‘Come to us first’, new SBF chairman Mark Lee tells businesses seeking help
He wants to make it easier for companies to access support for financing, technology and overseas growth
When a business requires assistance with financing, technological advancements, or international expansion, Mark Lee, the new chairman of the Singapore Business Federation (SBF), advocates for the organization to be the initial point of contact. In his first month as chairman, Lee, who is also the CEO of Sing Lun and a second-term Nominated Member of Parliament (NMP), aims to strengthen SBF's role in aiding company growth and adaptation to change.
Having previously served as vice-chairman and honorary treasurer for over two years, Lee took on the interim role of chairman in early June following the departure of Teo Siong Seng, who was serving due to a US indictment. Despite the chairman's appointment not indicating a shift from SBF's existing objectives, Lee emphasizes the collective decision-making process of the federation's council and executive committee.
Lee, who grew up in the family-owned Sing Lun, attributes his business expansion strategy to government-led missions that took him to the US, Europe, and Southeast Asia. These experiences underscore the significance of accessing financing and diversifying risks across customers, markets, and production bases. Lee aims to transform SBF into a business-building institution, rather than merely a representative body, as the federation now boasts over 34,000 members.
To facilitate access to support, SBF seeks to streamline the process by connecting businesses with the appropriate resources and partners. In addition to financial advice, workforce management, technology adoption, and international expansion, the federation will introduce the Future Ready Business Index in September to assist companies in evaluating their preparedness for future challenges.
Lee emphasizes the importance of internationalization, particularly in light of tariffs, wars, and other obstacles that could disrupt established markets and supply chains. A recent SBF survey indicates that 47% of businesses plan to expand overseas, indicating a cautious approach despite the necessity of diversifying markets and supply chains.
As Singapore assumes the chairmanship of the Association of Southeast Asian Nations (ASEAN) in 2027, SBF intends to collaborate with trade associations and chambers to address non-tariff barriers faced by companies and promote the ASEAN Digital Economy Framework Agreement (Defa) to facilitate cross-border digital trade, payments, and data flows.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
