Accountancy firms should expand the range of services they offer, so that they can better serve Singapore's small and medium-sized enterprises (SMEs) as they venture abroad, said Deputy Prime Minister Tharman Shanmugaratnam.

By offering services such as risk management and business valuation, accountancy firms would be plugging a gap in the market, he said in his keynote speech at the Singapore Accountancy Convention on Tuesday morning.

They would also help to strengthen Singapore's position as a financial and business hub, added Mr Tharman, who is also Finance Minister.

He noted that SMEs have indicated that they are willing to pay a premium for advisory services in tax, risk management and financial management, which are not widely offered by accountancy firms.

Mr Tharman also announced that the Institute of Certified Public Accountants of Singapore (Icpas) is changing its name to the Institute of Singapore Chartered Accountants.