Singapore finance, telco players to help SMEs adopt technology

SEVEN memoranda of intent (MOIs) were announced between the Infocomm Media Development Authority (IMDA), telecommunication and financial institutions on Wednesday.

These will provide small and medium-sized enterprises (SMEs) easier access to digitalisation technologies to expand their digital capabilities, particularly in the areas of cybersecurity and data analytics.

Local telcos M1, Singtel and StarHub, will provide SMEs a one-stop service through digital technology-bundled packages that 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 DBS Bank, Hong Leong Finance, OCBC Bank and United Overseas Bank, SMEs will also 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 kick-start innovative solutions with SMEs and industry partners.

Minister for Communications and Information Yaacob Ibrahim announced these efforts at the Singapore Chinese Chambers of Commerce and Industry's annual SMEs conference and infocomm commerce conference.