DBS Bank in Singapore is launching an initiative aimed at reaching out to 50,000 small and medium-sized enterprises (SMEs) to provide them with GenAI tools and technologies designed to enhance productivity.
In collaboration with Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA), this public-private partnership seeks to increase awareness and adoption of GenAI among Singapore’s SMEs. Currently, only about 4.2% of these businesses have implemented any form of AI technology. The initiative, named Spark GenAI, aims to bridge this gap by offering practical guidance to help SMEs incorporate GenAI into various operational areas such as customer engagement and marketing.
The program features quarterly workshops to identify potential productivity challenges, as well as access to grant support for implementation through IMDA and EnterpriseSG. Additionally, a key component of the initiative focuses on enhancing digital resilience by providing cyber insurance and a comprehensive online cyber wellness course, developed internally by DBS’s cybersecurity team.
Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, stated: “Our goal is to equip SMEs and mid-sized corporations with the necessary tools and insights to adopt GenAI solutions that improve productivity, reduce costs, and foster innovation. We are committed to supporting SMEs in their digital transformation journey, ensuring they are well-positioned for sustainable success in a future driven by artificial intelligence.”