The Singapore Chinese Chamber of Commerce and Industry (SCCCI) is setting up a $10 million fund to complement the Government's efforts to strengthen national identity, sense of belonging and cultural confidence.
The endowment fund will be used to deepen the spirit of Chinese entrepreneurs, said SCCCI president Roland Ng.
He was speaking at yesterday's installation ceremony of the chamber's 60th council, where he will serve his second term as president.
The Chinese Entrepreneurs Cultural Fund aims to promote the "spirit of Chinese entrepreneurs", which includes values such as integrity, loyalty, giving back to society and innovation, he added.
It is this very set of values that has motivated the chamber to contribute to society since it was formed in 1906, he added.
For example, the chamber has given out scholarships to outstanding students regardless of their race or background.
Mr Ng said another priority for his new term will be to "assist those who encounter difficulties with family business succession by matching them with funds and offering training".
The chamber will implement a mentor system and study overseas examples of how to help younger generations take over the reins of their family businesses.
SCCCI will also help companies enter overseas markets by linking its centres in Shanghai, Chongqing and Chengdu with an international business network called World Chinese Entrepreneurs Convention.
Businesses looking to enter China can use a mobile application that the SCCCI will launch later this year.
The chamber will then plan "targeted business mission trips" based on market information and investor feedback.
It will also organise meetings with the local authorities and businesses to explore partnership opportunities.
President Halimah Yacob said at the installation ceremony that the SCCCI has "laid important groundwork" to support local industries.
It has "reached out to more than 14,000 SMEs (small and medium-sized enterprises) through business advisory sessions and facilitated group-based upgrading projects for over 40 companies in the last three years".
Beneficiaries include heartland retailers who have installed a cashless payment IT solution with a business analytics function to improve productivity, she added.
