Singapore – DBS, a financial services group, has recently formed a strategic public–private partnership with Enterprise Singapore and the Infocomm Media Development Authority (IMDA). This initiative is designed to broaden awareness and encourage the adoption of generative artificial intelligence solutions among Singapore’s small and medium-sized enterprises.
As part of this effort, Spark GenAI was developed to educate SMEs on leveraging GenAI solutions that can help to address business challenges. In this case, DBS aims to connect with 50,000 SMEs in Singapore over the next two years, offering guidance and actionable strategies for effective GenAI integration.
The new programme further provides SMEs with a structured, simplified approach to discovering potential use cases and practical applications of GenAI solutions into their business operations in areas such as customer engagement and marketing.
Particularly, it also comprises four fundamental pillars, including discover, identify, adopt, and secure. The first pillar entails building awareness and understanding of GenAI use cases and their benefits across various business needs through online resources and quarterly workshops organised by DBS BusinessClass in collaboration with partner vendors. These are scheduled to commence at the end of 2024.
Next involves relevant GenAI solution recommendations to solve specific business needs such as improving productivity, automating repetitive tasks, streamlining workflows, or creating personalised content.
The third one encompasses the facilitation of access to grant support provided by IMDA and EnterpriseSG, lowering financial barriers to adopting GenAI solutions.
Lastly, the program’s fourth pillar aims to fortify digital resilience, featuring cyber insurance and an in-depth cyber wellness course designed by DBS’ internal cybersecurity team.
Commenting about the partnership, Koh Kar Siong, group head of corporate and SME banking, DBS, commented, “The digital economy, projected to reach SGD352 billion in Southeast Asia by 2024, presents immense opportunities for growth, but SMEs need to adapt and upskill to remain competitive. Through the programme, 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.
“DBS, EnterpriseSG, and IMDA have consistently supported SMEs in their transformation journeys, and Spark GenAI builds on this strong collaborative foundation. 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,” added Siong.
Geoffrey Yeo, assistant managing director, capabilities at EnterpriseSG, also remarked, “EnterpriseSG is excited to see our collaboration with DBS expanding beyond the areas of financing and sustainability to GenAI today. The Spark GenAI programme allows our SMEs to deepen their tech capabilities by harnessing the power of GenAI solutions for process optimisation and efficiency.”
“It provides a one-stop channel for SMEs to access relevant resources and support schemes and harness GenAI solutions to drive business growth and boost their competitiveness in the evolving AI-driven future,” he further shared.
Meanwhile, Leong Der Yao, assistant chief executive, sectoral transformation group, at IMDA, stated, “The tech landscape is evolving rapidly, particularly with the emergence of nascent technologies such as GenAI. 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.”
“IMDA is pleased to collaborate with DBS and EnterpriseSG in helping our local SMEs explore a diverse range of GenAI use cases and build capabilities with this disruptive technology. This partnership aligns with the Digital Enterprise Blueprint to empower SMEs to be smarter and scale faster, fostering innovation and driving digital transformation across Singapore’s economy,” concluded Yeong.
