Thailand, Southeast Asia’s automotive hub, is undergoing a major transformation as it shifts from internal combustion engine (ICE) vehicles to electric vehicles (EVs). The government’s “30@30” vision aims for 30% of domestic vehicle production to be EVs by 2030, supported by two key incentive packages: EV 3.0 (2022-2023), which introduced subsidies and local production requirements, and EV 3.5 (2024-2027), which tightens local production ratios and expands support to commercial EVs. While the shift has attracted foreign investment and positioned Thailand as a rising EV production base, it has also created challenges, particularly for traditional auto-parts SMEs specializing in ICE components. Economic disruptions, such as job displacement and supply chain disruption, are significant in the short term. However, with coordinated policies, Thailand has an opportunity to turn its automotive sector into a new engine of productivity, innovation, and sustainable growth.

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Massive BOI Investment Approval for Data Centers and Clean Energy In a significant boost to Thailand's digital and green economy, the Board of Investment (BOI) approved 15 major project applications in early December 2025 with a combined investment value of over 240 billion baht (approx. US$7 billion). This approval wave is heavily concentrated in the data center sector, involving 11 projects worth nearly 185 billion baht from key players like STT GDC and others, signaling Thailand's rapid emergence as a regional digital hub. The board also fast-tracked 16 other projects under the "Thailand FastPass" initiative to expedite investments in clean energy and industrial estates, directly supporting the country's strategic shift toward high-tech and sustainable industries.

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The European Union (EU) welcomed the opportunity to discuss Thailand's trade and economic policies, underscoring the long-standing and well-developed economic relationship between them, with the EU being Thailand’s fourth-largest trading partner and a major source of foreign investment. Following the deepening of bilateral ties, notably through the Partnership and Cooperation Agreement (PCA) and the relaunch of Free Trade Agreement (FTA) negotiations, the EU looks forward to a high-quality FTA that supports resilient supply chains and enhances Thailand's competitiveness, aligning with Thailand's goal of achieving high-income status by 2037. The EU, while commending Thailand's active role in the WTO, raised several key areas of concern to enhance Thailand's business environment. In services and investment, the EU urged Thailand to ease restrictions under the Foreign Business Act, lift foreign equity caps, reduce market concentration in services like logistics and telecommunications, and streamline licensing procedures. Regarding trade in goods, the EU encouraged a simplified tariff structure, greater transparency in import/export restrictions, and non-discriminatory excise taxes on imported products. Additionally, the EU called for improved transparency in regulatory approval for animal/plant-based products, preservation of a robust framework against Illegal, Unreported and Unregulated (IUU) fishing, and greater clarity on energy-related measures such as third-party access to the gas grid and fossil-fuel support schemes. The EU encouraged Thailand to continue structural reforms, increase liberalisation in key sectors, and join the Multi-Party Interim Appeal Arbitration Agreement (MPIA), expressing confidence that the review will lead to a more open and predictable trade environment for Thailand.

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[SINGAPORE] As part of its strategic priorities for 2026, the Association of Small and Medium Enterprises (Asme) has launched a programme that equips smaller businesses with capabilities to engage in strategic alliances, and will expand its market access initiatives to Asia.

The new SME Unite (Unifying Networks, Integration & Teaming for Enterprises) programme encourages SMEs to diversify beyond traditional organic growth avenues and instead, look to strategic partnerships as a growth strategy.

These include forming consortiums and joint ventures, as well as exploring mergers and acquisitions (M&A).

Asme will also expand its global market access initiatives to connect SMEs to new opportunities in key South-east Asian markets – such as Vietnam, Indonesia and Malaysia – and China.

These plans were announced at the association’s media engagement event on Wednesday (Dec 3), where it unveiled its newly elected 29th council and strategic priorities for the year ahead.

Championing inorganic growth

Asme president Ang Yuit, who was elected for a second term, said the council will focus on the “tangible implementation” of initiatives to help SMEs scale and enter new markets.

Firstly, the SME Unite programme aims to equip SMEs with foundational knowledge of partnership models and inorganic growth strategies, such as forming alliances, joint ventures and M&A.

Targeted at smaller firms with revenues below S$20 million, it will facilitate deal sourcing and connect them to qualified professional services, which they may not typically have access to.

A poll of 211 SMEs by Asme found that while 60 per cent of firms are open to M&A and partnerships as a growth strategy, 82 per cent of them rated their own knowledge of the process as “poor” or “basic”.

In addition, only 13 per cent of respondents were satisfied with the availability of professional services for their segment, citing cost and complexity as major barriers.

Ang said the programme addresses these gaps by consolidating the know-how and resources for small and micro-SMEs to band together through inorganic growth models. This will give them a greater chance of success in scaling to overseas markets.

