A whole new towkay* world

It’s never easy running a business. It’s even tougher for small-and-medium-enterprise (SME) owners facing tech disruptions. A handful of SME owners may view technology as a threat, some may see it as a game-changer, and many others may not know how to harness the power of digitalisation.

SMEs make up about 99% of businesses in Singapore and employ 70% of the nation’s workforce. They also contribute to nearly half of the country’s GDP. With such high stakes involved for Singapore, DBS and Singtel co-founded 99%SME to help SMEs go digital, market their businesses online, expand their customer base, and open doors to new opportunities.

Powering the 99SME B2B platform is the technology developed by local start-up SourceSage. We speak with the SME’s CEO and co-founder Sim Jian Min to find out more about the development of 99%SME.

Sim Jian Min (right), CEO and co-founder of SourceSage, which was started with his father John Sim (left)

1. How did the 99%SME journey begin for SourceSage?

SourceSage participated in an idea hackathon organised by the DBS innovation team at DBS Asia X. We were invited as a technology provider, along with other commodities players. SourceSage was approached by DBS after that to build a B2B platform under the 99%SME initiative.

2. What business challenge does the 99SME B2B platform address?

The platform lowers the barrier to entry and increases the number of business opportunities for SMEs and start-ups. It achieves that by aggregating requests for quotations (RFQs) by multinational corporations (MNCs) and presenting them online to SMEs and start-ups. Business owners can make use of features such as B2B payment gateway, flexibility in payment terms, request for financing, and counter bid/offer system which imitates B2B negotiations and transactions that typically occur offline via phone calls, emails or face-to-face meetings.

3. What makes the 99SME B2B platform different from other commerce marketplace platforms out there?

The 99SME B2B platform is unique in many ways. It grants SMEs access to supply chain connections, financing, and payment solutions that are usually only open to large corporates or MNCs. These are typically absent in many B2B marketplaces.

The platform also focuses on having anchor buyers that publish their RFQs and business opportunities, instead of just displaying supply streams. Numerous large MNCs have supported the movement as anchor buyers to facilitate and kickstart the platform.

The 99SME B2B portal enables SMEs to get started with online sales, reach out to more customers, offer omni-channel capabilities and get more business insights.

4. Other than creating a unique proposition, what is the most exciting aspect of the 99%SME journey?

That has to be working together with DBS to understand user pain points. We are a technology provider and we relish in using our strengths to address such challenges.

5. Sounds like a huge sense of satisfaction. What were some of the challenges working on 99%SME?

Our technical capabilities were put to the test. We were happy to be able to deliver on our promise and the platform features in time. We are still working closely with DBS to develop further enhancements to the platform.

6. Can you describe your experience working with the DBS Startup Xchange team to bring 99%SME to life?

The Startup Xchange is very helpful in terms of offering advice on the features of the platform, connecting us with potential users and in facilitating meetings with the right stakeholders within DBS. Our journey would not have started without the mini-hackathon organised by them in the first place!

7. What is your product road map and vision for 99SME B2Bplatform?

Our vision for the 99SME B2B platform is for it to become a global B2B platform. We want to enable more connections between Singapore’s SMEs and the global buyers.

From a product perspective, we aim to develop an international telegraphic transfer (TT) payment system with loan and financing features for overseas transactions. We also want to incorporate other overseas B2B platforms and government sites into the 99%SME platform through Application Programming Interface (API) integration.

Jian Min is the CEO of SourceSage, a B2B fintech company that aggregates and delivers real-time market intelligence and business opportunities. Headquartered in Singapore with operations and offices across Asia, the company is one of the start-up partners that the DBS Startup Xchange team works with to address DBS and its clients’ business challenges by harnessing emerging technologies. SMEs can register for their company to be on the 99%SME B2B portal here.

*A colloquial term that refers to a business owner