Upskilling: An Important Currency That Buys SMEs a Future in the Digital Age
Upskilling is the key investment that empowers SMEs to fully leverage technology, stay competitive, and thrive in ASEAN’s fast-evolving digital economy.
2025 May Day Rally: Helping SMEs navigate through digitalisation
At the 2025 May Day Rally, Prime Minister Lawrence Wong offered a candid view of Singapore’s economic outlook – marked by global uncertainty, but also an immense opportunity for those prepared to adapt. He reinforced the urgent need for upskilling to ensure that Singapore’s workforce remains future-ready.
As the economy continues to evolve, digitalisation is a crucial element for both individual workers and businesses seeking to maintain a competitive edge. A 2024 UOB Business Outlook Study revealed that digitalisation has benefitted businesses in various ways, with the most significant being higher productivity and improved customer experience.
The Barriers to Digitalisation
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.
UOB FinLab's Support in Action
Through our programmes, we enable SMEs to learn the best industry practices and stay ahead of the curve.
Our Digitalisation Innovation Programme: Womenpreneur (D.I.P:W) is tailored specifically for female entrepreneurs and business leaders, offers more than just a series of workshops. It provides structured guidance, expert mentorship, and a community of peers who share their challenges and ambitions. The programme is organised into five key pillars: Business Transformation, Branding and Marketing Strategies, Business Resilience, Innovation and Scalability, and Community Building. These pillars ensure that participants receive a holistic toolkit to grow their businesses sustainably.
This photo was captured during the concluding session of D.I.P:W 2025, where mentors engaged with programme participants.
What sets D.I.P:W apart is its diversity of voices and depth of industry expertise through mentors and speakers. The programme invites highly respected speakers, including female industry leaders, from leading companies such as LinkedIn and Boston Consulting Group (BCG), Kobe Global Technologies, Speech Tians and others to share their insights with the participants. These speakers bring real-world perspectives, from growth strategies to personal journeys of resilience and reinvention. Through these sessions, participants gain more than just skill – they undergo a mindset shift that empowers them to lead with confidence and clarity.
D.I.P:W also connects participants with dedicated mentors from BCG, Mums@Work, the Singapore Chinese Chamber of Commerce & Industry (SCCCI), UOB and other industry leaders. These experts offer personalised guidance and support to help the entrepreneurs grow and adapt throughout their journey.
We have cultivated an active ecosystem of over 33,000 professionals across ASEAN, comprising mentors, industry leaders, technology partners, and solution providers. This network helps SMEs gain timely access to best practices, proven tools, and valuable business connections.
Driving SME Growth with the UOB Business Kit
UOB empowers SMEs to grow smarter with the UOB Business Kit, complementing UOB FinLab’s efforts, through a comprehensive suite of banking and digital tools designed to streamline operations, cut costs, and drive productivity. Acknowledging the evolving needs of SMEs, the Business Kit is designed to enable them to scale efficiently and seize business growth opportunities with personalised support and access to the UOB SME community.
The UOB Business Kit offers practical, high-impact benefits tailored to the unique needs of SMEs based on years of working with SMEs through changing times. For instance, UOB empowers businesses to turn everyday spending into cost-saving opportunities to help SMEs reduce operational costs from day one. This includes offering over $600 in monthly cashback, free local payments, and up to 1.5% rebate* on debit card spend.
Businesses can further leverage on UOB’s digital offerings such as accessing preferred FX rates and real-time cashflow insights through the UOB SME app. They can also tap into BizSmart – a curated ecosystem of digital solutions across six key areas: accounting, HR and payroll, payments and POS, digital transactions and marketing, cybersecurity, and business essentials.
The Business Kit also aids in overcoming hurdles often faced by early-stage SMEs by empowering them to protect their cash flow, minimise risk, and remain agile as they navigate digitalisation and expansion.
Looking Ahead: Digitalisation as a Growth Engine
SMEs across the region tap into UOB FinLab’s expansive network to gain practical knowledge, industry best practices, and clear guidance on navigating their digital transformation. Our collaborative ecosystem creates new opportunities for business partnerships and growth – ensuring SMEs don’t walk the journey alone.
SMEs are the heartbeat of Singapore’s economy, making up 99% of all businesses and employing over 70% of the workforce. Through innovation, inclusion, and collaboration, we empower SMEs to tackle today’s challenges and seize tomorrow’s opportunities. As Prime Minister Lawrence Wong emphasised at the 2025 May Day Rally, transformation must go hand in hand with upskilling. That’s why we continue to build the capabilities and resilience SMEs need to thrive in a future-ready Singapore.
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*Information on UOB Business Kit is accurate as of 19 May 2025.
2025 May Day Rally: Helping SMEs navigate through digitalisation
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