Tag: SMEs

Kuala Lumpur, Malaysia – KL Wellness City (KLWC), in collaboration with the FAST (Forward Asia Strategic Transformation) movement initiated by Persatuan Usahawan Maju Malaysia (PUMM), hosted an event titled “How Aligning Mind, Body and Soul Can Improve Employee Productivity and Business Profit”, drawing enthusiastic participation from entrepreneurs, business leaders and professionals across industries.

This event is part of a larger national initiative by PUMM, which has been championing entrepreneurial growth for over three decades. As part of its mission to empower SMEs, PUMM will continue to organise events across Klang Valley, Johor Bahru, Penang, Kota Kinabalu and other key states, covering a range of topics relevant to startups, innovators, and growth-stage entrepreneurs.

The session featured a sharing by Dato’ Sri Dr. Vincent Tiew, executive director of KL Wellness City, who emphasised the importance of aligning physical health, mental clarity and emotional wellbeing to unlock peak performance in the workplace. Dato’ Sri Dr. Vincent Tiew, known for his passion for holistic living and dynamic leadership, also shared insights into KLWC’s vision, corporate goals and the many wellness-centric initiatives being implemented to foster a more engaged and resilient workforce. 

Also present was Deputy President of PUMM, Eugene Ng Eng Aik, who reiterated the significance of embedding wellness into the core of business leadership.

The event also highlighted team building efforts and strong inter-departmental collaboration at KLWC, positioning the organisation as a model for how wellness can be embedded into corporate culture.

The event’s open dialogue was moderated by Paresh a/l Subramaniyam, founder & CEO of Engage Life, who facilitated an engaging and insightful discussion between Dato’ Sri Dr Vincent Tiew and Cris Angel, which delved into actionable strategies for balancing personal wellness with entrepreneurial drive, especially in today’s fast-evolving market. The candid exchange resonated strongly with the audience, sparking deeper discussions on how inner alignment directly impacts business outcomes. Cris Angel, founder of Aura Palace, believes that aligning the mind, body and soul is key to long-term business success. She champions a people-first approach, where kindness in business creates a ripple of positive impact in society.

Adding an experiential element to the session was Annie Wong, founder of New York Yoga Wellness, who led a practical and energising segment on office-friendly yoga. Annie shared breathing techniques, stress-reducing relaxation methods and demonstrated simple stretches that can be done while seated in an office chair. Her session emphasised the accessibility of wellness practices in the workplace and encouraged participants to adopt mindful movement as part of their daily routine for better focus, posture, and mental clarity.

Aligned with PUMM’s ongoing commitment to shaping future-ready businesses, this event also echoes the broader goals of the FAST (Forward Asia Strategic Transformation) movement — a regional push to help enterprises evolve in an era driven by artificial intelligence, sustainability and smart automation. As more companies navigate the complexities of the 5th Industrial Revolution, FAST encourages collaboration between business leaders, policymakers and innovation drivers to ensure Malaysian businesses remain relevant, competitive and economically impactful in a rapidly changing global landscape.

The initiative was led by Yens Chong Yen Kai, Organising Chairperson and Initiator of the FAST movement, with a vision to future-proof Malaysia’s business community. While ESG can mean many things, real impact starts with the ‘S’ — Social. It connects Environment and Governance, because people are the real drivers of change. Even in an AI-powered world, it’s human trust, connection and innovation that give progress true meaning. Without genuine human engagement, ESG remains just a concept.

“We believe wellness is no longer a luxury – it’s a necessity for sustained productivity and business excellence,” said Dato’ Sri Dr. Vincent during the closing remarks. “KL Wellness City is proud to lead by example, integrating wellness into everything we do – for our team, our community, and the entrepreneurs we support.”

Kuala Lumpur, Malaysia – Maybank has announced a collaboration with TikTok Shop to launch a multi-market upskilling and digitalisation programme for small and medium enterprises (SMEs) in the ASEAN region. 

Said initiative marks the first partnership of its kind between a financial institution and TikTok Shop, aiming to empower SMEs with the knowledge, skills, and tools needed to transition beyond traditional brick-and-mortar models and drive business growth in the digital landscape.

The ASEAN SME Upskilling & Digitalisation Programme will begin with a pilot phase in Malaysia, featuring three key components: a webinar, a workshop, and an accelerator programme. Entrepreneurs participating in the accelerator phase will receive six months of tailored mentoring and coaching from both TikTok Shop and Maybank, with personalised business targets to support their expansion. 

