United Overseas Bank and NTUC launched a set of awards that recognize small businesses and individuals who have made outstanding progress in their firms' digital capabilities.
United Overseas Bank (UOB) and NTUC U SME launched the SME Digital Leap Awards, Singapore’s first dedicated digital innovation award for small- and medium-sized enterprises, or SMEs, and their employees. The award aims to recognize those who have made great progress in their efforts to transform their businesses through digital capabilities, according to a media release on Monday.
«SMEs make a significant contribution to Singapore’s economy, employing two-thirds of our workforce and accounting for almost half of our gross domestic product,» said Choo Kee Siong, UOB's head of enterprise banking.
«As more Singapore SMEs transform their business to seize opportunities in the digital economy, UOB is committed to enabling their growth by helping them overcome their challenges and realise their potential. Through the awards, we hope to bring out best practices among our SMEs,» Choo added.
Recognising Different SMEs
SMEs, which often have limited resources, face multiple challenges on their digitization journey. Some of the issues they grapple with include managing manpower costs, the need to train talent and securing funding to support the adoption of digital solutions.
The SME Digital Leap Awards will provide SMEs with the opportunity to share their successes with other business owners, find case study to learn from, and to spur industry peers to embrace digitization.
Three Categories
The awards will consist of three categories, specifically micro-SMEs with 30 or fewer employees, companies with up to 100 employees, and larger firms with up to 200 employees. There will also be a separate category for SME employees who have been instrumental in championing digitization efforts within their companies.
