important areas such as marketing, finance and inventory management, and e - commerce should also be continuously strengthened. this will reinforce the assessment by banks and other investors on the long - term growth prospects and competitiveness of the particular business, thus facilitating the provision of finance. it is important to emphasise that the banking industry is in the business of lending. thus, banks will only generate profits if they continue to provide credit. this is a point worth reflecting upon, to avoid misperceptions that banks are intrinsically refusing to lend. if businesses have potential, there should not be any issues in obtaining financing. if any of these issues persist, businesses should seek advice from link at bank negara malaysia. consumer interest groups and business associations also need to be proactive in updating and disseminating information on the availability of financing options such as guarantees, special schemes, and other forms of alternative financing. there are many micro enterprises that still rely on personal loans to finance business operations due to the lack of information and awareness on the existence of such financing options in the market. as a result, these enterprises are required to pay high interest rates to settle personal debts taken, while more cost - effective financing facilities remain underutilised. business associations should strengthen their role by deepening understanding on the underlying causes before raising issues on access to funding. more often than not, the issues raised by business associations are channeled in the form of general complaints that have yet to be studied thoroughly or specifically. this compounds the difficulty of resolving the issues given 2 / 4 bis central bankers'speeches the lack of supporting details. in addition, business associations can act as an important point of reference in advising members on matters concerning efficiency and competitiveness, the use of technology and the adoption of electronic payments to achieve greater security and cost efficiencies. for consumers, priority should be placed on taking charge of their financial futures and ensuring that the financing options available are utilised responsibly. this can be achieved by conducting due diligence and research on the features of a potential financial product, which will lead to better understanding to facilitate informed decision - making. the inability of consumers to meet scheduled loan repayments can result in the bank taking actions to cancel or terminate the loan. therefore, if consumers are faced with financial difficulties, please consult your financial institution immediately in order for alternative repayment arrangements to be discussed. early identification can avoid the instigation of legal action. the bank has established various channels and

make it easier to give by handling the administrative work and research. and finally, to provide a conducive climate for your climb. we have introduced tax policies to encourage donations both locally and overseas. singapore has been granting 250 % tax deductions on donations to local institutions of public character for more than a decade. for overseas donations, we have seen growing interest from family offices in the philanthropy tax incentive scheme launched at the start of this year to provide qualifying donors with a 100 % tax deduction. philanthropy is a long journey, but we believe that with skilled mountain guides, likeminded companionship, good climbing gear, and a conducive climate, you will be successful in your philanthropic ascent. and i hope that you will tap on these resources and be a part of our journey as we develop singapore into a global centre for philanthropy. beyond philanthropy, we also want to give wealth owners the best opportunities in preserving and growing your wealth. as i mentioned earlier, we need to do well so that we can continue to do good. to achieve this, singapore is home to more than 300 private equity and venture capital fund managers, many who are keen to partner family offices like yourselves on co - investment opportunities. mas has been working closely with the industry to develop singapore's private markets over the last few years. we enhanced the operating environment for vc investments through calibration of our regulatory framework for vc managers. 4 / 5 bis - central bankers'speeches singapore currently has four private market platforms that are established in singapore, such as addx and capbridge, and we are working to anchor more of such players here. and to further strengthen linkages between family offices and the local investment and innovation ecosystem, the economic development board and mas will continue to work closely with enterprise singapore and sginnovate, and we have set up several platforms to connect local companies to potential investors like family offices. this is another area which you can deploy your wealth, which is to help grow the start - up ecosystem. and hopefully, you can also get good investment returns. skills development for the industry and finally, we believe that good talent is the bedrock of a successful family office ecosystem. i am pleased that wmi is supporting the development and upskilling of singapore's family office - related workforce. with over 5, 000 enrolments since 2020, feedback of the programmes have been positive and have provided valuable networking opportunities for learners with educators and other industry professionals. now importantly,