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7 partners in banking and telecom sectors sign memo of intent

The Infocomm Media Development Authority (IMDA) announced Memoranda of Intents with seven partners in the banking and telecom sectors yesterday to provide small and medium-sized enterprises (SME) easier access to digitalisation technologies to expand their digital capabilities.

The Infocomm Media Development Authority (IMDA) announced Memoranda of Intents with seven partners in the banking and telecom sectors yesterday to provide small and medium-sized enterprises (SME) easier access to digitalisation technologies to expand their digital capabilities.

The partners are M1, StarHub, Singtel, DBS, OCBC, UOB and Hong Leong Finance.

The partnerships are with IMDA’s SMEs Go Digital programme, which aims to help SMEs build digital capabilities by offering off-the-shelf solutions, tech advisory services, and funding support.

Local telcos 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, cyber security and data analytics tools and services, said IMDA.

Through the partnerships with the mentioned banks, SMEs will have access to financial instruments such as bridging loans to help defray costs when investing in building new capabilities.

The collaboration was announced by Minister for Communications and Information Dr Yaacob Ibrahim at the opening ceremony of the 19th annual SME conference and 20th Infocomm commerce conference and SME expo 2017.

In his speech, the minister added that IMDA will work with big companies to implement collaborative digital projects with their own SME vendors and suppliers, therefore helping to “upgrade” SMEs in their business ecosystem.

Dr Yaacob also highlighted the importance of trade associations and chambers and their “critical role” in helping to nurture and transform SMEs.

“Digital transformation will come in many waves, and companies will need to constantly adapt, learn, and find new solutions in order to avoid being swept away. At the same time, the digital economy rewards those who have the courage to change, and I am confident that by working together, we can build future SMEs that are resourceful, resilient, and ready to face the technological challenges that are yet to come,” he said. ANGELA TENG

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