High costs consistently emerge as a significant barrier to adoption. The 2024 Singapore Business Federation survey revealed that while more than 90% of businesses recognise the importance of digital transformation, nearly three-quarters of them identified cost as the primary obstacle. The government has provided Singaporean SMEs with some relief to address cost concerns. In 2025, the continued expansion of Company Training Committees (CTCs) is a major initiative aimed at supporting SMEs. CTCs play a pivotal role in aligning workforce skills with business transformation by fostering collaboration between employers, unions, and employees. To further reduce the financial burden of upskilling, eligible workers will receive a $4,000 SkillsFuture Credit top-up in 2025—making lifelong learning more accessible. Businesses also benefit from government support through initiatives like the Productivity Solutions Grant (PSG) and Enterprise Development Grant (EDG), which help reduce the cost of adopting new technologies. Digitalisation demands a mindset of continuous learning and adaptation. As new tools, platforms, and trends emerge, businesses must stay agile and be informed. Success in digital transformation requires access not just to funds, but to knowledge, mentorship, and an ecosystem of support. Unfortunately, many SMEs lack the networks and guidance needed to implement and sustain digital initiatives. Without the right partners, they risk falling behind – trapped by uncertainty and unable to fully capitalise on the digital economy’s potential. That’s where UOB FinLab comes in.