“When you’re a much smaller firm, it’s a vicious cycle where you don’t know enough and you cannot scale up inorganically... now, with the rapid pace of disruption and change, we need to give our SMEs a leg up to empower themselves with multiple pathways to grow faster,” he added.

Lee Swee Siong, chairman of the SME Unite advisory council, said: “Our extensive research with SME owners revealed a strong desire to grow through partnerships, but there is a clear gap in the knowledge and resources to do so.”

He added that the SME Unite programme is therefore designed to “demystify this complex process”, and build an ecosystem to help SMEs forge “powerful alliances, execute deals and achieve the scale necessary to compete internationally”.

Strengthening market access initiatives

Secondly, Asme said it is “actively undertaking exploratory initiatives” to connect SMEs to new opportunities in Asia, including China, Vietnam, Indonesia and Malaysia.

This is part of the new council’s 2026 strategy to identify and secure high-potential growth opportunities for Singapore SMEs in the region. The association recently staged a business mission to Dubai in October that focused on AI and technology partnerships.

To further strengthen in-market support, Asme has partnered the Institute of Singapore Chartered Accountants’ professional services centres, located in cities such as Shanghai and Ho Chi Minh City.

These overseas centres support SMEs in accessing new markets and facilitating lead generation.

In addition, the association is planning a series of China business missions to support Singapore SMEs in entering various Chinese cities of interest.

It will lead off with a business mission to Chongqing in the first quarter of 2026 to help SMEs looking to establish a foothold in Western China.

To build synergies with China-based SMEs, Asme is also holding joint business exploration with Chinese entrepreneurs to Asean and other markets of interest.

This will be an extension of its “venture as a pack” strategy, which aims to foster cross-border collaboration and shared growth.

Source:  Business Times, 3 Dec 2025 (ASME launches new programme to help SMEs form strategic alliances, to expand market access initiatives to Asia - The Business Times)

SINGAPORE – Singapore and Malaysia will deepen collaboration and continue talks on longstanding issues, with the leaders of both countries emphasising moving forward with a “constructive spirit”, mutual respect and goodwill.

The two countries have inked an additional deal on the Johor Bahru-Singapore Rapid Transit System (RTS) Link and will strengthen cooperation in their fight against the trafficking of illicit drugs.

They will also work together more on healthcare under agreements exchanged on Dec 4.

Prime Minister Lawrence Wong and his Malaysian counterpart Anwar Ibrahim witnessed the exchange during the 12th Singapore-Malaysia Leaders’ Retreat held at The Ritz-Carlton, Millenia Singapore hotel.

At a press conference following the exchange, both leaders laid out their positions on three outstanding bilateral issues: water, airspace and maritime boundaries.

PM Wong said officials on both sides have had several rounds of discussions and have a better understanding of each other’s position, but will still need time to resolve the matters.

 “All of these outstanding bilateral issues are complex issues. There are differences in views, and they are not easy to resolve, but as good neighbours, we will continue engaging in good faith,” he said.

In a joint statement later on Dec 4, both prime ministers said they aspire to resolve outstanding bilateral issues through an amicable and constructive approach, in a spirit of mutual respect and in accordance with the principles of international law.

They encouraged continued discussions on the way forward regarding raw and treated water prices through an existing joint technical committee, “without prejudice to each other’s respective long-declared positions on the right to review the prices” under the 1962 Water Agreement.

Both countries have a shared interest in increasing the yield and safeguarding the water quality of the Johor River, and guarding against extreme weather changes and disruption scenarios, PM Wong said.

They also want to meet growing needs in Johor, and Singapore’s needs as provided for under the 1962 Water Agreement, he added. Both sides are discussing more infrastructural investment to strengthen the resilience of the water supply.

The two prime ministers have guided their officials to continue their discussions in a constructive spirit and with mutual respect, PM Wong said.

“We look forward to working with Malaysia to achieve positive and durable outcomes with a balance of benefits for both sides, and even as we continue these discussions, we will ensure that we maintain the positive tenor of our overall relationship, and do not allow these issues to colour or undermine our overall cooperation.”

Mr Anwar, at the same press conference, said that while there are differences between the two countries, “there’s no hostility”.

“Let us find out the solution where both would be able to resolve or benefit from this – to function effectively – both in the air services and also maritime.”

The two countries also committed to exchanging more information on the trends and techniques used in the production, abuse, trafficking and illicit diversion of drugs.

Asked at the press conference if capital punishment for drug offences was discussed, given that Singapore has executed a number of Malaysians, PM Wong said it was not. He added that it has not resulted in bilateral issues.

He said: “We hope that all countries understand... the rationale for our strong stance and respect the way in which we can go about conducting our policies on this point.”

Mr Anwar said that due legal process has to be respected, and stressed Malaysia’s strong stance against drugs. “I’m not suggesting, therefore, the families cannot appeal. They cannot be turned into a major or any political issue or differences, if at all.”