The initial cohort will place a special focus on women entrepreneurs, in line with Maybank’s ongoing HERpower initiative. Over the next year, the programme is expected to expand to select ASEAN markets, with customised approaches tailored to local business environments.

Syed Ahmad Taufik Albar, group CEO of community financial services at Maybank, said that this collaboration is a reflection of Maybank’s commitment to champion SMEs in line with its M25+ strategy of purpose driven banking and beyond banking social impact programmes. Participants in this programme will gain valuable first-hand experience in leveraging content-driven e-commerce, digitalisation solutions, and optimised account management techniques.

“We believe entrepreneurs have the potential to create sustainable and lasting ripple effects to the communities they serve. By providing a holistic, values-driven ecosystem of solutions beyond traditional banking services, we hope to support and future-proof businesses at every stage of growth to be their own agents of change. We also aspire to collaborate with industry leaders who share a similar vision, and together create a multiplier effect in uplifting entrepreneurs in the region,” Taufik Albar said.

Meanwhile, Steven Li, senior director of global e-commerce strategy at TikTok Shop, shared his enthusiasm about the collaboration, commenting, “We are delighted to collaborate with Maybank to accelerate the growth of SMEs in Southeast Asia. It is a meaningful programme that showcases how collaborative industry efforts can drive real-life impact for small businesses in the region’s rapidly growing digital economy,” he said.

Lastly, Nur Azre Abdul Aziz, director of strategic partnerships at TikTok Shop Malaysia, stated, “We are thrilled to pilot this programme in Malaysia, which aims to empower women entrepreneurs with the resources and knowledge to thrive on TikTok Shop, in line with the nation’s effort to promote inclusive economic growth.”

Kuala Lumpur, Malaysia – The Malaysia Digital Economy Corporation (MDEC), under the purview of the Ministry of Digital, has rolled out an intitiative to accelerate small medium enterprises (SMEs) digital transformation nationwide, starting with the northern state of Penang.

Said initiative is aimed at empowering SMEs with the tools, knowledge and support needed to embrace digitalisation and thrive in the digital economy

The programme was designed to address state industry-specific challenges faced by SMEs in adopting and scaling digital transformation. 

It also aimed to co-develop actionable solutions with stakeholders, to create a supportive ecosystem for digital enterprises to flourish, to facilitate dialogue sessions to share insights and best practices, while also nurturing and enhancing partnerships that accelerate digital adoption and innovation for the greater good of the SME community. 

It includes an engagement programme with Penang-based SME associations in the newly opened Ministry of Digital’s Zon Utara Office in George Town. In his address to the SME community present at the event, MDEC CEO Anuar Fariz Fadzil said that SMEs should view technology as an investment for unlocking growth, enhancing competitiveness and future-proofing their businesses.

“Technology is a necessity in today’s rapidly evolving landscape. By adopting digital tools and innovative solutions, SMEs can significantly improve their efficiency, reach and resilience in the global market – while also realising greater productivity and operational efficiencies,” Fariz said.

He added, “At MDEC, we are dedicated to providing SMEs with practical digital solutions to enhance efficiency and competitiveness. We look forward to welcoming more companies to achieve MD status, fostering greater innovation and creating a clear pathway for driving growth and competitiveness.”

This engagement programme reflects the Ministry’s and MDEC’s commitment to building a thriving digital economy that benefits the entire nation, from businesses to the rakyat. To date, RM30.96 million has been awarded to Malaysia Digital (MD) grant recipients in Penang, with 173 companies in the state already achieving MD status. 

The MD status aims to support businesses involved in digital and technological activities, fostering growth and cultivating a more dynamic and supportive environment for digital enterprises. It offers a variety of benefits to companies with the MD status, including tax incentives, grants and funding, business matching and access to networks. 

To further encourage more companies to embark on the MD status and enjoy its benefits, an initiative will be unveiled by the Ministry in the near future. It aims to help SMEs enhance efficiency and reduce operational costs by up to 20% through customised digital solutions that address their specific business needs and challenges. 

Kuala Lumpur, Malaysia – Funding Societies has expanded its partnership with foodpanda to introduce tailored financing opportunities for Bumiputera merchants in Malaysia.

