Elevating the SME experience with Alliance Bank

Alliance Bank is buzzing with activity on a Monday morning, as we meet for coffee to talk about their ongoing efforts in the SME sector. Long regarded as one of the leading banks when it comes to SMEs, Alliance Bank is now punching above its weight to differentiate itself from a sea of competitors.

In the words of its genial Group Chief Executive Officer, Kellee Kam, “We are one of the fastest growing banks with a strong focus on SMEs, and when we created the BizSmart® Challenge in 2013, we were the first bank to organise a competition to find standout SMEs and empower their business in every stage of their business life cycle.”

“Fast forward to a decade later, we decided that we needed to take things up a notch. We changed the format and created even more value for entrepreneurs. That’s why the latest edition of the Alliance Bank BizSmart® Challenge Accelerator Edition has been so impactful.”

It’s time for a quick flashback: The Alliance Bank BizSmart® Challenge was established in 2013 with the vision of nurturing Malaysia’s small and medium-sized enterprises (SMEs). Recognising the pivotal role SMEs play in the nation’s economy, Alliance Bank aimed to create a platform that would provide these businesses with the necessary tools, mentorship, and exposure to thrive.​

In its inaugural year, the BizSmart® Challenge attracted a diverse group of entrepreneurs, setting the stage for what would become a cornerstone initiative in Malaysia’s entrepreneurial ecosystem. The programme offered participants a combination of business training, coaching, mentoring, networking opportunities, brand exposure, and financing options. Over the years, BizSmart® Challenge has evolved, incorporating innovative elements such as reality TV business challenges and social media pitching formats to engage a broader audience and provide participants with real-world exposure.​

By 2020, BizSmart® Challenge had received over 2,200 submissions in total and empowered more than 155 finalists, awarding over RM4 million in cash, product sponsorships, and media coverage prizes. The programme’s success stories include notable Malaysian brands like Christy Ng, myBurgerLab, Amazin’ Graze, Signature Market, BloomThis and many more, which have since become household names.

Then came Covid-19.

Says Dr Aaron Sum, Group Chief Strategy and Transformation Officer: “Covid-19 changed the SME landscape. Many entrepreneurs were tested to the very limits, while others started up and learned to survive in the harshest of conditions.

Malaysians are always entrepreneurial, it’s in the blood, and we as a bank have always believed in supporting their evolving needs. Today’s SME owners are more savvy about the funding landscape. Hence, to serve them more effectively, and to commemorate its 10th anniversary, we at Alliance Bank introduced the BizSmart® Challenge Accelerator Edition.

This iteration expanded eligibility criteria to include Malaysian-registered SMEs operating between 1 to 10 years with annual sales turnovers ranging from RM500,000 to RM40 million. The Accelerator Edition also provided finalists with opportunities to pitch their business plans to venture capital investors from 1337 Ventures and private equity from 5X Capital, offering potential for long-term partnerships and investment funds.”

Continues Kellee Kam, “Involving venture capitalists, private equity investors and government organisations like Cradle MYStartup and Credit Guarantee Corporation Malaysia Berhad (CGC) was a category first: no bank has gone this far in its SME efforts. We understand that diverse SMEs face different challenges and may have differing needs for various kinds of funding.”

“Similarly, we realise there is a great amount of capital looking for profitable deployment, and therefore we at Alliance Bank are providing the bridge between SMEs and funders. We’re very committed to living up to our brand promise of being “The Bank for Life” and providing tailored solutions for every stage of an SME’s journey.”

“I am happy to say that the 2024 Alliance Bank BizSmart® Challenge Accelerator Edition attracted a record-breaking 593 submissions, the highest since its inception. Participants underwent a rigorous selection process, including a four-day accelerator programme, business coaching sessions, and multiple pitching rounds. Bikesh Lakhmichand of 1337 Ventures kindly conducted the Accelerator programme. We also had Alliance Bank’s senior management, 5X Capital, Gobi Partners, amongst a few to conduct business coaching to further strengthen our programme offerings to the participants.”

“We also hosted an inaugural BizSmart® Business Conference where multiple speakers from various walks of life, as well as BizSmart® Challenge’s past alumni; sharing advice to our audience. This too, as far as I know, was a first for the banking category.”

Adds Kellee, “One of the special highlights of this programme for me was the Elevator Pitch. The top 30 shortlisted entrepreneurs pitched to us in an elevator, in the tight 60-second timeline. It was eye-opening to see the passion and talent they had, and to see how they artfully crystallised their business proposition into 60 seconds!”

The lineup of distinguished judges and investors featured Kellee Kam, Bikesh Lakhmichand, Founding Partner & CEO of 1337 Ventures, Natalie Tan, Partner at 5X Capital, Raymond Chui, Group Chief Business and Transaction Banking Officer of Alliance Bank, along with Category Award sponsor representative Sean Tan, Chief Business Officer from CGC, and Ecosystem Partner, Norman Matthieu Vanhaecke, Group Chief Executive Officer of Cradle.

Raymond Chui, Group Chief Business and Transaction Banking Officer, Alliance Bank, elaborates: “The top 10 finalists and 3 wild cards competed for a share of RM550,000 in cash prizes, with additional benefits such as preferential financing of up to RM20 million from Alliance Bank. This is a huge boost to the SME landscape, and our competition has generated over 3 million views online.  This is truly historic and shows that we as a bank are dedicated to adding value to the community.”

The top 10 finalists and 3 wild cards witnessed companies from across the length and breadth of Malaysia. These ranged from a 4^th generation coffee business in Penang which started in 1944, to a children-friendly food products manufacturer, a new age AI application start-up and a supplements company.

Eventually, after rounds of pitching and serious deliberation amongst the jury, the top three winners of the 2024 BizSmart® Challenge were:​

BioLoop: A biotechnology firm focused on sustainable waste management, converting food waste into high-protein animal feed and organic fertilisers.​

Gula Cakery: A bakery chain known for its rustic cakes and baking classes, emphasising quality and community.​

HiiVolt: Malaysia’s first provider of extended warranties for hybrid vehicle batteries, supporting the green automotive industry.

These winners exemplify the innovation and resilience that the BizSmart® Challenge seeks to cultivate.

Says Kellee Kam, “From the winners, you can see that the Malaysian entrepreneurial spirit is thriving, from F&B, retail and extending to sustainability and tech. It’s a fascinating variety, and we’ve made a documentary film out of the whole experience, to share the journeys of these SMEs with a wider audience. While I was wondering how it would turn out when it was being shot, and whether a relatively dry tale about funding SMEs would be watchable, I have to say I am pleasantly surprised by the output.”

“It’s a story worth watching, and it is the first ever feature-length film on SMEs made by a bank. We screened it for the finalists and their families, and we will be launching it in June to a wider audience on digital platforms. It isn’t a film about bankers, rest assured. We want to get the message out there that Malaysia has many heroic entrepreneurs, and we should all be encouraged and inspired by them.”

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