Seven Memoranda of Intent (MOIs) were announced between the Infocomm Media Development Authority (IMDA), telecommunication and financial institutions.
SINGAPORE – 16 August, 2017: Seven Memoranda of Intent (MOIs) were announced between the Infocomm Media Development Authority (IMDA), telecommunication and financial institutions. These partnerships will provide Small and Medium-sized Enterprises (SMEs) easier access to digitalisation technologies to expand their digital capabilities.
Launched in April 2017, the SMEs Go Digital programme helps advise SMEs on the adoption of digital technologies at each stage of their growth as well as to boost productivity. SMEs contribute to almost 50 per cent of Singapore’s gross domestic product and employ two out of three workers in Singapore. Digital technologies have the ability to transform the way SMEs function and help businesses improve revenue in the long term by managing operating costs, improve compliance and financing1.
The MOIs signed under this programme will help SMEs accelerate the adoption of pre-approved robust, secured and interoperable digital technology solutions, particularly in the areas of cybersecurity and data analytics.
Digital Packages for SMEs
M1, Singtel and StarHub, will provide SMEs a one-stop service through digital technology-bundled packages. These packages offer broadband or Wi-Fi connectivity bundled with IMDA’s pre-approved digital technology solutions, cybersecurity and data analytics tools and services.
Defraying Financial Cost
Through the partnerships with the DBS Bank, Hong Leong Finance, Oversea-Chinese Banking Corporation Ltd (OCBC Bank) and United Overseas Bank (UOB), SMEs will have access to financial instruments such as bridging loans to help defray costs when investing in building new capabilities. The banks will also work with business leaders to kickstart innovative solutions with SMEs and industry partners.
The collaborative efforts were announced by Minister for Communications and Information, Dr Yaacob Ibrahim, at the Singapore Chinese Chambers of Commerce and Industry’s (SCCCI) Annual SMEs Conference and Infocomm Commerce Conference.
“We believe our SMEs need to embrace technology to thrive in a Digital Economy. Through collaborations between IMDA and key industry partners, SMEs can more easily access digital technologies and financing support to embark on their digitalisation efforts. We welcome more partners to join us in supporting our SMEs in their digital journey,” said Tan Kiat How, Chief Executive, Infocomm Media Development Authority.
IMDA will continue to work with trade association and chambers such as SCCCI, and government agencies in reaching out to SMEs to provide assistance to help them scale efficiently and enhance their business value. As of end July, close to 200 SMEs have adopted over 30 out of the 56 IMDA’s pre-approved digital solutions through the SMEs Go Digital programme.
Related Resources
Annex A: Factsheet on SMEs Go Digital (480.28KB)
Annex B: Factsheet MOIs and Quotes from Industry (321.83KB)
1 National Business Survey 2016/2017 report - http://www.sbf.org.sg/
ISSUED BY THE INFOCOMM MEDIA DEVELOPMENT AUTHORITY
About Infocomm Media Development Authority (IMDA)
The Infocomm Media Development Authority (IMDA) will develop a vibrant, world-class infocomm media sector that drives the economy, connects people, bonds communities and powers Singapore's Smart Nation vision. IMDA does this by developing talent, strengthening business capabilities, and enhancing Singapore's ICT and media infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment. IMDA also enhances Singapore’s data protection regime through the Personal Data Protection Commission. For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook IMDAsg and Twitter @IMDAsg.
About Digital Economy
The Digital Economy has seen tremendous growth over the last few years and is affecting countries regardless of their state of development. In Singapore, we believe that our ability to succeed in the Digital Economy is integral to our Smart Nation Vision. We have always looked at Information and Communications Technology or ICT as a key driver of growth given our limited resources. To harness the full spectrum of benefits from the Digital Economy, we have to ensure that technology brings about sustainable and inclusive growth – where every business, worker and citizen can be transformed, empowered and connected by technology.
For media clarifications, please contact:
CHOONG Chloe (Ms)Senior Manager, Communications & Marketing, IMDA
DID: (65) 6211 0527
Email: Chloe_Choong@imda.gov.sg
AUNG Thi Ha (Mr)
Assistant Manager, Communications & Marketing, IMDA
DID: (65) 6211 1309
Email: AUNG_Thi_Ha@imda.gov.sg
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