Under this initiative, foodpanda merchants who meet the eligibility criteria can access financing of up to MYR100k (US$22,207). The program offers an attractive annual interest rate of 2% and a flexible repayment period of up to 24 months.

This exclusive financing program is designed to provide local entrepreneurs with the resources needed to expand their businesses in a challenging economic landscape. The partnership builds on the success of previous initiatives, which have supported 500 foodpanda merchants, and aims to further boost growth for underserved micro and small businesses within the foodpanda ecosystem.

By offering reduced financing costs and much-needed capital, the initiative seeks to enhance cash flow and level the playing field for Bumiputera entrepreneurs, empowering them to scale their operations and thrive in the competitive market.

Chai Kien Poon, country head at Funding Societies Malaysia, said, “To support these businesses, particularly MSMEs, access to cash flow is crucialWe are hopeful that this partnership between Funding Societies and foodpanda can better assist and scale underserved, creditworthy small and medium-sized enterprises (SMEs) in this industry.”

Meanwhile, Tan Ming Luk, managing director of foodpanda Malaysia, emphasized the company’s commitment to equipping merchants with the necessary tools and resources to succeed in the current competitive landscape.

“This initiative not only provides access to much-needed capital at an affordable rate but also reinforces our commitment to supporting local entrepreneurs, especially as they prepare for the upcoming festive season. Together, we aim to drive meaningful growth and resilience for our foodpanda merchant community,” he said.

Singapore – OCBC has set up a dedicated team each in Singapore and Malaysia to support SME customers across its core markets of Singapore, Malaysia, Indonesia, Mainland China and Hong Kong SAR to capture opportunities arising from the planned Johor-Singapore Special Economic Zone (JS-SEZ). OCBC expects to expand the number of teams beyond Singapore and Malaysia in future.

To kickstart this initiative, two specialized teams of 25 seasoned bankers—each with an average of over a decade of experience supporting SMEs across the region—will spearhead efforts to assist businesses. These teams will offer advisory services to help SMEs launch and expand their operations while facilitating connections with appropriate partners within the special economic zone.

The JS-SEZ is set to become a significant driver of Johor’s economic growth. Its announcement has already spurred investment in the construction and property sectors, supported by ongoing advancements in infrastructure projects such as the Rapid Transit System. Johor’s strategic location, with its ports, proximity to Singapore’s established manufacturing hub, affordable living costs, and a track record of sound economic policies, positions it strongly for success as the JS-SEZ develops.

OCBC, in collaboration with the Malaysian Investment Development Authority (MIDA), organized a familiarization tour on December 11 to showcase key economic hubs in Johor Bahru. The visit included Forest City and the EcoWorld Business Park, an integrated industrial and commercial hub, and was attended by 28 mid-sized enterprises from Singapore and China operating in the manufacturing sector.

As part of the event, a roundtable discussion was held, where MIDA provided insights into Malaysia’s investment opportunities and business environment. Additionally, representatives from Wiwynn Technology Service Malaysia and Huirui Polymers Sdn Bhd shared their firsthand experiences of conducting business in Malaysia, offering valuable perspectives to the participants.

Tan Teck Long, head of global wholesale banking at OCBC, said, “Though details of the JS-SEZ have not been shared, we have already received many enquiries from SMEs across the region to set up shop there. By setting up dedicated teams on both sides of the Causeway, we are well placed to support this growing interest of regional SMEs in entering the Johor and wider Malaysia market.”

He added, “Recent geopolitical developments, the continued rise of ASEAN for supply chain diversity and resilience, and the significant growth of foreign direct investments into Malaysia these two years will further amplify the potential of the JS-SEZ.”

The bank expects to have supported about 260 new mid-sized enterprises from the region, mainly from the services, construction, manufacturing and wholesale and retail trade sectors, to set up their businesses in Malaysia in 2024 alone. Given the growing interest in the JS-SEZ, OCBC expects this number to increase by 20% in 2025.

Singapore – Grab has showcased 75 of its homegrown F&B merchant-partners, an increase from 53 the previous year. Since its listing on the Nasdaq in 2021, Grab has been using the billboard space at Times Square to feature some of its merchant-partners who serve millions of consumers across Southeast Asia through the Grab app.

For Grab, being featured on the Times Square billboard was an opportunity for these merchants to be recognised as vital representatives of their communities on an international stage.