On healthcare, both countries agreed to strengthen cooperation in research and policy exchange.

More exchange of knowledge and best practices, as well as cross-border visits of experts and officials, is on the cards as part of the agreement which covers collaboration on digital health, health financing, public health and long-term care and healthy ageing, among other things.

The leaders’ joint statement noted that discussions are ongoing for two more agreements: on mutual recognition for halal certification between the Islamic Religious Council of Singapore and the Department of Islamic Development Malaysia, and for more cooperation in the development of youth and sports.

Good progress on ongoing projects

Both leaders spoke about various successful joint projects the two countries have shared in recent years.

PM Wong noted that there is “good progress” on the Johor-Singapore Special Economic Zone, and expressed his happiness at Malaysia’s formal agreement to Singapore opening consulates in the eastern states of Sabah and Sarawak.

He added that there is “tremendous potential for this to grow further – we have only just begun”, especially with added connectivity from the upcoming RTS Link.

The 4km light rail track will connect Woodlands in Singapore to Bukit Chagar station in Johor and is scheduled for completion by end-2026. The project, announced in 2010, faced multiple delays before work started in 2020.

PM Wong said the new deal will “facilitate preparations for co-located CIQ (Customs, immigration and quarantine facilities) and the eventual operationalisation of the RTS Link”.

In a Facebook post later on Dec 4, Acting Transport Minister Jeffrey Siow said the new deal sets out a legal framework so passengers on both sides need to clear immigration only at the point of departure.

He said: “It takes us one more step towards the operation of the RTS Link end of next year, which we both look forward to.”

When asked about how the new rail link will ease congestion and how the two countries are coordinating infrastructure planning, PM Wong said both sides are working to provide more commuting options, whether by train, car or bus, while Mr Anwar said Malaysia is working to improve the infrastructure within Johor.

Officials are also discussing improvements to the cross-border taxi scheme to provide more convenient options to passengers from both sides, PM Wong added.

This is the second annual retreat PM Wong and Mr Anwar – who are both also the finance ministers of their countries – have attended as heads of government.

To cap the meeting, they cut a red velvet cake with Nutella buttercream to commemorate 60 years of diplomatic relations.

The two prime ministers – who have had five bilateral meetings in 2025 – emphasised their strong working relationship.

In their joint statement, PM Wong congratulated Mr Anwar on Malaysia’s successful 2025 ASEAN chairmanship and applauded his “strong personal leadership in shepherding ASEAN through an increasingly complex geopolitical landscape”.

At the press conference, Mr Anwar said he was “extremely delighted” to be in Singapore and to be able to “discuss very candidly and frankly” with PM Wong and both their cabinets.

The two countries have a unique relationship, he added, and can choose to focus on problems from the past or to ensure a favourable outcome that strengthens not only diplomatic relations but also economic, trade, cultural and educational ties.

Mr Anwar noted that Singapore has demonstrated “goodwill” in this by sending volunteer teachers to Malaysia. At the previous edition of the retreat in January, the pair had discussed getting volunteers, fully paid by the Singapore Government, to teach English in rural areas, villages and the interior of Sabah and Sarawak.

PM Wong said he is grateful to Mr Anwar for his friendship, leadership and support.

“I’m glad to find in him a partner who is equally committed to ensuring that our ties continue to flourish for many more years to come.”

He added that at an early meeting between the pair, Mr Anwar had said the two countries “should be role models for the rest of the world on how good neighbours should work together”.

“I am fully committed to upholding that same vision, and I look forward to working closely together with him and his team to further strengthen our partnership and uplift the citizens of both our countries,” said PM Wong.

 Source: The Straits Times, 4 Dec 2025 (S’pore, Malaysia deepen collaboration; continue talks on longstanding issues in ‘constructive spirit’ | The Straits Times)

RISING costs, tariffs and regulatory uncertainty are among the largest challenges faced by South-east Asia’s trade networks. But the region’s businesses are finding new ways to keep their supply chains resilient through deeper integration with digital tools, according to Standard Chartered (StanChart).

Fresh off the back of substantial conclusions to Asean’s Digital Economy Framework Agreement (Defa) in Kuala Lumpur on Oct 24, this digital wave can help the region drive greater inter-region trade and inclusivity.

Sunil Kaushal, StanChart’s co-head of corporate and investment banking and chief executive officer of Asean and South Asia, noted that a majority of regional corporates were expecting supply chain realignments to increase costs by about 10 to 19 per cent.

In response, up to 70 per cent of South-east Asian businesses are setting in motion plans to digitalise their supply chain management, based on a study by StanChart in September.

This includes using digital supply chain finance platforms, which help businesses use data to optimise their use of cashflows and working capital.

“These platforms also enable transparency, reduce friction and speed up payments, supporting suppliers, buyers and smaller Asean businesses,” Kaushal noted.

