Financial Services

Staff Reporter

, Singapore

Published:

1 year ago

210 views

Photo from press release. Anna Chang, Head of Middle Market and Services of OCBC, with Adam Piperdy of Unearthed Group and Lionel Lee of Westpoint Transit Pte Ltd

OCBC sets loan target of $5b for serial entrepreneurs

The bank also expanded its coverage to more territories in the region.

OCBC Bank plans to lend $5b to entrepreneurs who own multiple small, early-stage businesses in Singapore, Malaysia, Hong Kong, and Indonesia by 2028.

This includes the $1.5b that has been disbursed to more than 1,800 serial entrepreneurs in Singapore and Malaysia since the bank launched its lending programme in 2019.

The bank also announced that it will expand the loan programme to more territories. It was recently launched in Malaysia in July, following a nine-month pilot.

It will be introduced in Hong Kong by end-2025, and subsequently in Indonesia.

The bank said it sees a sizable potential customer base in this segment, with one in three new businesses incorporated in Singapore belonging to an entrepreneur who has at least one other business.

Under this lending scheme, OCBC reviews the entrepreneur's experience, business track record, and overall business strategy across their group of companies.

Anna Chang, Head of Middle Market and Services at OCBC, said that the bank focused on enabling serial entrepreneurs to build, scale, and exit businesses with confidence and agility.

“Our approach turns the founders’ portfolio of companies into a platform for growth. We are confident this founder-first proposition will resonate strongly across our other core markets,” Chang added.

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