It is worth noting that a large number of the six million merchants and partners on Grab are small-to-medium F&B outfits, with 67% of total GrabFood and GrabMart GMV was contributed by MSMEs.

“These merchants-partners typically don’t have the same marketing and advertising budget as larger players, and would not usually advertise outside their home countries,” Grab said in a recent blog regarding the latest version of this initiative.

Some of those merchants being featured include Philippines-based fruit brand Prutasan ni Adan, Malaysia-based soy sauce chicken restaurant Nasi Ayam Kee Chup, Singapore-based DIY sushi and salad chain Maki-San, and Thailand-based bakery HAAB.

Singapore – Enterprise Singapore (EnterpriseSG) and Google Cloud have partnered to launch new initiatives that will accelerate AI adoption and innovation in Singapore, enabling high-growth startups to develop proprietary AI products and helping SMEs boost workforce productivity through AI.

As part of the partnership, Google hosted the ‘AI First’ event at its Asia Pacific headquarters, showcasing the first cohort of graduates from the ‘Google for Startups Accelerator: AI First Singapore’ and unveiling new AI initiatives in collaboration with the Singapore Government. This event was attended by deputy prime minister and minister of trade and industry Gan Kim Yong as the guest of honour.

“AI is a key driver of the Singapore economy, and it is critical for organisations of all sizes to embrace and deepen their use of AI to grow their businesses. The initiatives unveiled today at Google Cloud’s AI First event aim to advance AI adoption for startups and SMEs,” Gan stated. 

“Google for Startups Accelerator: AI First Singapore supports the growth of AI-orientated startups based in Singapore, and SMEs can leverage the Gemini for Google Workspace Program (SMEs) to kickstart their AI journeys and boost productivity. These initiatives demonstrate how public-private collaborations with technology leaders like Google Cloud can accelerate AI adoption and advance our national AI strategy goals,” he added. 

The inaugural cohort of ‘Google for Startups Accelerator: AI First Singapore,’ which ran from April to August 2024, included 25 early-stage startups from sectors like adtech, e-commerce, fintech, and climate tech. Selected from hundreds of applicants, startups such as Atlas, Eezee, and Lytehouse developed proprietary AI products addressing key challenges like accounting fraud detection, solar power capacity, food safety, and SME productivity, using top-tier technologies and resources from the program.

Meanwhile, another four AI startups—Kookree, Lytehouse, Staple, and UI-licious—received additional support from EnterpriseSG’s Startup SG Tech scheme, which accelerates the commercialisation of proprietary tech solutions. 

Following the program’s success, Google has opened its applications for the second cohort, starting in February 2025. The expanded three-month program will accept 35 startups, offering up to US$350,000 in Google Cloud credits, access to an AI innovation sandbox, mentorship, technical support, and opportunities to connect with investors at a Demo Day. Eligible startups may also receive further funding through Startup SG Tech.

Philbert Gomez, executive director for digital industry Singapore, said, “The success of the inaugural cohort of Google for Startups Accelerator: AI First Singapore reflects our commitment toward enabling promising AI startups with the means to turn innovative AI concepts into reality and commercialise them for local and global markets.”

He added, “The creativity and sophistication of the AI products developed by the graduating startups is a testament to the talent in our local ecosystem and its potential to deepen Singapore-based tech expertise, paving the way for long-term AI-powered growth. We look forward to deepening our partnership with Google Cloud as we continue supporting local organisations in their AI journey for growth in the digital economy.”

Also commenting on the event, Serene Sia, country director for Singapore at Google Cloud, explained, “Google Cloud has been a prolific contributor to the growth of Gen AI startups, with more than 60% of all funded Gen AI startups and nearly 90% of today’s Gen AI unicorns leveraging our infrastructure and capabilities. Through Google for Startups Accelerator: AI First Singapore, we’re providing locally-based founders with access to our broad choice of foundation models and developer tools, as well as resources, support, and routes-to-market for early-stage companies that are in line with regional nuances, so they can build and scale new AI products from the ground up in a matter of weeks.”

At the AI First event, Google Cloud and EnterpriseSG also launched the ‘Gemini for Google Workspace Program,’ offering SMEs up to 50% off license costs for 12 months. Gemini for Google Workspace, designed for small businesses, helps teams streamline workflows, enhance meetings, and boost productivity using AI-powered tools like Gmail, Docs, Sheets, and more.

