DBS, EnterpriseSG, IMDA programme to help SMEs leverage generative AI
It aims to reach 50,000 small and medium-sized enterprises over two years, to enable AI-driven growth and innovation
DBS, in partnership with Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA), has designed a programme that aims to raise awareness of generative artificial intelligence (GenAI) among the Republic’s small and medium-sized enterprises (SMEs), and accelerate its adoption.
Only 4.2 per cent of these businesses have adopted AI in some form today, the bank and government agencies said in a joint statement on Friday (Nov 29). This is despite GenAI’s capacity to enhance their competitiveness in a rapidly growing digital economy by unlocking cost savings, boosting productivity and driving innovation. “To address this gap, Spark GenAI was developed to help SMEs understand how GenAI solutions can help to solve business challenges,” said the statement.
The programme will give SMEs “a structured, simplified approach to discover potential use cases and practical applications of GenAI solutions into their business operations, in areas such as customer engagement and marketing”.
It comprises four pillars. The first is “discover”, building awareness and understanding of the various uses and benefits of GenAI. This will be done through online resources and quarterly workshops organised by DBS BusinessClass – an engagement programme designed for SMEs – in collaboration with vendors. These are expected to begin in end-2024.
The second pillar is “identify”, providing relevant GenAI solution recommendations for specific needs, such as improving productivity, automating repetitive tasks, streamlining workflows or creating personalised content.
The third is “adopt”. Under this pillar, Spark GenAI will lower financial barriers to adoption by facilitating access to grant support from IMDA and EnterpriseSG.
A NEWSLETTER FOR YOU
Friday, 8.30 am
SGSME
Get updates on Singapore's SME community, along with profiles, news and tips.
Finally, under the fourth pillar, “secure”, the programme will strengthen SMEs’ digital resilience with cyber insurance and an in-depth online cyber wellness course, developed by DBS’ cybersecurity team.
Reaching out
Over the next two years, the bank aims to reach out to 50,000 local SMEs, equip them with “actionable insights and hands-on guidance” for GenAI integration and drive “tangible outcomes”.
The programme, which supports the Digital Enterprise Blueprint launched in May 2024, was officially launched by Senior Minister of State for Digital Development and Information Tan Kiat How, who gave the keynote address.
He reiterated the government’s plans to foster AI adoption among businesses, by refreshing sector-specific Industry Digital Plans to guide SMEs on the right digital solutions to adopt. The government also intends to AI-enable pre-approved solutions under its SMEs Go Digital programme where possible.
Many SMEs are “stepping up to the challenge and being more open” to GenAI, Tan said. He noted that more than 150 companies participated in the first GenAI Sandbox launched by IMDA and EnterpriseSG in February this year, which gave them hands-on experience with curated GenAI solutions for customer engagement and marketing content creation.
Close to 80 per cent of these companies continued using the solutions after the three-month trial, and the solutions have since been made available on IMDA’s CTO-as-a-Service, Tan added.
Given the programme’s success, IMDA will launch GenAI Sandbox 2.0 next week, with solutions in new business areas – web design and human resource tools.
Koh Kar Siong, group head of corporate and SME banking at DBS, said: “The digital economy, projected to reach S$352 billion in South-east Asia by 2024, presents immense opportunities for growth, but SMEs need to adapt and upskill to remain competitive.”
DBS plans to future-proof SMEs and mid-sized corporations through the Spark GenAI programme, leveraging its expertise and working with the government agencies to help these businesses “position themselves for long-term success in an AI-driven future”.
EnterpriseSG’s assistant managing director for capabilities Geoffrey Yeo said that Spark GenAI provides a “one-stop channel” for SMEs to access relevant resources and support schemes, as well as harness GenAI solutions to drive growth and boost competitiveness.
The programme expands the agency’s collaboration with DBS, now in areas from financing to sustainability, to include GenAI, he noted.
Evolving tech landscape
Leong Der Yao, assistant chief executive of the sectoral transformation group at IMDA, highlighted the rapidly evolving tech landscape: “To thrive in this dynamic environment, it is essential for SMEs to understand and leverage this technology to enhance their business operations and remain competitive.”
Copyright SPH Media. All rights reserved.
