Three telcos and four banks have signed Memoranda of Intent (MOI) with the Infocomm Media Development Authority (IMDA) to support Singapore's SMEs Go Digital programme.
M1, Singtel and StarHub will provide local small- and medium-sized enterprises (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.
As for DBS Bank, Hong Leong Finance, Oversea-Chinese Banking Corporation (OCBC Bank) and United Overseas Bank (UOB), they will provide access to financial instruments to SMEs such as bridging loans to help defray costs when investing in building new capabilities.
The banks will also work with business leaders to launch innovative solutions with SMEs and industry partners.
"We believe our SMEs need to embrace technology to thrive in a digital economy," said Tan Kiat How, Chief Executive, IMDA. "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," he said.
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. At the end of July, nearly 200 SMEs have adopted over 30 out of the 56 IMDA's pre-approved digital solutions through the programme.
IMDA said it will continue working with trade association and chambers, such as the Singapore Chinese Chamber of Commerce & Industry (SCCCI), and government agencies in reaching out to SMEs to provide assistance to help them scale efficiently and enhance their business value.
Sign up for CIO Asia eNewsletters.