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Business Times
6 days ago
- Business
- Business Times
Singapore SMEs return to expansionary mode in Q2, but momentum may not last: OCBC
[SINGAPORE] Small and medium-sized enterprises (SMEs) in Singapore rebounded into expansionary territory in the second quarter of 2025, according to the latest OCBC SME Index released on Wednesday (Jul 16). This was due to broad-based improvements across industries, as exporters continue to front-load exports to get ahead of US President Donald Trump's looming tariffs. The quarterly index, which tracks the business health and performance of SMEs, inched up to 50.5 in Q2, from 49.9 in the fourth quarter. A reading above 50 signals increased business activity compared to a year ago, while a score below 50 indicates a contraction. The index is compiled from the transactional data of more than 100,000 OCBC SME customers in Singapore, each with annual revenues of up to S$30 million. On a year-on-year basis, collections from customers grew by 5.8 per cent, while payments rose by 4.5 per cent. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up However, Linus Goh, OCBC's head of global commercial banking, cautioned that the second-quarter improvement may just be a temporary blip caused by front-loaded exports. 'Whether the timelines down the road also leave some room for some more front-loading, it is hard to say,' he added. 'But to the extent that it does, then perhaps there will be still a bit more trade running in the second half (of the year).' A separate business outlook poll by the bank revealed that businesses expect the outlook for the rest of the year to worsen or remain unchanged. Over half of the 1,600 respondents expect business conditions to stay the same or get worse in the next six months, while 43 per cent anticipate improvement. Meanwhile, close to 50 per cent of respondents said they were negatively impacted by the ongoing Trump tariff issues and uncertainties. SME owners also expect to face greater fluctuations in exchange rates and interest rates (31 per cent) and further disruptions to supply chains (28 per cent). Export-oriented growth The front-loading of exports was the biggest leading indicator for improvement in the export-oriented industries, said Goh, particularly manufacturing and wholesale trade. The manufacturing index grew to 50.6, driven by strong performance in the consumer products segment. This was despite the sector being weighed down by businesses in precision engineering, as well as electronics and semiconductors. Meanwhile, the sector's collections and payments increased 1 per cent year on year (yoy) and 0.4 per cent yoy, respectively. In contrast, the transport and logistics remained in contraction mode, but improved marginally to 49.8, supported by SMEs in the logistics segment. Similarly, the information and communication technology (ICT) sector inched higher to 49.3, marking its 12th consecutive quarter of contraction. The sector was weighed down by the data processing and software development, as well as the IT consultancy segments. Domestic sectors buoyed too Domestically oriented sectors have also benefited from trade activity. The food and beverage sector (F&B) rebounded back into expansionary territory, with a reading of 50.6. This was fuelled by growth in the wholesale trade segment, with collections and payments rising 10.4 per cent and 10.7 per cent yoy, respectively. Despite the spate of restaurant closures, the F&B services segment also returned to expansion in the second quarter, rising to 50.3. The business services, building and construction, and healthcare sectors also returned to expansion mode with readings all just over 50. In contrast, education remained contractionary at 49.7, weighed down by weaknesses in formal education and commercial schools as well as a slowdown in business activity for early childhood education SMEs.
Business Times
04-06-2025
- Business
- Business Times
OCBC partners Ant International to offer embedded finance to Indonesia SMEs
[SINGAPORE] OCBC has partnered digital payment, digitisation and financial technology provider Ant International to provide embedded financial services to small and medium-sized (SMEs) enterprises in Indonesia. The collaboration is set to benefit thousands of SMEs in Indonesia over the next few years, said OCBC and the Jack Ma-backed Ant Group spin-off in a statement on Wednesday (Jun 4). 'This is part of a joint effort to boost financial inclusion for businesses operating in one of the most dynamic and rapidly growing digital economies in South-east Asia,' said OCBC. The partnership taps the bank's long-standing presence and deep knowledge of SMEs and customer franchise in Indonesia, as well as Ant International's capabilities in alternative data modelling, dynamic credit strategy and automated credit decision. Said Linus Goh, OCBC head of global commercial banking: 'We believe this collaboration will help us to shape the future landscape of financial services in an increasingly digital marketplace in Indonesia, and importantly, to help us enable the aspirations and growth of our SME customers.' Ant International general manager of credit services Quan Tu said the partnership with OCBC 'highlights our shared commitment to deliver tech-infused innovation that empowers business growth and support Indonesia's sustainable future'.
