Another new initiative has been launched to help SMEs embark on innovation projects.

DBS, Infocomm Investments and IPI Singapore have teamed up to launch DBS TechMatch, a programme to help match SMEs to the appropriate innovation.

DBS SME Banking's group head Joyce Tee said the bank has learnt that "many SMEs are keen to adopt innovation projects but do not know where to start".

She added that "IPI has a global network of technology partners and Infocomm Investments has a strong track record of helping businesses develop solution concepts".

SMEs submit a DBS Techmatch request online, where they need to define a business problem. These requests will then be reviewed by the DBS BusinessClass team which will connect the SME with a firm that can provide a solution.

For SMEs looking for specific technology and expertise, IPI sources for these through its international network and database of technology opportunities.

For SMEs with business problems where there is no ready technology solution, Infocomm Investments takes them through a five-day solution process, working with selected university students, to come up with a viable concept.

SME business owners will then work with the solution providers to put the solutions into practice.