News Release - 30 March 2024

UOB Malaysia launches The Business Circle to empower next- generation leaders of family-run businesses

Kuala Lumpur, Malaysia, 30 March 2024 – UOB Malaysia today announced the launch of The Business Circle in Malaysia, an initiative to help prepare the next generation leaders of Asia’s family-led firms to run their businesses and fast track growth.

First introduced in Singapore in 2019 and Thailand in 2023, The Business Circle now has a community of more than a thousand family-run businesses, from large corporates to small- and medium enterprises (SMEs) across the region, including Malaysia. As members of The Business Circle, participants will gain exclusive access to knowledge exchange, region-wide networking opportunities for potential collaborations, and tailor-made financial support from the Bank.

Ms Ng Wei Wei, Chief Executive Officer of UOB Malaysia, said, "Family businesses constitute over 60 per cent of publicly listed companies and an even larger share of private companies in ASEAN¹, and play a pivotal role in driving Malaysia’s and the region’s continued economic growth. With the Business Circle, we aim to leverage UOB’s extensive regional footprint and expertise to provide Malaysia’s next-generation leaders of family-led firms with a platform for knowledge exchange and networking across borders and industries. This is to ensure that the younger generations have the right knowledge, capabilities and connections to bring their businesses to greater heights.”

Initiative supports participants through connectivity and sustainability themes
In conjunction with the launch of the Malaysian edition of The Business Circle, the Bank curated a two-day programme to enable peer learning, knowledge-sharing, and networking.

The programme consisted of an Industry Visit (held on 26 March 2024), an Executive Learning Forum (held on 27 March 2024 afternoon), and a Launch Dinner (held on 27 March 2024 evening), with a focus on the current critical business drivers - Sustainability, Regional Expansion, and Digitalisation.

Ms Ng added, “Having worked with businesses across generations, we understand that every generation of leaders face different sets of challenges. Our clients who are heads or founders of family businesses want to ensure that their successors are equipped to drive growth and sustainability, navigate challenges while maintaining the legacy of the business. Hence, many have expressed their appreciation for The Business Circle initiative as it gives their next generation leaders the exclusive opportunity to learn from successful business leaders as well as to connect with local and regional peers who are on the same path as them.”

The Industry Visit hosted by Pet World International, gave participants an opportunity to learn how its Chief Executive Officer, Mr PY Choy, a second-generation leader successfully transformed his family business from a domestic trading company into one of Malaysia’s leading pet food and chocolate brands.

At the Executive Learning Forum, participants had the opportunity to hear first-hand from one of Malaysia’s greatest visionary business leaders, Tan Sri Sir Dr Jeffrey Cheah KBE AO, Founder and Chairman of Sunway Group, about his experience in building a strong and sustainable business that thrives across generations. This was followed by a panel session featuring Mr CY Lim, Group CEO of Yinson Holdings Berhad, as well as Mr Steven Yeah, CEO of ValueMax Group Ltd and Ms Phuay Li Ying, Managing Director of PlanetSpark Ltd from Singapore. The next-generation leaders shared candidly about their growth strategies, the challenges they face and how they turn these challenges into opportunities.

In the evening, the Bank held the Launch Dinner at the Grand Hyatt Kuala Lumpur, graced by YB Liew Chin Tong, Deputy Minister of Investment, Trade, and Industry Malaysia. During the dinner, Ms Ng Wei Wei moderated a dialogue with YB Liew who shared about Malaysia’s growth opportunities and encouraged next-generation business leaders to embrace the nation-building mindset to accelerate the growth of their businesses and the nation concurrently. The Launch Dinner, an evening of networking and celebration of new beginnings, was attended by business owners and their successors, Government bodies such as MITI, MIDA, Matrade as well as industry partners.

¹Embracing change: Future-proofing family businesses in S-E Asia, The Business Times Online, 7 Feb 2024