DBS, IMDA future-proof SMEs with Spark GenAI

The bank plans to engage 50,000 businesses over the next two years.

DBS and the Infocomm Media Development Authority (IMDA) have partnered to launch the Spark GenAI programme, designed to raise awareness and encourage the adoption of generative artificial intelligence (gen AI) solutions amongst Singapore’s small and medium-sized enterprises (SMEs). 

Despite gen AI’s potential to reduce costs and enhance productivity, only 4.2% of SMEs in Singapore utilise artificial intelligence, DBS noted. 

To address this gap, the bank plans to engage 50,000 SMEs over the next two years, providing insights and guidance to help integrate gen AI into their operations and drive business outcomes. 

Spark GenAI offers SMEs a streamlined pathway to identify potential use cases and integrate practical gen AI applications into areas such as customer engagement and marketing. 

The programme seeks to enhance awareness and understanding of gen AI solutions through online resources and quarterly workshops, which will be hosted by DBS BusinessClass in partnership with vendors, starting at the end of 2024. 

It will also offer tailored solution recommendations, facilitate access to grant support from IMDA and EnterpriseSG, and bolster digital resilience through cyber insurance and an online cyber wellness course developed by DBS’ in-house cybersecurity team. 

Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, emphasised the growth opportunities presented by Southeast Asia’s digital economy, which is projected to reach $352b by 2024. He stressed the importance of SMEs adapting and upskilling to remain competitive.