Now's the time for firms to go digital, says banker
With Budget 2021 offering help, businesses that haven't pivoted should get cracking: Tan Su Shan
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DBS Bank's group head of institutional banking Tan Su Shan (left) with Straits Times deputy business editor Poon Chian Hui at the askST@NLB session, where they touched on how the Budget will shape Singapore's recovery from Covid-19 and what it means for Singaporean workers and business owners.
ST PHOTO: GIN TAY
Jolene Ang
Companies that have not started digital adoption should get cracking and use technology to transform their businesses, said senior DBS banker Tan Su Shan at an askST@NLB session yesterday.
Ms Tan, DBS Bank's group head of institutional banking, was speaking to Straits Times deputy business editor Poon Chian Hui about how the Budget will shape Singapore's recovery from Covid-19 and what it means for Singaporean workers and business owners.
She noted at the monthly event organised by The Straits Times and the National Library Board: "If you've been doing well without tech, and you haven't really pivoted, now is the best time to pivot.
"Because Budget 2021 has really brought forth a lot of help for businesses - it doesn't matter whether you're a start-up, a venture firm, a small to mid-sized enterprise or a large local enterprise."
Various forms of help such as job support schemes, trade schemes and technology enablement support are available, she noted.
"Think about digital enablement bringing not just the Singapore market to you... The world is your oyster today."
Ms Poon said one obstacle to digital change could be the attitudes of business owners and job seekers. "They need to look at - now that Covid-19 has resulted in some transformational shifts - how they can ride this wave."
Both Ms Tan and Ms Poon also addressed questions on the measures in place to help fresh graduates who are new to the job market.
The SGUnited Jobs and Skills Package provides traineeship opportunities geared towards younger graduates who want to try out a job with an option to get full employment, Ms Poon noted.
Last year, DBS hired more than 600 people under the SGUnited Traineeships and SGUnited Mid-Career Pathways programmes.
Ms Tan said she has encouraged university students to try to pick up new skills such as data analytics, design thinking and machine learning if they are unable to find a job.
In embracing such learning, they can differentiate themselves from other applicants at job interviews. "It shows that eagerness to learn and be relevant in today's context," she said.
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TITLES TO CHECK OUT
Those who missed the live stream can find a recording at str.sg/askstnlb. Past askST@NLB sessions can be found there as well.
Suggested titles for reading:
• Singapore's Fiscal Strategies For Growth: A Journey Of Self-reliance (2017)
• Economic Dynamism, Openness, And Inclusion: How Singapore Can Make The Transition From An Era Of Catch-up Growth To Life In A Mature Economy (2019)
• Insights On Singapore's Economy And Society From Leading Thinkers: From The Institute Of Policy Studies' Singapore Perspectives (2019)
In the next askST@NLB session on April 30 at 7pm, ST tech editor Irene Tham talks to Mr Jeffrey Goh, managing director and head of Grablink, a regional payment company of Grab Financial Group, about tech firms that have been awarded digital full bank licences and what this means for consumers. Questions can be submitted at http://str.sg/J9Pc
