Sands China launched its new F.I.T. program, which aims to support and increase the region’s supply of goods from local SMEs.
The program, presented at a press conference held yesterday at the Venetian Macao, aims to offer new benefits to young local entrepreneurs with small enterprises, such as a 30 percent advance payment on purchase orders.
“As a company rooted in Macau, Sands China is proud to take this step as the first operator to offer this special 30 percent advance payment to eligible young entrepreneurs,” said Sands China president Wilfred Wong at the inauguration.
“We understand the financial challenges sometimes faced by young entrepreneurs, and we hope this new initiative can help them grow together with Sands China in Macau.”
The initiative focuses on three types of local businesses identified in collaboration with the Macao Chamber of Commerce; namely, small and micro-sized companies, “Made-in-Macau” companies and young local entrepreneurs.
The F.I.T. acronym stands for the three main pillars that support the plan: Financial Support, Invitational Matching and Training and Development.
In terms of financial support, local entrepreneurs aged between 22 and 44 years old with fewer than 15 staff members in their companies will benefit from the 30 percent advance payment.
As for invitational matching, Sands China will be hosting targeted trade shows, inviting local SMEs to demonstrate their products and services directly to potential buyers, encouraging direct communication between vendors and consumers.
The first such matching session was held immediately after the press conference.
The session featured mostly food and beverage items presented by 22 local SME suppliers, who showcased their products and services to the gaming operator’s food and beverage management, chefs from Sands China-owned and partner hotels, as well as representatives from other outlets on the company’s premises. The selection included raw products, processed foods and beverages, which the chefs and F&B managers could sample on the spot.
Upcoming matching sessions will target other industries such as operating supplies, furniture and lighting, and others.
Wong claimed that these invitational matching sessions are “the first of their kind in Macau.”
The final pillar – Training and Development – provides local SMEs with business knowledge and skills, which will “help local SME suppliers strengthen their operations to better meet international standards.”
Wong stated that this is due to the positive results seen in the 2016 program, in which he claims the company spent MOP 2 billion on 375 local SME suppliers.
Suppliers present at the event told the Times that they would be happy to participate in such events, and expressed their hopes that this opportunity would open doors to business with Sands China.
Junkets’ ‘borrowers list’ endorsed by DICJ
The Gaming Inspection and Coordination Bureau (DICJ) has endorsed the idea of compiling a list of all money borrowers, as proposed by VIP gaming promoters.
“As long as the laws of Macau are respected, namely the one that protects privacy, we give all our support [for the creation of such a database from the junkets],” said DICJ director Paulo Martins Chan. Speaking on the sidelines of the launch ceremony for Sands China’s F.I.T. program, Chan said that the list would enable greater awareness of “the credibility of the borrowers for the purpose of credit for gambling” in order to avoid “bad debts.” Chan also commented on the possibility of gaming tables being allocated to “The 13” hotel in Coloane. “For now, we haven’t received any request from the hotel. Even if there will be one, it has to be done through one of the gaming concessions currently operating.”
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