Business Times
28-05-2025
- Business
- Business Times
Stocks to watch: OCBC, Amara, Valuetronics
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (May 28). OCBC : The bank announced on May 27 key leadership changes to its global wholesale banking franchise, to take effect on Oct 1. Among the changes, Elaine Heng, now OCBC's group chief strategy and transformation officer, will succeed Linus Goh, the current head of global commercial banking, who retires on Sep 30. Shares of OCBC closed 0.9 per cent or S$0.14 higher at S$16.31 on Tuesday. Amara : The independent financial adviser appointed for the takeover bid for the hotel group has deemed the offer at S$0.895 a share to be 'fair and reasonable'. It has advised the company's directors considered to be independent to recommend shareholders to accept the offer. Shares of Amara closed up 1.1 per cent or S$0.01 at S$0.90 on Tuesday. Valuetronics : Electronics manufacturing services provider Valuetronics posted a net profit of HK$79.9 million (S$13.1 million), up 3.1 per cent from HK$77.4 million in the year-go period. Its counter gained 2.9 per cent or S$0.02 to settle at S$0.70 on Tuesday, before the news. Trading halt CapitaLand Ascendas Real Estate Investment Trust (Reit) : The manager of the trust announced in a bourse filing on Wednesday morning for trading of shares to be halted with immediate effect. It also announced the proposed acquisitions of two Singapore properties. The counter ended Tuesday 0.4 per cent or S$0.01 higher at S$2.61. Econ Healthcare (Asia ): The Catalist-listed nursing operator said on May 28 that trading of shares will be suspended 'on and from' 9 am on Wednesday. It was previously reported that US private equity firm TPG, through its special purpose vehicle, is looking to take Econ Healthcare private. Shares of Econ Healthcare closed flat at S$0.35 on Tuesday.
Straits Times
27-05-2025
- Business
- Straits Times
Elaine Heng to succeed Linus Goh as OCBC's head of global commercial banking
Ms Elaine Heng, OCBC's group chief strategy and transformation officer, will succeed head of global commercial banking Linus Goh who retires on Sept 30. PHOTO: OCBC Elaine Heng to succeed Linus Goh as OCBC's head of global commercial banking SINGAPORE – OCBC Bank announced on May 27 key leadership changes to its global wholesale banking franchise, to take effect on Oct 1. Ms Elaine Heng, now OCBC's group chief strategy and transformation officer, will succeed Mr Linus Goh, the current head of global commercial banking who retires on Sept 30. Mr Tan Yuen Siang, currently OCBC's head of global financial institutions, will join the global wholesale banking leadership team. Both Ms Heng and Mr Tan Yuen Siang will report to Mr Tan Teck Long, the head of global wholesale banking. Mr Tan Yuen Siang will retain his title, but report directly to Mr Tan Teck Long under global wholesale banking. Currently, he reports to Mr Goh, who oversees global financial institutions as well. Ms Heng joined OCBC in April 2024, and became group chief strategy and transformation officer in November of that year. Before OCBC, she was chief executive officer of retail business and deputy group chief executive officer at FairPrice Group; prior to that, she spent almost two decades in banking. Mr Tan Yuen Siang joined OCBC in 2005 and has, since 2021, led its global financial institutions business, expanding partnerships with non-bank financial institutions. Mr Linus Goh joined OCBC in April 2004 as head of international and was instrumental in the bank's growth within Asean and Greater China. In 2008, he took on leadership responsibilities for the commercial banking and global financial institutions divisions. The bank said he played a 'critical role' in growing its global financial institutions business, clocking a strong operating profit growth of nearly 40 per cent over the past three years, driven by the growth of the global funds and Greater China financial institutions sectors. Ms Helen Wong, the bank's group CEO, said Mr Goh 'built and nurtured a high-performing commercial banking team and has made strong contributions to the broader Singapore banking industry, championing SME (small and medium-sized enterprise) development, digital innovation and sustainable finance'. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
