EY's Max Loh on seizing opportunities with a global perspective

Amidst a crisis, SMEs and local businesses need to navigate the ‘Now, Next and Beyond,’ he says.

Max Loh can vividly recount the instances where he brought together teams across various geographies at short notice to impactfully deliver on client engagements. This is the culture of exceptional client service that he advocates throughout his career with EY, where he is now the managing partner for Singapore and Brunei and the organisation’s ASEAN IPO leader. “Successfully delivering value-added outcomes for clients is what drives us forward,” he says.

With years of audit and business advisory experience, Max works with clients from a broad range of industries, including technology, F&B, manufacturing, trading, and financial services. For him, the demand and business opportunities will return in due course for SMEs, but the ability to provide competitive products and solutions will be key.

“With globalization, notwithstanding the recency of pushbacks, the world is your oyster. How enterprises equip themselves to take advantage of this will determine how they remain relevant and survive—or thrive—in a volatile and uncertain world,” he noted.

In an interview prior to the SBR Awards, Singapore Business Review talked to Max, as he shared timely insights on enterprise resiliency, Singapore’s strengths in attracting sought-after inbound investments, as well as what it means to “build a better working world.”

Which particular markets or sectors are your main focus? Can you share with us your work experience or any backstory that has contributed to your professional career?

Being part of a global organisation, my focus is on all markets around the world because that is where our clients are. There is a particular focus on Asean and Singapore and across all sectors based on our client-centric approach to managing our business. My background is in assurance and business consulting—assisting clients with assurance of their financial and economic information helps instill confidence in the capital markets, and advising clients on seizing growth opportunities and navigating business challenges are at the front and centre of EY’s purpose of “Building a better working world”.

My work experience has been varied and enriching and cuts across distinctive competencies and geographies. The opportunity to work with clients and talent around the world has led to my personal growth and experiential learning, as well as opportunities to sharpen communication skills and business acumen contributing greatly to my professional career. And this growth journey continues. I can vividly recount the instances where we have had to bring together teams across various geographies and cultures at short notice to impactfully deliver on client engagements. Successfully delivering value-added outcomes for clients is what drives us forward.

What can SMEs and other homegrown businesses learn from the crisis? For those who have been badly hit, what do owners need to consider on the road to recovery?

The key lessons for SMEs and homegrown businesses from the COVID-19 crisis are that of enterprise resiliency and navigating the “Now, Next and Beyond”. The “Now” encompasses continuity, recovery and growth plans as well as liquidity, cashflow, credit and capital considerations. In the “Next and Beyond” phases, companies need to pivot towards, inter alia, innovation, agile transformation of business models, supply chain resilience, digitalization, enterprise risk planning and workforce transformation.

With globalization, the world is your oyster. The ability to tap into global markets enables SMEs and homegrown enterprises to transcend Singapore’s geographic and demographic limitations. Demand and business opportunities will return in due course, and the ability to provide competitive products and solutions will be key. How enterprises are equipped to take advantage of this will determine how they remain relevant and survive—or thrive—in a volatile and uncertain world.

What’s your take on international companies moving their operations out of the Mainland? Where are the opportunities and how does Singapore fare in all these?

International companies rationalize their businesses all the time as that is what is required for continuing improvement, competitiveness and success. That there could be more of such movements can be attributed to a host of factors, including geostrategic concerns, supply chain diversification and resilience, sustainability and a continued assessment of comparative advantages.

Singapore possesses various advantages in respect of connectivity, infrastructure, trust, stability, and workforce capabilities. Leveraging these advantages will enable Singapore to compete for sought-after higher value inbound investments (and not every type of investment given our capacity and cost constraints). Enhancing Singapore as an economic hub and a gateway to ASEAN and Asia Pacific plays to our strengths and will enable us to continue to benefit from inbound investments via economic growth, jobs creation and social inclusion.

Whilst we thought that investments were redirecting to other hubs, MTI reported that investments have already exceeded the full-year target in the first four months. What’s your take on this?

The headline numbers of attracting inbound investments are encouraging but not surprising given Singapore’s strengths as set out above. Investors look at a multitude of factors in assessing where to place their investments and they do so with a view of the long term. Short-term considerations obviously play a part in determining quantum, trajectory and breadth of investments but long-term sustainable returns are what ultimately matters.

To balance the above, one should perhaps also look at not what investments Singapore managed to attract but what she did not lose out on; as well as the contraction of investments arising from the COVID-19 crisis wherein international businesses contracted or even redirected to other locations.

Competition for international investments will continue to be intense as all countries strive to move up the value chain and offer the best proposition for investors. Singapore needs to be continually on the front foot to further its value proposition as the investment destination of choice for the right businesses.