Additionally, the use of artificial intelligence (AI) provides businesses with crucial cost-saving and productivity-boosting capabilities, such as predictive analytics, real-time fraud monitoring and reducing human error, he said.

“AI and big data have massive potential to improve productivity, visibility and efficiency of supply chains,” Kaushal added.

He noted that developing innovations such as programmable money – where rules and conditions about payments can be embedded via smart contracts – are also likely to transform supply chain finance.

Digital economy is key to regional integration

Asean’s younger demographics, paired with progressive regulations, have enabled the region to swiftly adopt many such digital tools, Kaushal said.

“Investments in digital transformation, regulatory and legal digital economy frameworks are central to trade resilience.” They enable businesses to be agile, help overcome trade barriers, and strengthen Asean’s position as a trade bloc, he added.

Improving intra-regional trade in South-east Asia has become increasingly critical to Asean’s economic ambitions, as the region’s leaders highlighted during the Asean Summit in October.

South-east Asia’s digital economy remains a critical aspect of greater regional integration.

Prior to the summit on Oct 24, regional economies announced they had reached a substantial conclusion on the Asean Digital Economy Framework Agreement (Defa). The pact is set to be signed next year, in an effort to boost cooperation across a range of areas including digital trade, e-commerce and cross-border data flows.

Such digital integration could hold the key to inter-regional trade resilience, said Kaushal. Cross-border tools, such as cloud-based corridors between Singapore, Indonesia and Malaysia, could aid South-east Asian countries in turning to each other rather than extra-regional hubs, he noted.

Kaushal added that a stronger digital economy would work in parallel with greater inter-regional trade and supply chain corridors, such as the Johor-Singapore Special Economic Zone, with e-commerce among the most promising sectors to tap on infrastructure growth.

“Driven by the region’s youthful, tech-savvy population and the rapid expansion of digital channels, we see a clear trend of re-shoring and proximity manufacturing to serve Asean demand,” he explained.

Malaysia’s Minister for Investment, Trade and Industry Tengku Zafrul Aziz had noted earlier in the year that e-commerce trade under Defa could hit US$2 trillion by 2030.

The framework would also ensure greater inclusivity for over 70 million small and medium-sized enterprises (SMEs) in the region’s digital transformation, Zafrul said.

Such smaller enterprises and suppliers, Kaushal added, also stand to benefit from adopting digital supply chain finance platforms – these can help cascade financing to smaller suppliers, making supply chains more inclusive and resilient.

Government and industries must work together

Crucially, governments and industry partners will need to effectively expand access to trade financing to such smaller players, enabling them to integrate into global value chains.

Kaushal noted that such cooperation between governments and industries is critical to maintain the region’s competitiveness within global trade.

Further cooperation could include the acceleration of digital and data interoperability to integrate trade and financing platforms across borders, and greater strategic investment in logistics, ports and digital infrastructure like data centres.

Efforts to harmonise customs, procedures and standards would also enable South-east Asia to integrate more effectively as a trade hub, he added.

StanChart’s report also noted a greater demand among regional respondents to diversify their supply chains geographically, to reduce overreliance on any single trade corridor.

Likewise, ties from beyond the region are being forged with South-east Asia’s economies as global supply chains undergo a major recalibration.

Asean’s economies signed with China an upgraded “3.0” version of their free trade agreement on Oct 28, which will include sections on the digital and green economy, among other new industries.

In September, Indonesia signed a pact with the European Union (EU), joining other South-east Asian countries Singapore and Vietnam in establishing bilateral free trade with the bloc. The EU is also in talks with Malaysia, Thailand and the Philippines for similar deals.

Kaushal noted, however, that he expects the US to maintain its position as a major trade partner for the region.

“The US continues to be an important market and innovation hub, given its technology leadership and substantial consumer base, and many corporates plan to maintain or expand their presence there,” he said.

StanChart said that it is actively supporting South-east Asian clients in using strategic levers to tap on these trends.

“As production bases diversify and intra-Asean trade deepens, our focus is on helping clients stay ahead,” said Kaushal.

A deep cross-border network and on-the-ground presence across 54 countries, he noted, enables StanChart to help clients navigate shifts in global and regional supply chains.

“This involves connecting them across emerging trade corridors, supporting their liquidity and risk management needs, and enabling their digital transformation so they can capture opportunities in this dynamic and interconnected region.”

Source: The Business Times, 3 Nov 2025 (Forging resilience: How South-east Asia is digitalising trade to overcome headwinds - The Business Times)

[SINGAPORE] Seven young companies from Singapore, Malaysia and Hong Kong bagged top honours for their innovative and sustainable solutions at the 2025 Emerging Enterprise Awards on Thursday (Nov 20).

