Small and medium enterprises (SMEs) sit at the frontline of both opportunity and disruption in today’s rapidly evolving economy. The pace of digital transformation is driven by artificial intelligence (AI), data innovation, and sustainability imperatives, reshaping industries faster than ever before.
SMEs contribute nearly half of the nation’s Gross Domestic Product (GDP) and employ two-thirds of Singapore’s workforce, according to Infocomm Media Development Authority (IMDA). Their importance to the economy is clear and so is the urgency of equipping SMEs for what’s next.
At the same time, global uncertainties such as supply chain disruptions, shifting consumer preferences, and stricter sustainability standards are adding further pressure. To stay competitive, SMEs must continually upskill their workforce, embrace new technologies, and evolve their business models. Upskilling is not just about survival, it’s about building resilience, improving operational efficiency, and unlocking new growth.
How SMEs respond to AI, digitalisation and sustainability will ultimately define their growth potential and influence Singapore’s broader economic trajectory. However, many still face significant barriers, from limited resources to digital skills gaps, making it challenging to fully seize the opportunities of today’s fast-evolving digital landscape.
UOB has taken a significant step to help SMEs rise to this challenge: the bank has been officially appointed a SkillsFuture Queen Bee (SFQB) champion by SkillsFuture Singapore (SSG). This appointment marks a milestone that aligns with the 90th anniversary of UOB and the 10th anniversary of SSG, underlining our shared commitment to future-proofing Singapore’s economy by equipping SMEs with critical skills and capabilities.
The SFQB initiative is a national strategy that encourages organisations to lead and mentor in workforce development through lifelong learning. As a Queen Bee, UOB will act as an industry mentor, providing SMEs with curated programmes, sector-specific insights, and practical tools that accelerate their transformation.
The bank will deliver on this mandate through UOB FinLab, its strategic community enabler. Since 2018, UOB FinLab has supported over 2,700 SMEs across ASEAN, helping them harness digital technologies and sustainable practices to grow their businesses.
The newly launched UOB SME Elevate Programme helps SMEs harness AI, digitalisation and sustainability, unlocking new growth opportunities while building resilience.
Here’s how the SME Elevate Programme empowers SMEs:
We offer a wide range of practical, hands-on training sessions. These cover essential topics like digital marketing, adoption of AI tools, business transformation, sustainability best practices, business strategy, and data analytics. These workshops are tailored to the real-world challenges SMEs face, helping them acquire new skills immediately.
Eligible SMEs can receive up to 90% funding for approved courses through SSG to make upskilling accessible. This significantly reduces costs and encourages participation, enabling more SMEs to invest in their teams’ development.
SMEs gain access to a network of over 40 industry experts who provide personalised guidance. These mentors help businesses refine their strategies, navigate transformation challenges, and identify new opportunities for growth.
SMEs can also leverage UOB BizSmart, a curated suite of digital solutions designed to streamline operations in areas like accounting, human resources, and inventory management. These tools help businesses improve efficiency and innovate faster.
Through UOB FinLab’s ecosystem of more than 33,000 professionals, spanning technology providers, SMEs, and industry leaders, participants can connect with like-minded peers. These networking opportunities foster collaboration and open doors to partnerships and new markets.
What makes the UOB SME Elevate Programme stand out is its personalised approach. It begins with a digital needs assessment, which identifies each SME’s unique gaps and opportunities. From there, the programme recommends the most relevant training and support to help the SME level up regardless of their current digital maturity.
This collaboration with SSG will benefit about 200 SMEs and 800 SME employees in Singapore, guiding them to develop the skills needed to thrive in a digital and sustainable economy.
UOB has partnered with Nanyang Technological University, National University of Singapore, and Ngee Ann Polytechnic under the SkillsFuture Queen Bee initiative. These collaborations harness the academic strength and industry insights of each institution to deliver impactful training, advisory and mentorship for SMEs and these new pathways will help in creating a resilient and future-ready SME sector at the heart of Singapore’s economy.
UOB goes beyond banking by building ecosystems that help businesses thrive in the long term. It offers targeted training and delivers a strategic framework that drives growth, strengthens digital confidence, and develops future-ready teams, through UOB FinLab and the UOB SME Elevate Programme.
Over the years, UOB FinLab has demonstrated the impact of digital and sustainable transformation. We have supported thousands of SMEs in ASEAN, helping them navigate the complexities of digital adoption and environmental responsibility. We are doubling down our efforts in Singapore now as a SFQB champion by inviting local SMEs to join us on this journey of continuous learning and innovation.
The UOB SME Elevate Programme offers the guidance, tools, and community support to advance with clarity and confidence, whether a SME’s business is just starting its digital transformation or seeking to deepen its sustainability practices.
To learn more about the UOB SME Elevate Programme and how it can help your business grow, visit https://thefinlab.com/programmes/uob-sme-elevate-programme/.
Stay up to date with the UOB FinLab community by following us on LinkedIn and subscribe to the newsletter.
It has been almost a year since the team at UOB FinLab culminated its GreenTech Accelerator 2024 (GTA). We decided to check in with one of the GreenTech participants and see the progress that is being made.
UOB FinLab AI Ready Programme empowers SMEs to adopt and scale AI, with hands-on support from AI Singapore, IMDA, and Microsoft.
Nearly a year has passed since UOB FinLab concluded its GreenTech Accelerator 2024 (GTA), and we’ve followed up with one of the participating GreenTech companies to see how things have progressed.
Senior Lecturer, Ngee Ann Polytechnic
Melvin Gan is a senior lecturer at Ngee Ann Polytechnic’s School of Business and Accountancy, where he specialises in sustainability in business management, ESG reporting, digital marketing, consumer insights, and human-centered design thinking. A founding member of the Sustainability Module Team, he has been instrumental in developing specialised curricula such as Corporate Governance and Reporting for Sustainable Business and has contributed to the growth of the Business Sustainability and Digitalisation specialisation.
Consultant & Trainer, CSO Centre
Joyce was former Commercial Director at Climate Impact Exchange (CIX), a global carbon solutions provider established by Temasek Holdings, Singapore Exchange, DBS Bank & Standard Chartered in Singapore. She was hired as part of the founding team and represented CIX in multiple public forums on decarbonisation, market development and green finance.
Joyce has close to 20 years of experience in the financial industry. She has helmed leadership roles at Singapore Exchange, Goldman Sachs and Credit Suisse across various business and operation units. At CIX, she worked with C-Suites, NGOs and financiers on decarbonisation solutions, global carbon market development, as well as alignment with the UN Sustainable Development Goals (SDGs) for long term impact and business resilience.
Consultant & Trainer, CSO Centre
Lance is an FSA Credential Holder and GRI Certified Sustainability Professional. Throughout his corporate career, he has worked at JPMorgan, Citibank and Singapore Exchange. As a marketing and corporate communications consultant, his clients have included DBS, Singtel, UOB, Bank of Singapore as well as many other government organisations, SMEs and startups.
He currently specializes in helping corporates with ESG and sustainability reporting as a trainer and consultant. His courses have been taken by individuals and companies from all over the world and accredited by the Institute of Banking & Finance (Singapore). He is also an associate lecturer with Ngee Ann Polytechnic for various sustainability-related courses.
Designed for business owners to enhance their digital capabilities through practical learning, this programme takes businesses to the next level.
Designed for business owners to enhance their digital capabilities through practical learning, this programme takes businesses to the next level.
Bridge ideas and innovation, subscribe to the FinLab Connect now!