DBS, in partnership with Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA), today announced a strategic public-private partnership which aims to drive wider generative artificial intelligence (GenAI) awareness and adoption of GenAI solutions among Singapore’s small and medium-sized enterprises (SMEs). Senior Minister of State for Digital Development and Information, Tan Kiat How, gave a speech at the event and launched the Spark GenAI programme today in support of Digital Enterprise Blueprint introduced in May 2024.IMDA assistant chief executive of the sectoral transformation group Leong Der Yao, Senior Minister of State for Digital Development and Information Tan Kiat How, DBS group head of corporate and SME banking Koh Kar Siong and EnterpriseSG executive director Simon Lim, at the launch of Spark GenAI. The event was held at the Lifelong Learning Institute in Paya Lebar.GenAI uses artificial intelligence to generate text, images and other media. It can help businesses unlock cost savings, boost productivity and drive innovation, positioning themselves competitively in a rapidly growing digital economy. However, only about 4.2% of SMEs[1]in Singapore have adopted some form of AI technology today.
To address this gap, Spark GenAI was developed to help SMEs understand how GenAI solutions can help to solve business challenges. DBS aims to reach out to 50,000 local SMEs over the next two years, equipping them with actionable insights and hands-on guidance to integrate GenAI into their operations and drive tangible outcomes.
Spark GenAI offers SMEs a structured, simplified approach to discover potential use cases and practical applications of GenAI solutions into their business operations in areas such as customer engagement and marketing. The programme comprises four pillars:
1. Discover: Build 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 begin at the end of 2024.
2. Identify: Provide relevant GenAI solution recommendations to address specific business needs such as improving productivity, automating repetitive tasks, streamlining workflows or creating personalised content.
3. Adopt: Facilitate access to grant support provided by IMDA and EnterpriseSG, lowering financial barriers to adopting GenAI solutions.
4. Secure: 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, said: “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.”
DBS group head of corporate and SME banking Koh Kar Siong delivering a welcome address at the launch of Spark GenAI. The event was held at the Lifelong Learning Institute in Paya Lebar.Geoffrey Yeo, Assistant Managing Director, Capabilities, EnterpriseSG, said: “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.”
Leong Der Yao, Assistant Chief Executive, Sectoral Transformation Group, IMDA, said: “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."
Spark GenAI is the latest in DBS’ suite of initiatives to future-proof businesses, providing SMEs with the tools to navigate digital transformation and sustain a competitive advantage. Earlier this year, DBS, in partnership with EnterpriseSG, introduced the ESG Ready Programme to equip local businesses build capacity and capability in sustainability.
To register interest for Spark GenAI, please visit this link.
[1] IMDA’s Annual Report and Singapore Digital Economy Report 2024
