In a significant step towards digital transformation, DBS has partnered with Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA) to launch the Spark GenAI programme, aimed at helping Singapore’s small and medium-sized enterprises (SMEs) leverage generative artificial intelligence (GenAI) for growth and innovation.
Unveiled by Senior Minister of State for Digital Development and Information, Tan Kiat How, the initiative aligns with the Digital Enterprise Blueprint, targeting 50,000 SMEs over two years. Currently, only 4.2% of SMEs in Singapore utilize AI technologies, highlighting a critical gap this programme seeks to address.
GenAI, which creates text, images, and other media through artificial intelligence, offers transformative potential for businesses, driving productivity and cost savings while fostering innovation. The Spark GenAI programme provides a structured four-pillar framework to simplify AI adoption:
• Discover: Build awareness through online resources and quarterly workshops starting late 2024.
• Identify: Recommend tailored GenAI solutions to enhance efficiency and automate tasks.
• Adopt: Lower financial barriers with grant support from IMDA and EnterpriseSG.
• Secure: Strengthen digital resilience with cyber insurance and a cyber wellness course by DBS.
Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, emphasized the importance of equipping SMEs for an AI-driven future, citing the projected $352 billion Southeast Asia digital economy in 2024. Geoffrey Yeo of EnterpriseSG and Leong Der Yao of IMDA echoed the sentiment, underscoring the role of technology in fostering competitiveness and innovation.
Spark GenAI is the latest in DBS’ efforts to empower SMEs, building on initiatives like the ESG Ready Programme, and positioning Singapore businesses for long-term success in a rapidly evolving digital landscape.
