Singaporean multinational bank DBS Bank is undertaking efforts to accelerate the use of AI across the city-state’s business networks, particularly targeting SMEs.
The firm believes there is a gap in AI adoption among Singaporean businesses, citing figures that only around 4.2% of the country’s SMEs are utilising some form of the technology.
As with other major financial institutions, GenAI is the bank’s main area of focus. It asserts that the tech can unlock cost savings, boost productivity and drive innovation, allowing users to secure a better position in Singapore’s ‘rapidly growing digital economy’.
To promote AI use, it has entered into a public-private partnership with the Enterprise Singapore (EnterpriseSG), part of the Ministry of Trade, and the Infocomm Media Development Authority (IMDA), part of the Ministry of Digital Development and Information.
Leong Der Yao, Assistant Chief Executive, Sectoral Transformation Group, IMDA, said: “The tech landscape is evolving rapidly, particularly with the emergence of nascent technologies such as GenAI.
“To thrive in this dynamic environment, it is essential for SMEs to understand and leverage this technology to enhance their business operations and remain competitive. IMDA is pleased to collaborate with DBS and EnterpriseSG in helping our local SMEs explore a diverse range of GenAI use cases and build capabilities with this disruptive technology.
“This partnership aligns with the Digital Enterprise Blueprint to empower SMEs to Be Smarter and Scale Faster, fostering innovation and driving digital transformation across Singapore’s economy.”
To say AI has been making an impact on financial services would be an understatement. The tech has become widely utilised for automating day-to-day tasks and simplifying processes for businesses, whilst also being used to analyse vast transactions and data for signs of fraud or money laundering.
On these latter two topics, it has also become a threat. Fraudsters are increasingly using AI-generated deepfake images and voice clones to commit their crimes, but stakeholders are also confident that AI can in turn be used to fight the fraudsters.
To better understand how AI can be used in Singapore and to encourage adoption, DBS and its government partners plan to reach out to 50,000 SMEs over the next two years to share ‘actionable insights and hands-on guidance’ on GenAI integration.
Koh Kar Siong, Group Head of Corporate and SME Banking, DBS, said: “The digital economy, projected to reach SGD352 billion in Southeast Asia by 2024, presents immense opportunities for growth, but SMEs need to adapt and upskill to remain competitive.
“Through the programme, 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. DBS, EnterpriseSG and IMDA have consistently supported SMEs in their transformation journeys, and Spark GenAI builds on this strong collaborative foundation.
“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.”
The role the two government agencies are playing in this partnership marks a continuing of a trend in Singapore which has seen state authorities actively encourage digitalisation and technological transformation of the country’s economy.
Singapore is one of Asia’s biggest financial markets, hosting hundreds of thousands of firms. The country has global ambitions, however, with the Monetary Authority of Singapore (MAS) creating a fintech festival, a body tasked with enhancing connectivity, and a framework for a regulatory sandbox.