The program aims to boost productivity and creativity for small businesses by providing access to Gemini’s AI-powered tools. It also offers SMEs access to Google’s advanced multimodal AI models with built-in data protections. In addition to cost savings, it provides dedicated training, consultations, and hands-on workshops to help businesses effectively deploy and maximise the benefits of Gemini in their daily operations.

This launch follows a successful pilot program in August 2024, where early adopters like Big Tiny, IKARI Services, and Koufu quickly realised measurable benefits from Gemini for Google Workspace. They used its features for competitive analysis, faster deal closures, creating marketing content, and personalising customer service responses.

“The Gemini for Google Workspace Program (SMEs) makes it easier for small business owners and their employees to adopt and extract value from gen AI, given that these companies typically operate with a tighter pool of resources that may see one person doing the job of many, and they would benefit from having time freed up to focus on important work and innovation. Alongside other initiatives like AI Trailblazers and Skills Ignition SG, the developments announced today fall under the programmatic and intentional approach that Google Cloud has been undertaking with the Singapore Government since May 2023, reinforcing our commitment toward helping organisations of all sizes thrive in an AI-enabled digital economy,” Sia stated.

Geoffrey Yeo, assistant managing director at Enterprise Singapore, added, “Google for Startups Accelerator: AI First Singapore and Gemini for Google Workspace Program (SMEs) underscore EnterpriseSG’s efforts to boost Singapore’s fast-developing AI ecosystem and deepen our companies’ capabilities to simplify work processes and improve efficiency. We will continue to collaborate with AI ecosystem partners like Google Cloud to spur AI innovation and adoption among businesses to strengthen their competitiveness, build new capabilities, and capture emerging opportunities.” 

Singapore – The Infocomm Media Development Authority (IMDA) has announced the launch of new Advanced Digital Solution categories for retail and security industries to empower SMEs to scale faster and grow in a digital economy. The new solutions are Omnichannel Retail Management (OCRM) and Integrated Security Management (ISM).

The pilot will run for one year and equip 100 SMEs with sophisticated digital solutions to deepen their digital capabilities, drive digital transformation, and build business resilience for growth in a digital economy.

The OCRM and ISM are sector-specific integrated solutions which help SMEs unify various business functions, enabling seamless information flow across their operations to better facilitate operations and enable data analytics and insights. 

Moreover, the solutions will be assessed for their suitability for SMEs’ adoption before they are scaled up through relevant support such as the Productivity Solutions Grant (PSG). This will enable more SMEs to benefit when the successfully piloted solutions are pre-approved by IMDA for mass adoption.

Leong Der Yao, assistant chief executive for sectoral transformation group at IMDA, said, “As SMEs grow their businesses and intensify their adoption of digital solutions, the need for seamless integration becomes an important consideration. The OCRM and ISM solutions, curated with shortlisted solution partners, are integral to the broader DEB strategy to empower SMEs to embrace integrated digital solutions. By leveraging these integrated solutions, SMEs are able to streamline operations, elevate their capabilities, and remain competitive in today’s rapidly evolving market landscapes.”

The OCRM solution category is launched by IMDA in collaboration with Enterprise Singapore (EnterpriseSG). It helps retailers to deliver a unified customer experience across these customer engagement touchpoints, such as physical retail outlets, e-marketplaces and online channels, while at the same time, enables an integrated operations across their back-end functions, such as inventory management and customer relationship management.

Philippines – Visa, a global payment solutions provider, is dedicated to increasing digital and financial inclusion in Southeast Asia by providing women and youth with digital and financial skills. This effort strives to promote long-term growth and prosperity. 

Southeast Asia’s young population, which makes up approximately a third of the region, as well as its SMEs and MSMEs, which account for 99% of all firms, are critical to economic growth. Visa is contributing to this success by increasing digital and financial literacy among women SME owners and young people.

In 2023, Visa will have digitally empowered 10 million SMEs in Asia-Pacific. The Visa Foundation has invested more than US$47m in the region, supporting two million women-led SMEs and sustaining 500,000 jobs. It just invested US$100m to APEC economies over a 5-year period.

According to an OECD assessment, women, people from specific ethnic minority groups, and rural regions have obstacles when it comes to fully embracing digital possibilities. These groups frequently face institutional and cultural barriers to growth, in addition to a predilection for unofficial funding. 

