(3 December 2024 – Singapore) DBS has announced an ambitious initiative to equip 50,000 small and medium-sized enterprises (SMEs) in Singapore with Generative AI (GenAI) tools and technologies, aimed at boosting productivity and enhancing business operations.
The programme, Spark GenAI, is a public-private partnership in collaboration with Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA). Its goal is to raise awareness and drive adoption of GenAI among SMEs, a segment where only 4.2 percent have so far embraced AI technology, according to DBS.
Through Spark GenAI, DBS will provide hands-on guidance to help SMEs integrate GenAI solutions into their workflows, focusing on areas such as customer engagement and marketing. The initiative includes quarterly workshops to identify productivity gaps and provide practical solutions. SMEs will also have access to grant support for GenAI deployment through IMDA and EnterpriseSG.
To strengthen digital resilience, the program offers cyber insurance and a comprehensive online cyber wellness course developed by DBS’s cybersecurity team.
Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, said: “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. 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.”