DBS Bank, Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA) have launched a generative artificial intelligence (AI) programme for small- and medium-sized enterprises (SMEs) to adopt the technology into their businesses.
The programme called Spark GenAI was launched by senior minister of state and digital development and information, Tan Kiat How, in support of the Digital Enterprise Blueprint first introduced in May 2024.
According to IMDA’s annual report on the Singapore digital economy, only 4.2% of SMEs in Singapore have adopted some form of AI technology today.
DBS aims to reach out to 50,000 local SMEs over the next two years. Spark GenAI offers SMEs a structured and simplified approach to discover potential use cases and practical applications of GenAI solutions into their business operations in areas like customer engagement and marketing.
The programme will consist of four pillars: discover; identify; adopt; and secure. Workshops organised by DBS BusinessClass in collaboration with partner vendors scheduled to start at the end of 2024 will help SMEs understand gen AI use cases.
Spark GenAI will facilitate access to grant support from IMDA and EnterpriseSG, in hopes of lowering financial barriers of adoption of genAI solutions. Meanwhile, the programme will also help SMEs develop cybersecurity know-how.
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“The digital economy, projected to reach $352 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,” says Koh Kar Siong, group head of corporate and SME banking, DBS.
