by CIO Asia Staff

Singapore launches new ecommerce platform for SMEs

Jan 17, 2019
Digital TransformationE-commerce SoftwareTechnology Industry

The new platform complements the 99%SME campaign, which helps SMEs towards the adoption of digital technology

The Infocomm Media Development Authority of Singapore (IMDA), Singtel and DBS rolled out this week, a new ecommerce platform that aims to help Small and Medium Enterprises (SMEs) merchants in the city-state to easily adopt digital technologies and provide their customers with omnichannel experiences.

The new online platform gives retailers additional channels to sell their products, connects neighbourhood shops to nearby consumers, and optimises retailers’ inventory for demand.

The platform is a complement to the 99%SME campaign, co-founded in 2015 by Singtel and DBS to help SMEs adopt digital technology to grow their businesses and supports IMDA’s existing plans to boost the digital capabilities of Singapore’s retail sector.

Since its launch, the campaign has supported more than 8,000 SMEs in their digitalisation journey.

The name 99%SME alludes to the fact that SMEs make up 99% of businesses in Singapore. They also employ 70% of Singapore’s workforce and contribute to nearly half of the country’s GDP.

To help SMEs accelerate their digitalisation journey, Singtel and DBS are partnering the Federation of Merchants’ Association, trade associations, chambers of commerce, polytechnics and corporate partners to reach out and encourage SMEs to support the new 99%SME platform.

“Recognising that SMEs need more support to thrive in the digital economy, multinational corporations (MNCs) and public sector partners must collaborate to close the gap with SMEs,” said Joyce Tee, group head of SME banking at DBS Bank.

“The B2B e-marketplace pilot launch was successful, and we’re in the processing of onboarding large corporates. With support from the broader ecosystem partners and by leveraging the power of new technologies, SMEs will be given the tools needed to grow revenue and expand into new markets,” she added.

The new platform was launched by Sim Ann, Senior Minister of State at Ministry for Communications and Information and Ministry of Culture, Community and Youth.