By Susan Leong

Banking convenience

OCBC Bank is the main sponsor of the Rotary-Asme Entrepreneur of the Year Award (EYA) for the seventh year running, a testament to its commitment to entrepreneurship and industry development.

OCBC Bank believes that banking should be simple, fast and convenient, and this includes understanding the profile and distinct characteristics of its SME customers and the industries to which they belong.

In July, it became the first bank to open a full-service business banking centre in an industrial estate.

The Ubi Business Banking Centre offers services such as account opening with immediate issuance of a cheque book, which is an industry first, business loan applications, on-the-spot trade finance and advisory services with sameday issuance of letters of credit, shipping guarantees and trust receipts.

OCBC Business Banking Centres are also located in areas with a high concentration of corporate customers, including Ang Mo Kio, Bedok, Jalan Besar, Jurong, Orchard Road, Raffles Place and Toa Payoh.

Other services that make banking a breeze include the OCBC BizExpress, a complimentary mobile van collection service where customers can deposit cheques, trade finance, and remittance documents for same-day processing; Quick Cheque Deposit boxes located at SME-dense industrial parks and Shell and Caltex petrol kiosks islandwide; and eAlert@ocbc services in English and Chinese to provide updates via SMS and e-mail on the movement of funds.

The bank also provides training on the use of industry services. Mr Linus Goh, global head, Enterprise Banking and Financial Institutions, OCBC Bank, says: 'The OCBC Trade Academy conducts short courses to help customers manage their cross border trade effectively.

These practical hands-on sessions, covering letters of credit and other trade instruments, are very well received, and SMEs have sent their new and exising staff for introductory courses as well as updates.'

A hotline is set up after each course to guide the attendees in their daily applications. 'Different industries have different needs which may arise from the nature of their trading relationships and supply chains to cross-order communications to supply chains,' says Mr Goh. 'We've developed competencies according to industry so that we can tailor appropriate solutions for our SME customers.'

A toast to innovation

Entrepreneurship is characterised by the courage to stand out from the crowd, the ability to think out of the box and the perseverance to triumph against the odds.

Saluting the spirit of entrepreneurship are Martell, title sponsor for Enterprise (a sub-category award) and official cognac for EYA 2008, and Lexus, title sponsor for Innovation (a sub-category award).

'For centuries, Martell has been the cognac of choice among aspiring individuals, people who have the confidence to achieve success and take themselves to greater heights,' says Mr Paul-Robert Bouhier, managing director, Pernod Ricard Singapore, the company which represents Martell here.

He adds: 'Entrepreneurs are innovators, and in a small country like Singapore that does not have natural resources, we rely heavily on this pool of educated, talented and enterprising individuals to play a key role in creating a vibrant and sustainable economy.'

Lexus, an Innovation partner for EYA, hopes to inspire entrepreneurs to continue to challenge themselves and seek to innovate in order to grow their business.

Mr William Choo, commercial director, Lexus Sales, Borneo Motors (Singapore) says: 'If you look at people behind the successful SMEs, you'll find that they possess a deep vision, are very passionate, and dare to take risks.

'They meet challenges head-on and are also great innovators. Likewise, Lexus has taken on many challenges and has innovated through technology, such as the introduction of the Lexus hybrid drive.'

'To meet the challenges for a luxury car that is high-tech, supremely comfortable, top of its class and yet protects the environment, we launched the Lexus LS600h.'

He acknowledges that not all SMEs are at the same level of development, and urges those who need a leg-up to leverage on the many schemes offered by government agencies such as Spring Singapore, IE Singapore and the Economic Development Board.

This article was first published in The Straits Times on October 22, 2008.