Singapore’s Infocomm Media Development Authority (IMDA) said it has signed seven Memoranda of Intent (MOIs) with telecoms and financial institutions to provide SMEs with easier access to digitalization technologies to expand their digital capabilities.
M1, Singtel and StarHub, will provide SMEs with a one-stop service offering 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.
Meanwhile, via partnerships with 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 MOIs were signed as part of the IMDA’s SMEs Go Digital program – launched in April – which aims to help 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 per cent 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 financing1.
The IMDA said the MOIs signed under this program 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.
“We believe our SMEs need to embrace technology to thrive in a digital economy,” said IMDA chief executive Tan Kiat How. “Through collaborations between IMDA and key industry partners, SMEs can more easily access digital technologies and financing support to embark on their digitalization efforts.”
The IMDA said it will continue to work with trade association and chambers such as Singapore Chinese Chambers of Commerce and Industry (SCCCI), and government agencies in reaching out to SMEs to provide assistance to help them scale efficiently and enhance their business value.
As of the end of July, close to 200 SMEs have adopted over 30 out of the 56 IMDA’s pre-approved digital solutions through the SMEs Go Digital program.