DBS in Singapore plans to reach out to 50,000 SMEs to equip them with GenAI tools and technology to help boost productivty
The bank is working with Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA), on the public-private partnership, which aims to promote wider GenAI awareness and uptake among among Singapore’s small and medium-sized enterprises.
Currently only about 4.2% of SMEs in Singapore have adopted some form of AI technology. The DBS-backed initiative, dubbed Spark GenAI, aims to address the deficiency through the provision of hands-on guidance to help SMEs integrate GenAI into their operations in areas such as customer engagement and marketing.
The programme includes quarterly workshops to identify potential productivity gaps, alongside access to grant support for deployment from IMDA and EnterpriseSG. A final pillar will help to strengthen digital resilience with cyber insurance and an in-depth online cyber wellness course developed inhouse by DBS’ cybersecurity team.
Koh Kar Siong, group head of corporate and SME banking, DBS, comments: “DBS aims to future-proof SMEs and mid-sized corporations by leveraging our expertise to help them adopt GenAI solutions that enhance productivity, reduce costs and drive innovation. Together, we are equipping SMEs with the tools and knowledge to embrace digital transformation and position themselves for long-term success in an AI-driven future.”