New academy gives SMEs digital boost

The Singapore Business Federation (SBF) and V3 Fintech, the financial technology arm of lifestyle products group V3, have set up a digital academy to help small and medium-sized enterprises (SMEs) boost their digital competencies.

The digital academy, Beyond Lab, will focus on areas such as data analytics - including support for green solutions - and fintech innovations that can help Singapore businesses "optimise and expand operations locally and in the region", said SBF and V3 Fintech.

Consultancy Ernst & Young Advisory will be brought in to advise on content and curriculum development. Beyond Lab is expected to launch its first programme early next year.

Today, SMEs can make use of technologies like the Internet of Things, artificial intelligence and e-payments to optimise operations and enhance profitability, noted V3 Fintech's senior adviser Gan Chee Yen.

Through Beyond Lab, SMEs can "collectively learn, connect and adopt relevant digital initiatives that boost their competencies and competitiveness", said Mr Gan, a former Temasek veteran and seasoned financial sector leader.

Mr Gan joined V3 Fintech from Fullerton Financial Holdings, where he had been its chief executive. Prior to that, he was Temasek International's co-chief investment officer, senior managing director of special projects, and head of its China market. He was also chief financial officer of Temasek.

V3 Fintech was set up in October to pursue related opportunities in the region, as well as develop digital financial services, especially for SMEs, The Business Times had reported.

Meanwhile, SBF chief executive Ho Meng Kit hopes that the digital academy will be an affordable and effective means for SMEs to cultivate "a digital culture" and develop the data analytics and fintech capabilities they need.

"Our companies, especially SMEs, need to align themselves with how the world has changed," Mr Ho said.

THE BUSINESS TIMES

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on December 14, 2019, with the headline New academy gives SMEs digital boost. Subscribe