Now in its 18th year, the annual Emerging Enterprise Awards recognises the innovation, resilience and excellence of businesses under 10 years old across the region. It is jointly organised by The Business Times and OCBC Bank.

Nearly 600 applications from a range of industries were received this year, with over a third from Hong Kong, Indonesia and Malaysia. Thirty companies made the cut as finalists.

Singapore-based Evo Commerce and Mesh Bio, together with Malaysia-based Dodo Ventures, were the three winners of the Emerging Enterprise Award.

The category celebrates early-stage enterprises with enterprising mindsets that drive consistent, significant and sustainable growth, leading to excellent business performance. These businesses also displayed the ability to scale and expand overseas.

Evo Commerce offers premium but affordable grooming and beauty products under its flagship brand, Stryv. These include hairstyling tools, grooming devices, oral-care solutions and co-branded products with brands such as Disney and Sanrio.

Stryv has 17 retail stores in Singapore and Malaysia, along with an online presence in these markets and in Hong Kong. It plans to expand into Indonesia, Taiwan, the Philippines, Thailand and beyond.

Mesh Bio is a healthtech company specialising in clinical decision support and automation for the management of chronic diseases. It serves the markets of Singapore, Indonesia, Philippines and Hong Kong.

Its flagship product, the Dara Health Intelligence Platform, integrates patient data to deliver predictive analytics and personalised care. It has also developed HealthVector Diabetes, a medical device using proprietary digital twin technology to predict chronic kidney disease in diabetes patients.

Malaysia-based Dodo Ventures has rolled out skincare brand Dododots, which makes pimple patches. Operating in a niche acne-care segment, the company has redefined acne care with effective and stylish skincare solutions.

It currently serves markets in the Asia-Pacific, the Gulf Cooperation Council, North America and Latin America through direct operations and distributor partnerships.

At the awards ceremony held at the JW Marriott Hotel Singapore South Beach on Thursday evening (Nov 20), Low Yen Ling, Senior Minister of State for Trade and Industry, said the awards are a launchpad for visionary, early-stage enterprises that are ready to scale, and that the winners benefit from financing, media publicity and consultancy support.

Low, who is also Senior Minister of State for Culture, Community and Youth, noted that Singapore enterprises have continued to seize opportunities abroad, reinforcing Singapore’s reputation “as a dynamic hub for innovation and enterprise”.

Their internationalisation efforts will propel them to “the next bound of growth”, especially as regional markets mature, she said.

It is also inspiring to see young enterprises making sustainability a core part of their business, she added, noting that many have adopted circular-economy models, low-carbon technologies and responsible sourcing.

The Emerging Enterprise Sustainability Award was conferred on three companies: Singapore-based Hydroleap, Malaysia-based Green Environmental Engineering, and Hong Kong-based My Care Healthcare.

The award recognises emerging enterprises capitalising on growth opportunities in the green economy. These businesses have prioritised sustainability and leveraged technology and innovative solutions to make the transition towards becoming low-carbon.

Hydroleap is a Singapore greentech company that offers sustainable and cost-effective wastewater treatment solutions. Using electro-coagulation and electro-oxidation technologies, it delivers chemical-free, automated, plug-and-play systems for industrial wastewater, cooling towers and desalination processes.

Malaysia’s Green Environmental Engineering delivers integrated sustainability solutions for environmental challenges such as renewable energy integration, wastewater treatment and air pollution.

Its offerings include activated carbon manufacturing and reactivation, dust collectors, scrubbers, biomass, waste-to-energy facilities, as well as the proprietary PureFlux Carbon Capture and Storage System.

Hong Kong’s My Care Healthcare manufactures food for patients with difficulty swallowing, and for those with diabetes and kidney disease, on top of innovative eating utensils for swallowing disorders.

The company primarily caters to seniors aged 65 and over, especially patients with chronic illnesses. It operates food factories that focus on reducing waste, lowering consumption and maximising recycling.

The Most Promising Start-up Award was handed to Hivebotics, a Singapore startup in the field of artificial intelligence-driven facility management robotics.

The award recognises startups that have developed a unique and commercially viable idea with potential to be sustained in the long run.

Hivebotics has developed Abluo, an autonomous restroom cleaning robot that handles complex cleaning tasks traditionally performed by humans. It can clean toilets in just five minutes, enabling significant cost savings.

Beyond toilet cleaning, the company offers multifunctional facility-management solutions such as advanced chemical water jets and high-pressure steam systems.

All six winners of the Emerging Enterprise Award and Emerging Enterprise Sustainability Award categories will receive a two-year interest-free term loan of up to S$200,000 – or their local currency equivalent – from OCBC, on top of a consulting package from RSM Singapore worth S$15,000.

The winner of the Most Promising Start-up Award will receive a two-year interest-free term loan of up to S$100,000 from OCBC.

All will be featured in BT’s print, digital, social media, radio and podcast channels in Singapore and the region.