Stephen Karpin, regional president, Asia-Pacific, Visa, said, “In the Philippines, women and young people form a crucial engine propelling local economic growth. Visa utilises our resources and vast network to give back to the communities we operate in, particularly in promoting digital and financial inclusion. We believe in the transformative power of providing individuals and communities with global access to digital financial tools. As a key partner in Southeast Asia’s financial ecosystem, Visa is committed to reaching the most underserved communities, ensuring they too can reap the benefits of the digital economy.” 

Meanwhile, Kelly Tullier, vice chair, chief people and corporate affairs officer, Visa, added, “At Visa, we are dedicated to empowering women, particularly those running small businesses, to set them up for success. My trip to Vietnam reinforced how contributions within local communities are most impactful when done in concert with leaders on the ground. We met Visa Foundation partner, WISE Vietnam (Women’s Initiative for Startups and Entrepreneurship), which has supported 100,000 women entrepreneurs in Vietnam with access to digital tools to grow their businesses. 

“Meanwhile, Visa’s partnership with The Asia Foundation enables us to work with government agencies and microfinance institutions to support local businesses and help the digital economy thrive. By supporting each other, we lay the groundwork for equitable futures for all,” Tullier added. 

Visa and the Visa Foundation form strategic partnerships to promote digitisation and financial inclusion in Southeast Asian communities. 

In line with Visa’s financial literacy initiative in the Philippines, which began in 2017, has trained over 36,000 students and teachers in 64 schools spread across 21 cities. Visa collaborates with Tanghalang Pilipino, the Cultural Center of the Philippines’ resident theatre troupe, and Teach for the Philippines (TFP), a non-profit organisation supported by the Bangko Sentral ng Pilipinas. 

The program includes a Tagalog skit that was performed in classrooms and eventually developed into two online series about financial literacy. In order to promote student development programs and leadership development projects that place transformative teachers and changemakers in schools and education governance organisations, TFP recently received a grant from the Visa Foundation. 

Meanwhile, in Indonesia, Visa provided women-led Indonesian SMBs with the tools they needed to drive financial and digital inclusion. Since its launch in 2017, the “Ibu Berbagi Bijak” (Women Sharing Wisdom) financial literacy initiative has benefited over 1,400 women, including more than 1,000 women-led MSMEs in Central Java, Yogyakarta, Bali, and West Java, through training, mentorship, and business matching. This project received backing from regional governments, Bank Indonesia, the Financial Services Authority, and key ministries such as the Ministry of Tourism and Creative Economy and the Ministry of Cooperatives and Small and Medium Enterprises. 

Additionally, the Visa Foundation’s partnership with UN Women and the Swiss Association for Entrepreneurs in Emerging Markets produced a program that provides business coaching, networking opportunities, and funding to women-led care firms. Following program completion, the first cohort touched over 6,500 employees and independent caregivers in addition to over 27,000 care beneficiaries. 

In Vietnam, Visa’s ‘Accelerate My Business’ program, developed in collaboration with The Asia Foundation and the Center for Women and Development, assists ethnic minorities, youths, and female Vietnamese company owners. This initiative delivers basic financial, commercial, and digital expertise to micro and SME owners in disadvantaged communities, with the goal of empowering 25,000 female company entrepreneurs over the next three years.

Additionally, Visa provides help to households and ethnic minority communities under a three-year Memorandum of Understanding signed with the State Bank of Vietnam in 2023, in collaboration with the Committee for Ethnic Minority Affairs. Improving financial and business literacy in Vietnam is the goal of the yearly Financial Literacy Program, which was founded in 2012 in collaboration with the Vietnam Students’ Association Central Committee. 

Furthermore, in Cambodia, Visa works with the Ministry of Women’s Affairs in Cambodia (MoWA) and the National Bank of Cambodia (NBC) to empower women through financial literacy and entrepreneurship programs. Since 2020, Visa, MoWA, and NBC have collaborated on a four-year initiative called “Promoting Financial Literacy for Women and Women Entrepreneurs,” which has benefited over 10,000 female entrepreneurs and students. 

Visa is committed to coordinating its social impact initiatives with the objectives of the National Bank of Cambodia (NBC), in light of NBC’s progressive pledge in its National Financial Inclusion Strategy 2019–2025 to cut the percentage of women who are financially excluded by half, from 27% to 13%. 

