DBS Bank, Singtel launching resource packages as part of 2nd 99%SME campaign
AS PART of efforts to help SMEs enhance their e-commerce and cashless capabilities, DBS Bank and Singtel are launching a range of resource packages as part of the second 99%SME campaign.
DBS, in partnership with Applied Mesh, is offering the first 10 participating small and medium-sized enterprises (SMEs) in the food and beverage industry a sponsorship package and a 25 per cent discount on the monthly subscription fee when they adopt DBS FasTrack. This is a payment and ordering solution that SMEs can leverage to launch their own mobile apps to allow customers to place advance orders and payments.
The bank is also teaming up with Nets (Network For Electronic Transfers) to offer fee waivers totalling S$1,036 in the first year for the first 250 new merchants who sign up for the unified Nets and DBS Card Acceptance service. With the new unified service, merchants need to install only one terminal for both Nets and credit care payments. This is intended to encourage SMEs to adopt cashless payment solutions.
Finally, the bank is extending to all participating SMEs a S$10,000 overdraft facility at a 6 per cent interest rate.
Singtel, meanwhile, is providing the first 500 SMEs a complete e-commerce solution under the Singtel e-commerce Solution package for 99 cents a day for the first six months. Singtel will also provide marketing training for SMEs to help them attract and retain online customer eyeballs to sustain their sites.
The 99%SME campaign is in its second year and is supported by Spring Singapore, Infocomm Development Authority of Singapore, and certain trade associations and chambers. The inaugural campaign ran from Oct 29 to Nov 1 last year with the support of co-founders Singtel and DBS.
Over 1,600 SMEs signed up to participate last year resulting in over 1,700 offers put up on 99sme.sg. This year's campaign will stretch over 10 days (two weekends) and the partners are looking to rally at least 2,500 SMEs to participate
The partners are also teaming up with DBS Academy to offer training courses for SMEs to upgrade their knowledge and kick-start their online stores. Singtel and DBS will be working with Spring Singapore to organise seminars/workshops to help SMEs better understand e-commerce, including areas such as data analytics, digital marketing and cyber security.
Other courses in the pipeline include cash management and working capital optimisation, managing financial market risk, accounting and taxation basics.
Mediacorp, who is their official media partner, is also giving out S$300,000 in an advertising grant to three SMEs in a contest on Toggle. Consumers are invited to submit photos of their favourite SME with a short caption. The top three SMEs will receive a S$100,000 advertising grant each.
This year's campaign will culminate in a 10-day SME Week held from Oct 14 to Oct 23.
Minister for Trade and Industry (Industry) S Iswaran commended the coming together of the public and private sectors at the launch of the campaign on Friday, noting that such collaborative efforts is what should be encouraged as part of this economic transformation journey.
While trade associations and chambers have a good sense of what is happening among their members, private companies meanwhile are able to bring their diverse capabilities to the table, he said.