BT editor Chen Huifen said: “The quality of entries this year – both in innovation and growth potential – reaffirms why this award remains one of the most prestigious benchmarks for emerging enterprises in the region.”

Christie Chu, head of emerging business, international and global commercial banking at OCBC, lauded the courage of these entrepreneurs “to push boundaries and take bold steps” in the name of progress.

“Their achievements reflect unwavering dedication, disciplined execution and courage to pursue excellence – even in uncertain times,” she said.

The 2025 Emerging Enterprise Awards is supported by the Agency for Science, Technology and Research, Enterprise Singapore, Mastercard, Paia Consulting, Rajah & Tann Asia and RSM Singapore.

Source: The Business Times, 20 November 2025 (Seven companies from Singapore, Malaysia and Hong Kong bag top honours at the 2025 Emerging Enterprise Awards, Emerging Enterprise - THE BUSINESS TIMES)

FOOD and beverage entrepreneur Goh Mui Wi found herself in Bangkok earlier this year – not on holiday, but on a mission.

She was attending an overseas market workshop organised by the Singapore Business Federation (SBF), carefully evaluating how best to enter the Thai market for the next chapter in her company’s growth story.

“The workshop was critical to my decision-making process,” says Goh, founder of Full Circle Holdings, which operates several dining concepts in Singapore including Taki Izakaya Bar, Vibe Bistro and Taylor Adam. “After it, I felt much more connected and knowledgeable about the market.”

The former banker-turned-restaurateur had been studying Thailand’s landscape closely – from consumer preferences to business regulations. “Thailand’s market is vibrant and competitive, and consumer expectations are high,” she explains. “We needed to understand not only local taste preferences but also how to build the right partnerships on the ground.”

For Goh and many other Singapore entrepreneurs, Thailand represents both opportunity and challenge. Navigating foreign regulations, building trusted partnerships and understanding cultural nuances take time and expertise. That is where the SBF plays a vital role: to foster an ecosystem of knowledge, networks and collaboration that helps companies expand confidently across borders.

These efforts come as economic ties between Singapore and Thailand continue to strengthen. Last year, bilateral trade grew 6.4 per cent to reach $44.47 billion. Thailand was Singapore’s ninth-largest trading partner overall and its third-largest within Asean. On the investment front, Singapore has been among Thailand’s top investors since 2015 and became its largest foreign investor in 2024, contributing 357.5 billion baht (S$14.2 billion) – about 43 per cent of all foreign direct investment applications.

As Singapore companies look beyond their home market to tap into growth opportunities across the region and beyond, turning opportunity into strategy becomes key, and it starts with a clear understanding of each market’s legal and regulatory landscape.

Navigating the legal maze

For companies seeking to expand to Thailand, it requires more than ambition – it demands expertise, local knowledge and careful preparation.

Mahanakorn Partners Group (MPG) chairman and managing partner Luca Bernardinetti knows this first-hand. Based in Bangkok, the lawyer has spent nearly two decades helping Singapore companies establish operations in Thailand.

“Companies often underestimate Thailand’s complex laws and permit timelines,” he says. “Thai regulations limit foreign ownership and require Thai language documents, creating significant challenges for outsiders.”

The pitfalls are common – and costly. Rushing in without checking ownership rules, licenses and labour laws can lead to fines or forced restructures. Choosing the wrong local partner, often required due to ownership limits, can derail entire ventures.

“We’ve collaborated with SBF for about 10 years now, publishing an annual Investing in Thailand business report,” Bernadinetti adds. “It gives Singapore businesses a clear view of investment incentives, key sectors, and both opportunities and risks.”

Established in 2002, SBF is Singapore’s apex business chamber, championing the interests of the business community in trade, investment and industrial relations. With more than 32,000 member companies, SBF supported over 1,900 firms in their globalisation efforts last year through market entry advisories, partnership facilitation and business setup assistance.

Bernardinetti notes that cooperation between Singapore and Thai firms now extends beyond trade into technology, logistics and green energy, where Asean integration is opening new growth opportunities.

SBF’s support extends beyond Thailand, helping small and medium-sized enterprises (SMEs) tap opportunities in Vietnam, Indonesia, India, the Middle East and Europe, where local networks and market-entry expertise are crucial.

Getting future-ready

Among those in the SBF network helping SMEs expand in the region is Terence Ang, partner and head of advisory at RSM Singapore, a firm that provides audit, tax and advisory services to support business expansion at home and overseas.

Ang supports clients expanding across Asean, Hong Kong, China and beyond, with a focus on governance, digitalisation and financial readiness.

“Singapore companies are generally strong in governance and efficiency,” Ang says. “When entering Thailand or other overseas markets, the next step is becoming future-ready – by embracing digitalisation, sustainability and cross-border collaboration.”

