Banking, telco players help SMEs adopt connected, transformative tech

By Digital News Asia August 17, 2017

Seven MOIs inked between IMDA, telecommunication and financial institutions
MOIs will help SMEs accelerate the adoption of digital technology solutions

Banking, telco players help SMEs adopt connected, transformative tech

SEVEN Memoranda of Intent (MOIs) were announced between the Infocomm Media Development Authority (IMDA), telecommunication and financial institutions.

These partnerships will provide Small and Medium-sized Enterprises (SMEs) easier access to digitalisation technologies to expand their digital capabilities.

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.

The MOIs signed under this programme will help SMEs accelerate the adoption of pre-approved robust, secured and interoperable digital technology solutions, particularly in the areas of cybersecurity and data analytics.

Digital packages for SMEs

Local telcos, Mobile One (M1), Singtel and StarHub, will provide SMEs 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.

Defraying financial cost Banking, telco players help SMEs adopt connected, transformative tech

Through the partnerships with the DBS Bank, Hong Leong Finance, Oversea-Chinese Banking Corporation Ltd (OCBC Bank) and United Overseas Bank (UOB), SMEs will have access to financial instruments such as bridging loans to help defray costs when 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 (pic, right), 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 IMDA chief executive Tan Kiat How.

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.