SMEs have been slow to take up new tools. A study by the Singapore Business Federation found 60% of SMEs agree they need to adapt their business model with technological disruptions yet only 24% have taken significant steps.
ILLUSTRATION: CREATIVE COMMONS
SMALL and medium-sized enterprises (SMEs) play a significant role in the Singapore economy. They make up 99 per cent of the country's enterprises, employ two-thirds of the workforce, and contribute about of half of the country's gross domestic product.