RSM puts this into practice with clients like Allswell Trading, a Singapore distributor of wellness products and beverages including Red Bull. The firm helped replace outdated manual processes with digital systems, using Microsoft cloud tools and Power BI dashboards to modernise accounting and connect business data – enabling faster decisions, remote work and greater agility.

RSM also provides insights on regulatory shifts, tax compliance and business strategy for companies venturing abroad. “Our partnership with SBF allows us to reach SMEs that are serious about scaling regionally and globally but need structured guidance,” Ang says.

“To be future-ready, companies must be compliance-ready and stay ahead of regulations,” he adds. “Beyond meeting requirements, they must show partners that they’re actively greening their operations – that’s what makes them attractive in today’s market.”

A shared growth story

For entrepreneurs like Goh, this ecosystem of collaboration and knowledge-sharing provides businesses the confidence needed to grow beyond Singapore’s borders.

“SBF has been a key supporter in my decision to enter the Thai market,” she says. “Through the market workshop, which brought together local experts and industry players, I had the chance to interact directly with them to clarify uncertainties and ask questions.”

Looking ahead, Goh sees Thailand as part of a broader regional and global journey as she focuses on expanding the business beyond Singapore in the next 10 years.

“As a Singapore SME expanding into Thailand, I see myself contributing back to SBF as another success story,” she says. “With the right partners and preparation, we can build bridges across borders – one step at a time.”

Source: The Business Times, 26 Nov 2025 (Expert guidance, business insights, wide network: How companies can navigate new markets more easily - The Business Times)

MANILA, Philippines — Small businesses remain the backbone of Southeast Asia’s economy, generating two out of every three jobs across the region. Yet despite their vital role, micro, small and medium enterprises (MSMEs) continue to face systemic barriers that hinder their growth—chief among them, limited access to capital.

At the recently concluded Mastercard ASEAN Inclusive Growth Summit (AIGS), public and private sector leaders gathered to discuss how to turn these barriers into breakthroughs.

Fuse Financing Inc., the lending arm of GCash, a leading finance superapp and the largest cashless ecosystem in the Philippines, joined the dialogue as a key private sector partner accelerating access to capital, data and product innovation for MSME growth across the region.

The panel session, titled “Small business: From barriers to breakthrough,” featured Fuse Financing president and CEO Tony Isidro, ASEAN Business Advisory Council (ASEAN-BAC) Philippines chairman and Go Negosyo founder Joey Concepcion III and Beacon Fund co-founder and CEO Shuyin Tang, moderated by Mastercard Center for Inclusive Growth senior vice president for social impact Subhashini Chandran.

Isidro highlighted how digital tools are transforming credit access. In the Philippines, many MSMEs do not have access to formal lending because of lack of requirements, such as credit history.

“In the case of Fuse, we created a proprietary trust score, which we call GScore, which is in turn based on the MSME's footprint in the GCash ecosystem,” Isidro said. “Through GScore, we're able to remove the friction that's otherwise associated with formal lending—including collateral [and] additional documents.”

Isidro noted that this data-driven approach allows them to identify eligible MSMEs who otherwise would have to resort to informal channels with abusive rates and harassment, enabling them to borrow to expand their business "with dignity.”

He stressed that achieving sustained progress requires collaboration with like-minded partners.

“It's also important to note, and certainly for us, this is our belief, that no one organization can do that. It's this collaboration that will help move the needle for MSMEs in the Philippines,” the GCash official said. As of the third quarter of 2025, Fuse has disbursed a total of P323 billion ($5.5 billion) to 10.2 million unique borrowers. One in three borrowers are small business owners, three in five are women, and four in five come from the mass market. Each loan helps users build a digital credit record, empowering them to access better rates over time while encouraging responsible borrowing through clear repayment terms and flexible payment options.

Chandran, meanwhile, agreed that financing should be more accessible to MSMEs. “[One] of the things we noted is that the health of Southeast Asia's economy really depends on how we finance the missing middle of small and growing businesses,” the Mastercard official explained.

Representing the private sector, Concepcion emphasized that sustained progress requires long-term collaboration between business and government. “Big business, big countries who are able to have enough, should share with the smaller countries who have less,” he said. “[The] private sector cannot do it alone. You have to partner with your government. But it is not an overnight solution—it will take many years.”

From the investor’s perspective, Tang called for more targeted approaches to SME financing. “We really need to challenge ourselves to think a little differently about how [we can] localize our fund structures and models to meet what the market really needs,” she said.

The panel concluded that enabling MSMEs to thrive demands a comprehensive, multi-year approach anchored in strong public-private partnerships. Through collaboration and digital innovation, Asean economies can help small businesses scale proven solutions to ensure the vitality and stability of the region’s economic ecosystem.

The Malaysian state of Johor is debuting a sprawling new innovation sandbox, bolstering its plans to build a “regional champion” alongside the border with Singapore. 

