Singapore's Infocomm Media Development Authority (IMDA) has entered seven Memoranda of Intent (MOIs) with local telcos and financial institutions aimed at helping SMEs gain easier access to digitalization technologies.
Under the agreements, local operators M1, Singtel and StarHub will provide SMEs with 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.
The MOIs were signed under the IMDA's SMEs Go Digital program. Launched in April 2017, the program 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% 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 program 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.
Through the partnerships with the DBS Bank, Hong Leong Finance, OCBC Bank and United Overseas Bank (UOB), SMEs will also 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.
First published in SMBWorld Asia