By Choo Rui Qi Rachel, Ouyang Huixian, Phua Fabian and Teo Pai Loong

IF rice and sugar sound like ingredients for a recipe, then this particular one wouldn't be complete without a dash of business savvy and the latest trading platforms. All combine to explain why Singapore-based trading firm Wee Tiong laughed its way to the bank last year as sugar prices jumped and its profits hit record highs.

It wasn't too long back when the firm faced an uphill climb as the Singapore market opened up to free imports and quickly became saturated. In the late 1990s, Tan Siong Kern, founder of Wee Tiong Pte Ltd, felt that he must venture overseas to remain competitive. The firm (named after his son) would grow quicker than anyone expected and is now a leading commodities trading company in the region.

Average annual turnover has been clocking past $200 million for the last few years. And for five consecutive years, the company has clinched the prestigious Enterprise 50 (E50) Award, given to the top small and medium-sized enterprises in Singapore. Wee Tiong has also been recognised by IE Singapore and put under the Global Trader Programme for six straight years. Its success story would be the dream of every budding entrepreneur.

Incorporated in 1993, Wee Tiong Pte Ltd is an established regional rice and sugar importer and wholesaler. It sources rice supplies mainly from Thailand and Vietnam, and has successfully built up household brands such as Golden Royal Jewel in Singapore. Its products can be found in most major supermarkets and provision shops. While local sales make up 7 per cent of Wee Tiong's total sales, the majority of its revenues are generated from overseas sales in Indonesia, The Philippines, and Malaysia, among others. Wee Tiong's customer base spans not only the South-east Asian region but also the Middle East.

The company operates with a small workforce of less than 30 employees. Tan Wee Tiong and Tan Wee Beng, both directors of the firm and sons of Mr Tan Siong Kern, handle the finance department and the trading arm of the firm, respectively. Mr Tan Wee Beng explained that by keeping the workforce lean, he is able to streamline efforts and manage human capital effectively.

Graduating from Nanyang Technological University with a degree in engineering, Mr Tan Wee Beng was roped into the family business by his father and brother. Despite having no prior knowledge of the world of commodities trading, he made a swift impact on the business by redesigning Wee Tiong's business model and bringing fresh ideas to the company. Understanding that technology is crucial for Wee Tiong to remain competitive, Mr Tan took the initiative to refine business and administrative procedures as well as upgrade his staff in terms of the latest trading knowledge and technology trends.

Within a few months, Mr Tan organised a team of traders to supply high value-added information to customers and suppliers to assist them in their decision making. To equip and enhance its staff with the necessary skills, Wee Tiong sends every trader to attend courses at MFGlobal, a leading US commodities trading brokerage, regularly. Armed with the latest financial instruments and trading platforms, the trading team is able to convey timely, critical information on the global demand and supply situation to clients. This service is highly valuable because many of Wee Tiong's customers overseas do not have access to such information.