Singapore telcos, financial players to help SMEs scale up digitalisation

The IMDA inked seven deals with these players.

In the efforts to provide small and medium-sized enterprises (SMEs) with easier access to digitalisation technologies, the Infocomm Media Development Authority (IMDA) tapped telco and bank players in Singapore to aid these smaller businesses.

Local telco players, including M1, Singtel, and StarHub, were tapped by the IMDA to provide 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.

Meanwhile, through the partnerships with the DBS Bank, Hong Leong Finance, Oversea-Chinese Banking Corporation Ltd (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.

To recall, IMDA launched the SMEs Go Digital programme in April to help advise SMEs on the adoption of digital technologies at each stage of their growth as well as to boost productivity.

In a note, IMDA chief executive Tan Kiat How noted how SMEs need to embrace technology to thrive in a Digital Economy.

"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," Tan said.

Moving forward, IMDA is aiming to continue working with trade association and chambers such as the Singapore Chinese Chambers of Commerce and Industry in reaching out to SMEs to provide assistance to help them scale efficiently and enhance their business value.

As of end July, close to 200 SMEs have adopted over 30 out of the 56 IMDA’s pre-approved digital solutions through the SMEs Go Digital programme.