Over 1,200 women entrepreneurs in the Philippines and Cambodia have benefited from The Visa Foundation’s cooperation with The Asia Foundation. Over 800 women entrepreneurs in 12 provinces in Cambodia were given access to cash, financial education, business training, and online markets through the project’s use of pre-existing e-commerce platforms. 

Singapore – Salesforce, together with IMDA, has announced the launch of the Data + AI Boost SME Program. This initiative aims to provide 5,000 small and medium-sized firms (SMEs) in Singapore, at all stages of digital maturity, with the tools and expertise they need to utilise the transformative potential of artificial intelligence (AI) by unlocking the value of their data.

Businesses and employees will receive help implementing digital technologies like artificial intelligence (AI), gaining an advantage, and providing personnel with the training they need to make the most of these technological advancements. Salesforce and IMDA are working together to make this initiative available to 5,000 Singaporean SMEs. 

Salesforce’s new Data+AI Boost SME Program intends to assist SMEs in utilising their valuable but frequently underutilised data assets, which are generally dispersed across numerous systems such as customer relationship management (CRM) systems, data lakes, and legacy systems. This effort aims to establish a strong data foundation for AI. 

As part of the Data+AI Boost program, SMEs can receive one-on-one consultations to help them evaluate their needs and business obstacles. It also provides Trailhead, Salesforce’s online learning platform, with access to information and learning resources. With the aid of these materials, SMEs will be able to fully utilise their data assets, comprehend the moral applications of AI and data, and make responsible use of technology. 

The usefulness of AI depends on the quality and integration of the underlying data, even though it presents SMEs with a huge chance to improve operational efficiency, customer service, and income. According to 61% of Singaporean workers surveyed by Salesforce’s AI Trust Quotient, lacking data makes it harder for people to trust AI. This indicates that data is essential for fostering confidence in AI. 70% of employees who don’t trust AI said it doesn’t have enough data to be helpful. 

Singapore’s small and medium-sized enterprises (SMEs) may expand and compete by leveraging AI and valuable, integrated data to better identify and address market trends, consumer preferences, and areas for improvement. SMEs can make use of the tools and expertise offered by this program to scale their businesses more quickly and achieve faster growth. 

The new Salesforce initiative was unveiled at Asia Tech x Enterprise 2024 in collaboration with IMDA. This program is a component of the partner commitments that support the Ministry of Communications and Information’s Digital Enterprise Blueprint (DEB).

The DEB aims to empower Singaporean enterprises and their workers in the next phase of their digital transformation efforts by focusing on four areas: empowering enterprises to be smarter by adopting AI-enabled solutions, enabling enterprises to scale faster through integrated digital solutions, equipping enterprises to be safer through improved cyber resilience, and upskilling workers to fully leverage digital capabilities.

SMEs identify developing technologies like artificial intelligence (AI) as one of the top business trends impacting their operations, according to the Singapore Business Federation’s National Business Survey 2023/2024. Increasing revenue was also stated as their main objective for the coming year. 

Speaking about the launch, Leong Der Yao, assistant chief executive, Sectoral Transformation Group, IMDA, said, “Aligned with Singapore Digital Enterprise Blueprint, IMDA is excited to partner with Salesforce to enable our SMEs to stay ahead of the curve. The Data + AI Boost SME program by Salesforce will help strengthen AI adoption for the broad base of SMEs by firstly providing them with the know-how to unlock the full potential of their data assets as well as providing access to resources to understand the ethical use of data and AI. We look forward to the support of industry partners to enable SMEs to leverage technology to be more competitive and scale faster in today’s fast moving digital economy.” 

Meanwhile, Sujith Abraham, senior vice president and general manager for Salesforce ASEAN, stated, “SMEs are the bedrock of the Singapore economy, and need access to AI and its foundational building blocks to support their growth and competitiveness in the future. Setting up the right data foundations will put them in the best possible position to embrace AI. After all, AI tools are only as good as the data those tools are accessing and acting upon. The immediate challenge for SMEs is to ensure that their data sets are interconnected in a way that is valuable.” 

He added, “Through the Data + AI Boost SME Program, Salesforce is making AI more accessible for SMEs to compete and succeed in today’s economy.”