Seven memoranda of intent (MoIs) have been announced between the Infocomm Media Development Authority (IMDA), telecommunications and financial institutions. These partnerships will help small and medium-sized enterprises (SMEs) accelerate the adoption of pre-
approved robust, secured and interoperable digital technology solutions, particularly in the
areas of cybersecurity and data analytics.
Launched in April 2017, the SMEs Go Digital programme helps advise SMEs on the
adoption of digital technologies at each stage of their growth as well as to boost productivity.
SMEs contribute to almost 50% of Singapore’s gross domestic product and employ
two out of three workers in Singapore. Digital technologies have the ability to transform the
way SMEs function and help businesses improve revenue in the long term by managing
operating costs, improve compliance and financing*.
Telcos M1, Singtel and StarHub will provide SMEs with a one-stop service
through digital technology-bundled packages. These packages offer broadband or Wi-Fi
connectivity bundled with IMDA’s pre-approved digital technology solutions, cybersecurity
and data analytics tools and services.
Through the partnerships with the DBS Bank, Hong Leong Finance, Oversea-Chinese
Banking Corporation (OCBC Bank) and United Overseas Bank (UOB), SMEs will have
access to financial instruments such as bridging loans to help defray costs when investing in building new capabilities. The banks will also work with business leaders to kickstart innovative solutions with SMEs and industry partners.
The collaborative efforts were announced by Minister for Communications and Information, Dr Yaacob Ibrahim, at the Singapore Chinese Chambers of Commerce and Industry’s (SCCCI) Annual SMEs Conference and Infocomm Commerce Conference.
“We believe our SMEs need to embrace technology to thrive in a Digital Economy. Through collaborations between IMDA and key industry partners, SMEs can more easily assess digital technologies and financing support to embark on their digitalisation efforts. We welcome more partners to join us in supporting our SMEs in their digital journey,” said Tan Kiat How, Chief Executive, Infocomm Media Development Authority.
IMDA will continue to work with trade association and chambers such as SCCCI, and government agencies in reaching out to SMEs to provide assistance to help them scale efficiently and enhance their business value. As of end July, close to 200 SMEs have adopted over 30 out of the 56 IMDA’s pre-approved digital solutions through the SMEs Go Digital programme.
DBS aims to leverage various SME initiatives like DBS TechMatch, where SMEs are matchmade with tech partners for more efficient technology adoption, and DBS BusinessClass, an engagement program/app platform to connect SMEs with business mentors from around the world. In addition, the DBS SME banking team will continue to support SMEs with working capital products and technology adoption bridging loans.
“As we look towards transforming Singapore to a digital economy, local businesses must evolve along in this momentum. We continue to focus our efforts to help SMEs build their digital capabilities to seize new growth opportunities.” said Joyce Tee, Group Head of DBS SME Banking.
As an established SME financier, Hong Leong Finance intends to influence customers who are industry leaders to seek and pilot emerging technology solutions to help uplift productivity and competitiveness for their sectors. Furthermore, Hong Leong Finance will reach out to hundreds of SMEs to introduce the SMEs Go Digital programme through its different platforms including events and collaborative clinics with SME Digital Tech Hub Specialists. Hong Leong Finance’s SME Relationship Managers will all be trained by IMDA to enable them to introduce the SMEs Go Digital programme to SMEs.
Under its enhanced SME Capability Ready (CARE) Programme, SMEs keen to go digital will be guided by the Relationship Managers to make the right contact. They will also be introduced to government capabilities grants that can help them defray costs in their capabilities building investments and to bridging loans for them to wait out for grants. “Faced with rising operating costs, increasing competition from the digital economy and changing consumer behaviour, many SMEs are keen to use digital capabilities to improve their efficiency and competitiveness. But they do not know how. With the partnership with IMDA, Hong Leong Finance will be that connector between these SMEs and digital advisers to help them find suitable solutions and provide them financing,” commented Ang Tang Chor, President, Hong Leong Finance.
M1 Solutions that have already identified and are now commercially available include smart fleet management and retail analytics. More solutions will be added progressively. "Our strategic partnership with IMDA will enable us to better serve SMEs through our one-stop smart digital services platform, enhancing their productivity and business value add. We look forward to engaging SMEs and help them tap on M1's selection of carefully curated smart digital services in areas such as fleet management and retail analytics," said Willis Sim, Chief Corporate Sales and Solutions Officer, M1.
OCBC Bank’s collaboration with IMDA on the SMEs Go Digital programme underscores OCBC Bank’s commitment to helping SMEs digitalise, the bank said. OCBC Bank will continue to reach out to their customers and for those who wish to integrate certain digital programmes into their business, OCBC Bank will provide them the necessary financial support via bridging financing, invoice financing and other forms of financial assistance. Activities such as industry sharing sessions and focus group sessions that allow SMEs to hear from experts and learn from each other’s experiences will also be organised.
