank, will succeed Muthukrishnan Ramaswami, the current group CEO, upon his retirement. In a statement, GXBank said Kaushik Chowdhury, the current deputy CEO and chief commercial officer (Retail), will succeed Lai as the CEO of GXBank in Malaysia. He will be supported by Hildah Hamzah, who will take on the role of deputy CEO and chief operating officer, along with the existing management team. GXBank is a subsidiary of GXS Bank Pte Ltd, the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel). GXBank is also owned by a consortium of other Malaysian investors, including Kuok Group.
Business Times
14-05-2025
- Business
- Business Times
GXS Bank CEO to retire, GX Bank CEO to take over
[SINGAPORE] GXS Bank has announced that chief executive Muthukrishnan Ramaswami will be retiring on May 31. His successor will be Lai Pei-Si, CEO of GX Bank, the Malaysian arm of GXS, it said on Wednesday (May 14). Lai will take over as GXS CEO on Jun 1, with GX Bank deputy CEO Kaushik Chowdhury taking over her role. Ramaswami will remain as a senior adviser to GXS. Lai has been the CEO of GX Bank since 2022, when it received a digital banking licence in Malaysia. The bank has grown to more than a million customers a year since its launch in November 2023, and processed over 124 million transactions. Both Lai and Ramaswami oversaw the recently announced Validus acquisition. 'As a veteran banker with the unique experience of having launched Malaysia's first digital bank, Pei-Si understands the tremendous impact that digital banks can bring to our communities,' said Hsieh Fu Hua, chairman of GXS.
Business Times
11-05-2025
- Business
- Business Times
BT Money Hacks: Renovation loans - Maximise savings and minimise stress
You've finally taken possession of your new home and now want to turn it into your dream home. Unfortunately renovations can very quickly become a nightmare particularly if you hadn't planned your finances well. In the latest episode of Money Hacks, by The Business Times, host Howie Lim delves into the financial intricacies of home renovations with expert guest Jenn Ong, managing director of GXS Bank. As renovations continue to be a major financial undertaking for many homeowners, this episode offers invaluable insights on making smart financial decisions to avoid common pitfalls. Home renovations - exciting or overwhelming With numerous design choices and various fixtures, it's easy to get carried away. However, Ong emphasises the importance of understanding the financial implications before diving into any renovation project. Lim leads the discussion to the critical first step - determining your budget and knowing where to get the necessary financing. Ong highlights that while cash is often seen as the best payment method, it is not always feasible for everyone, especially when renovation costs can run into the tens of thousands. She points out that renovation loans can be a smart alternative, provided they're competitively priced and offer the needed flexibility. Setting realistic budgets BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Another key takeaway from the episode is the importance of setting realistic budgets. Lim probes the common recommendations that suggest not spending more than 10 per cent of your property's value or six times your monthly income on renovations. Ong however suggests that these are merely broad guidelines and that one's disposable income should ultimately dictate the budget. She stresses the significance of remaining financially comfortable, even if it means compromising on certain renovation elements. Good debt vs. bad debt The duo also addresses the often-asked question of whether renovation loans are considered good debt. Jenn clarifies that while housing debt is generally seen as good debt because it's secured against a valuable asset, renovation loans are still unsecured and should be approached with caution. The focus, she insists, should be on making your home a place you love, rather than attempting to increase its market value through extravagant renovations. Flexibility in loan repayments Flexibility stands out as a significant advantage when choosing a renovation loan. Ong explains that the ideal renovation loan should allow for flexible repayments without penalties, making it easier to manage your cash flow. Here she also expands on the kinds of loans she prefers and is a must listen section of the podcast. The conversation takes a critical look at the various fees and charges that come with renovation loans with Ong warning listeners to be vigilant about these additional costs. Listen now for top tips managing financial stress during renovations and how to prioritise necessary fixes over aesthetic changes. Lim wraps up the podcast by echoing Ong's advice, reminding listeners that while offers and rewards tied to renovation loans can be tempting, it's crucial to do the math and consider the overall financial impact. Howie Lim will have more great advice and hacks in our next episode of Money Hacks next week. We welcome your feedback or episode ideas to btpodcasts@ --- Written and hosted by: Howie Lim (howielim@ With Jenn Ong, managing director, GXS Bank Edited by: Howie Lim & Claressa Monteiro Produced by: Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media --- Follow BT Money Hacks podcasts every Monday: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Correspondents: BT Market Focus at: BT Podcasts at: BT Branded Podcasts at : BT Lens On:
