SINGAPORE: Seven Memoranda of Intent (MOIs) have been announced between the Infocomm Media Development Authority (IMDA), telecommunication, and financial institutions to provide small and medium-sized enterprises (SMEs) easier access to digitalization technologies to expand their digital capabilities. The MOIs are signed under the SMEs Go Digital programme. Launched in April 2017, the programme advises SMEs on the adoption of digital technologies at each stage of their growth as well as to boost productivity. SMEs contribute to almost 50 per cent of Singapore’s gross domestic product and employ two out of three workers in Singapore. Digital technologies have the ability to transform the way SMEs function and help businesses improve revenue in the long term by managing operating costs, improve compliance and financing.
The MOIs signed under this programme will help SMEs accelerate the adoption of pre- approved robust, secured and interoperable digital technology solutions, particularly in the areas of cybersecurity and data analytics. Local telcos, Mobile One (M1), Singtel and StarHub, will provide SMEs 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. 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.