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Baker Tilly TFW sets its sights on regional growth
• Singapore spearheads ASEAN partners’ efforts to grow regional market with
the launch of the Baker Tilly ASEAN Resource Centre.
• SMEs growing in the region under the ASEAN Economic Community will be a
source of growth in the next phase.
• Intra-regional revenue to double over the next three years.
Singapore, 13 May, 2015 – After 10 years of “excelling nationally, networking internationally” as
a member of Baker Tilly International, home-grown accountancy and business advisory firm
Baker Tilly TFW will expand its regional reach with the launch of the Baker Tilly ASEAN
Resource Centre. The firm will also grow in specialist services such as business valuation,
cyber-security, financial forensics, succession planning and litigation support.
With the network and resources through its membership in Baker Tilly International, turnover of
the firm whose roots go back to 1954, has grown 300% over the 10 years, to about $18 million in
2015. Of this, a fifth is from work outside Singapore, up from virtually nothing a decade ago.
Baker Tilly International is the world’s 8th largest network of independent accounting and
business advisory firms.
The firm is gunning to double its intra-regional revenue over the next three years, said Managing
Partner SIM Guan Seng. This growth is from an expanding multinational clientele and
regionalizing small and medium sized enterprises, SMEs. While its forerunner, Teo Foong Wong
LC Loong, had one listed company as a client 10 years ago, Baker Tilly TFW now has nearly 50.
“The bulk of our clients are SMEs and there is a growing demand among them for regional
support from us. We expect this to grow further when the ASEAN Economic Community (AEC)
comes into effect later this year.”
Under the AEC’s blueprint for regional economic integration by 2015, are the goals of creating a
highly competitive economic region through a single market and production base, equitable
economic development, and full integration into the global economy. “The Singapore government’s strategy to grow regionally began in the 1990s and has reached a
critical point now. We are ready to surf this wave of opportunity as our SME clients expand
outside of Singapore. SMEs make up 99% of our companies, employ 70% of our workforce and
contribute 50% to Singapore’s GDP and the government is putting more resources to growth this
sector.”
Mr Sim was speaking at an event yesterday (12 May) to mark Baker Tilly TFW’s 10th
anniversary. The event was attended by Baker Tilly member firms from ASEAN, Europe, and the
Indian subcontinent; as well as Mr Geoff Barnes, CEO and President of Baker Tilly International.
Among its guests were Chairman of Singapore Accountancy Commission, Mr Michael Lim, and
President of the Institute of Singapore Chartered Accountants, Mr Gerard Ee.
In line with the firm’s new strategic direction to grow regional work, it unveiled its new branding,
replacing its previous brand tag of Excel nationally, Network internationally to For you. With
you. Go. “Over the past decade our clients have come to know about our international network.
With our new brand tag, we want them to know that, aside from the network, we are fully
committed and able to grow with them wherever their business takes them. We have the
expertise and resources no matter how specific or unique the need might be.”
Baker Tilly ASEAN Resource Centre, launched yesterday (12 May), will enable partner firms,
particularly Malaysia, Indonesia, Thailand, the Philippines and Vietnam, to collaborate on
regional work. The Centre will be housed at the Baker Tilly TFW office in Singapore and headed
by a partner from the firm, Ms Susan Foong, with two managers. It will operate with an initial
annual budget of $500,000.
“And, of course, we can tap the resources and international reach of Baker Tilly International with
165 member firms in 144 countries,” said Mr Sim. These include experts in specialist areas like
business valuation, cyber-security and financial forensics.
Besides SMEs, Baker Tilly TFW has a large share of work among not-for-profit organisations and
social enterprises. “We believe this gives us a unique advantage in the new economic
environment of multi-stakeholder demands. More and more for-profit companies are studying
social enterprise models for their business.”
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Media enquiries:
Winnie Tan
Business Development Manager
Baker Tilly TFW
T: +65 6213 6482
[email protected]
About Baker Tilly TFW
Baker Tilly TFW is one of the 10 largest accountancy and business advisory firms in Singapore. Our expert
team provides a comprehensive range of services to businesses, including assurance, tax, corporate
advisory, governance and risk, restructuring and recovery, outsourcing, and corporate secretarial services.
Our diverse client base ranges from family-owned businesses to listed companies and multinational
organisations operating in a variety of sectors. In addition to our corporate and business clients, we also
act for charitable organisations, clubs, associations and schools. To learn more, please call +65 6336
2828 or visit www.bakertillytfw.com
About Baker Tilly International
Baker Tilly International is the world’s 8th largest network of independent accounting and business
advisory firms, by combined fee income of its independent members. Every day, over 28,000 people in
165 member firms in 144 countries provide accountancy and business services to entrepreneurial, growing
businesses and corporates worldwide. More information can be found at www.bakertillyinternational.com