The 7,300-acre development—named Ibrahim Technopolis (IBTEC)—is located within the Johor-Singapore Special Economic Zone, a new strategic partnership between Singapore and Malaysia meant to create over 20,000 jobs for people on both sides of the causeway. Designed to be Asia’s largest innovation sandbox, it will concentrate high-value industries like medtech, logistics, data centers and agritech. 

IBTEC, formally launched on Dec. 2, will make “production smarter, supply chains more resilient and operations more efficient,” said developer JLand Group, the real estate arm of Johor Corporation, in a press statement. 

The innovation park is part of a broader plan to tap Johor’s proximity to Singapore to attract investments from high-tech industry and other advanced manufacturing. 

Malaysia and Singapore formally launched the special economic zone earlier this year. Part of the agreement involves measures to make it easier to travel back and forth between Singapore and Johor, already one of the busiest land border crossings in the world. 

Officials have high hopes for the SEZ. The goal is to make it a “regional champion,” and not just “an industrial park with a nicer brochure,” YB Lee Ting Han, chair of the Johor State Investment, Trade, Consumer Affairs and Human Resources Committee, said at the Fortune Innovation Forum on Nov. 17. 

Johor, and Malaysia in general, offers lower costs and greater access to resources like land for foreign companies, even as these firms continue to base higher-value activities in more expensive Singapore. 

“While Johor offers land and scale, Singapore offers capital and speed. So this is the opportunity that I feel we need to capitalize [on], where we can complement each other,” Datuk Syed Mohamed Syed Ibrahim, Johor Corporation’s president and CEO, told the audience at the Fortune Innovation Forum on Nov. 17.

Tapping the data center boom

Demand for data centers has skyrocketed in response to the AI boom. Southeast Asian countries are hoping to attract new data center investments from operators looking for cheap power and proximity to booming markets in the region. 

New economic complexes like IBTEC have sprouted in response, designed to house and manage critical IT infrastructure providing computational power to train AI models on vast datasets. 

Singapore’s small land mass and costly industrial power tariffs have pushed investors to look north; Johor’s power tariffs stand at 13.5 cents per kilowatt-hour, almost half of the 23.9 cents charged by its neighboring city-state.

StepEast, a data center hub within IBTEC, has already secured more than 30 billion Malaysian ringgit ($7.28 billion) in investments from 11 international operators, reported the Business Times, a Singaporean newspaper. This includes big tech conglomerates like Microsoft.

“We are building the infrastructure, systems and execution capacity so that investors can come in faster and grow with more certainty,” Datuk Sr. Akmal Ahmad, the group managing director of JLG and JCorp’s director of real estate and infrastructure division, said in the Dec. 2 statement. 

Data center operators are paying attention. “Johor is adding data center capacity at a speed and scale I’ve not seen ever anywhere else,” Rangu Salgame, CEO of Singapore-based data center operator Princeton Digital Group, told Fortune in April.

Benefits for local businesses and SMEs

Despite being a project of massive scale, IBTEC will focus on the needs of SMEs and local Malaysian businesses, JLG added. The development will offer them shared facilities and plug-in spaces, where they can collaborate with larger industry players.

“We will measure IBTEC’s success not only by the investments it attracts, but by how it helps Malaysians and Johoreans move up the value chain—as workers, entrepreneurs and communities,” said Akmal Ahmad. “That is how we intend to prove the real impact of this ecosystem.”

“We really need to be able to connect our SMEs to global supply chains and to create brands owned within the zone,” Lee, from the Johor state government, said at the Fortune Innovation Forum.

IBTEC will also enable Malaysian start-ups to better partake in regional supply chains, open new doors for local entrepreneurs, and further the Southeast Asian nation’s goal of achieving sustainable, innovation-led development.

“IBTEC is an investment for the next generation, and a signal that Johor is ready to compete on a different frontier,” Syed Ibrahim added in JLG’s press statement. 

Malaysia as a whole has attracted 285 billion Malaysian ringgit ($69 billion) in approved investment (or proposed investment projects that have received all the necessary licenses) in the first three quarters of the year, up 13% year-on-year, according to a Dec. 3 report from Nomura. The state of Johor alone is responsible for almost a third of that total, with investments into the state totaling 91 billion ringgit ($22 billion) in the first nine months of 2025.

Nomura now expects Malaysia’s economy to grow by 5.2% next year, up from an earlier forecast for 4.0%. “We expect strong investment-led growth to persist into 2026, sustained by the implementation of more reforms and infrastructure projects, and progress in the Johor-Singapore Special Economic Zone (JS-SEZ),” Nomura’s analysts wrote in their Dec. 3 report. 

Source: Fortune, 9/12/2025 (https://fortune.com/2025/12/09/johor-launches-ibtec-singapore-sez-data-centers/)