“Going digital is no longer an option for SMEs today. Companies that embrace digitalisation both in the way they engage and serve their customers and in the way they manage their operations, develop a competitive edge and a more sustainable foundation for their business growth. As banker to one in every two SMEs in Singapore, we are committed to working with our SME customers to deliver digital solutions in cash management, trade finance and working capital management, and to support their transition towards a more digitally-enabled business under IMDA’s SMEs Go Digital programme,” said Linus Goh, Head, Global Commercial Banking, OCBC Bank.
Singtel’s suite of solutions are designed to increase SMEs’ revenue growth, raise their productivity and reduce their operational costs, the company said. The 99%SME e-marketplace allows SMEs to market themselves online for free and tap on a wider online customer base, for example. SMEs participating in the e-marketplace can access digital marketing tools, mobile payment and cyber security services.
Singtel solutions also include a Connected Restaurant that enables food and beverage (F&B) owners to overcome the challenge of operating different devices with an all-in-one interoperable solution that integrates online reservations and ordering; self-serve kiosks; eMenus; payment solutions; staff scheduling; payroll management and accounting systems, and a Connected Workforce solution that enhances business communication and productivity of SMEs in the logistics and security business.
“The IMDA’s SMEs Go Digital programme augments our initiatives to help SMEs progress and advance in their digital journeys. With our end-to-end solutions, from connectivity to cyber security, we are well placed to curate solutions catering to the needs of SMEs in various sectors, easing their adoption of digital technology,” said Andrew Lim, MD, Business Group, Group Enterprise at Singtel.
StarHub is supporting IMDA’s SMEs Go Digital programme with Smart Retail, an integrated offering that makes it convenient and cost-effective for SMEs to get the connectivity services, business transformation solutions and technical support needed to optimise their business operations and enhance customer service. StarHub will help to ease ICT adoption for SMEs by enabling Wi-Fi connectivity as well as sourcing and integrating business transformation solutions such as retail analytics, customer relationship management, point-of-sale, digital ordering, e-commerce and digital signage as a single subscription service. StarHub will also drive awareness programmes, government grant application and claiming, training and support services.
“SMEs play a significant role in sustaining the economic growth of Singapore. To survive and thrive in today’s manpower-lean and competitive economy, SMEs must exploit digital technologies to transform their businesses. In line with IMDA’s SMEs Go Digital programme, StarHub is pleased to launch our Smart Retail initiative to help SMEs accelerate digitalisation by reducing the complexity and cost of IT adoption. With Smart Retail, SMEs will get easy and affordable access to a suite of business applications, broadband and Wi-Fi connectivity and technical support as a single subscription service," stated Dr Chong Yoke Sin, Chief of Enterprise Business Group, StarHub.
As part of UOB’s collaboration with IMDA, the bank will conduct industry-specific workshops where its customers can learn more about how they can tap IMDA’s pre-approved digital solutions to overcome challenges, to enhance their capabilities and to seize opportunities in the digital economy. UOB has been working with its partners to provide SMEs with solutions that help improve productivity, competitiveness and profitability.
Mervyn Koh, MD and Head of Business Banking, Singapore, UOB, cited BizSmart as an example of how UOB's Business Banking customers can achieve cost savings of up to 60% by automating their back office processes. BizSmart is an integrated cloud-based business solution with 5 digital applications to help SME retailers increase business efficiency. For organisations in industry sectors such as property management and education, UOB introduced a mobile payment function on the hiLife and snaapp apps, which enables the electronic collection of monthly fees and in turn reduces the manpower needed for administrative and payment functions.
“As the banking partner to one in every two small and medium enterprises (SMEs) in Singapore, UOB understands the challenges business leaders face and how digital technology can help them address their concerns. Our partnership with IMDA will extend the support we provide to our business and commercial banking customers by connecting them to IMDA-approved digital solutions based on their business needs. These solutions can help SMEs sustain and grow their businesses as they seize opportunities in the digital economy,” said Choo Kee Siong, MD and Head of Enterprise Banking, UOB.
“As an SME, it is important that our business processes are efficient and lean. We have already adopted UOB’s BizSmart solution to integrate and streamline our key processes such as point of sale (POS), accounting and HR/payroll matters. These solutions have also provided insights that help us to make smart, data-driven decisions for the business. Having experienced the benefits of using digital solutions, I look forward to finding out more about other solutions that can help my business become more competitive,” said Angeline Ong, DishTheFish, a new-age fishmonger transforming their business with digital solutions.
*National Business Survey 2016/2017 report
