UOB Malaysia launches The Business Circle for next-gen leaders of family-run firms

KUALA LUMPUR: UOB Malaysia has launched 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.

In a statement, UOB said members of The Business Circle will gain exclusive access to knowledge exchange, region-wide networking opportunities for potential collaborations, and tailor-made financial support from the bank.

The initiative began in Singapore in 2019 and was introduced in Thailand last year. It 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, UOB said.

UOB Malaysia chief executive officer Ng Wei Wei said family businesses, which constitute over 60% of publicly-listed companies and an even larger share of private companies in Asean, 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,” she said.

Ng added, “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.”