As part of Singapore’s 99 SME campaign, DBS bank and Singapore’s telco company Singtel are launching multiple resources meant to help SMEs with ecommerce and cashless payments. The campaign is entering its second year and continues to further advancing the nation’s SMEs.
DBS Academy and partners of the 99% SME campaign will offer training courses to SMEs and its employees to upgrade their knowledge and kick-start ecommerce. Singtel and DBS will be working with SPRING, Singapore’s Infocomm Development Authority, to organize seminars and workshops to help SMEs better understand the online space, including areas such as data analytics, digital marketing and cyber security.
DBS will offer the first 10 participating food and beverage establishments a discount on its DBS FasTrack monthly fee, a system that enables ordering and payment in-store. DBS is also offering fee waivers for the first 250 business that sign up for the NETS and DBS Card Acceptance service, which allows merchants to use only one terminal for both the Singapore-native NETS payment scheme and regular credit card payments.
Finally, the company is going to give all participants a $7,417 (S$10,000) overdraft facility with an interest rate of 6%, which it claims is one of the lowest in the market for small businesses.
Meanwhile, Singtel will offer the first 500 SMEs its Ecommerce Solutions package for 99 cents a day for six months – a total cost of $148 (S$200), which includes workshops, training, and hands-on assistance for SMEs to build and manage their own online stores.
SMEs can apply to participate in the 99% campaign through the official website. The deadline is September 30. To qualify for the program, they must have at least 30% Singaporean ownership, and have less than S$100 million in revenue per year or less than 200 employees.
The initiative is supported by SPRING, Singaporean chambers of Commerce and Industry and trade and merchants’ associations, MasterCard, and media partner MediaCorp.
A version of this appeared in Tech in Asia on July 15. Read the full article here.