DBS, in partnership with Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA), has launched a strategic public-private partnership that aims to increase awareness and adoption of Generative Artificial Intelligence (GenAI) solutions. GenAI among small and medium enterprises in Singapore. large companies (SMEs).
GenAI uses artificial intelligence to generate text, images and other media. It can help businesses save money, increase productivity and drive innovation, positioning themselves competitively in a rapidly growing digital economy. However, only around 4.2% of SMEs in Singapore have adopted some form of AI technology today.
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To fill this gap, Spark GenAI was developed to help SMEs understand how GenAI solutions can help solve business challenges. DBS aims to reach 50,000 local SMEs over the next two years, providing them with actionable insights and practical advice to integrate GenAI into their operations and achieve tangible results.
Spark GenAI offers SMEs a structured and simplified approach to discover potential use cases and practical applications of GenAI solutions in their business operations in areas such as customer engagement and marketing. The program includes four pillars:
- Discover: Build awareness and understanding of GenAI use cases and their benefits for various business needs through online resources and quarterly workshops hosted by DBS BusinessClass in collaboration with vendor partners. These should start at the end of 2024.
- Identify: Provide relevant GenAI solution recommendations to meet specific business needs, such as improving productivity, automating repetitive tasks, streamlining workflows, or creating personalized content.
- Adopt: Facilitate access to grants provided by IMDA and EnterpriseSG, reducing financial barriers to adopting GenAI solutions.
- Secure: Build digital resilience with cyber insurance and an in-depth online cyber wellbeing course developed in-house by the DBS cybersecurity team.
Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, said: “The digital economy, which is expected to reach SG$352 billion in Southeast Asia by 2024, presents immense growth opportunities, but SMEs must adapt and improve to remain competitive. Through this program, DBS aims to future-proof SMEs and mid-sized enterprises by leveraging our expertise to help them adopt GenAI solutions that improve productivity, reduce costs and drive innovation.
Koh added that DBS, EnterpriseSG and IMDA have always supported SMEs in their transformation journey, 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,” he said.
Geoffrey Yeo, Deputy General Manager, Capabilities, EnterpriseSG, said: “EnterpriseSG is excited to see our collaboration with DBS extend beyond the areas of financing and sustainability, to GenAI today. The Spark GenAI program enables our SMEs to deepen their technological capabilities by harnessing the power of GenAI solutions for process optimization and efficiency. It provides a single channel for SMEs to access relevant resources and support programs, and leverage GenAI solutions to drive business growth and strengthen their competitiveness in an evolving AI-driven future.
Leong Der Yao, deputy director-general of IMDA’s sector transformation group, added that the technology landscape is changing rapidly, especially 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 improve their business operations and remain competitive.
“IMDA is excited to collaborate with DBS and EnterpriseSG to help our local SMEs explore a wide range of GenAI use cases and build their capabilities with this disruptive technology. This partnership aligns with the Digital Business Plan to enable SMEs to be smarter and scale faster, driving innovation and driving digital transformation across the Singapore economy” , Leong said.
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