BIZSpoke | 27 September 2024 - SBF National Business Survey 2024 Reveals Technology Adoption Challenges for Singapore Businesses

11 OCTOBER 2024

SBF National Business Survey 2024 Reveals Technology Adoption Challenges for Singapore Businesses

The SBF National Business Survey 2024 – Smart-Enabled Businesses Edition, conducted from 23 May to 5 July 2024 and involving 529 companies, highlights significant challenges in technology adoption, particularly for SMEs. Rising costs, complex licensing fees, and upskilling needs are impeding digitalisation, especially in sectors like retail, hospitality, and logistics. Larger firms fare better in these areas. Cybersecurity and AI emerged as priority technologies, with SMEs planning to allocate 11% of their budgets to digitalisation in 2024.

Click here to read the survey report

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WHAT'S NEW

AfA on Business Competitiveness Addresses Manpower and Regulatory Challenges

The Alliance for Action (AfA) on Business Competitiveness, co-chaired by Senior Minister of State for Trade and Industry & Culture, Community and Youth Low Yen Ling and SBF Vice-Chairman Mark Lee, focuses on addressing business challenges like manpower shortages, land use, and regulatory issues. The AfA continues to work closely with businesses and trade associations, with a report to be released by year-end.

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SBF Led Singapore Exhibitors to the 21st CAEXPO to Boost Trade and Investment Ties with China

The 21st China-ASEAN Expo (CAEXPO) kicked off on 24 September with SBF leading a Singapore delegation to participate in the annual event. Senior Minister of State for Sustainability and the Environment and Manpower Koh Poh Koon visited the Singapore Pavilions. SBF also organised the Singapore Day seminar where SBF Chairman Lim Ming Yan gave his welcome address, and featured speakers from the China-ASEAN Mercantile Exchange (CAMEX), DBS Bank, OCBC, Pacific International Lines and Singapore Post.

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SG-WEN Marks 3rd Anniversary with Gala Event and Inaugural SG-WEN Awards

The Singapore Women Entrepreneurs Network (SG-WEN) celebrated its third anniversary with a gala event attended by DPM Heng Swee Keat and over 200 business leaders. The inaugural SG-WEN Awards was also held, celebrating six outstanding Singapore women entrepreneurs. An opinion poll highlighted challenges faced by women entrepreneurs like accessing networks and balancing work-life commitments. To address these, SG-WEN partnered with Standard Chartered to launch the SC X SG-WEN RISE programme, offering mentorship, leadership training, and financial support.

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SBF and Hong Kong Delegation Discuss Joint Ventures and Trade Opportunities

SBF is honoured to welcome Mr Algernon Yau, Secretary for Commerce and Economic Development, Hong Kong SAR Government and his team on 23 September. The meeting focused on enhancing partnerships between Singapore and Hong Kong businesses, leveraging Singapore's position in Southeast Asia and Hong Kong's access to Mainland China. SBF will also be organising a business delegation to attend the Asian Financial Forum on 13 January 2025, with plans to visit the Greater Bay Area. For more information on this trip, please reach out to us at [email protected]

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Future-Ready Businesses Spotlight Innovation in Singapore's Food Sector

The Future-Ready Businesses Spotlight series continued its success with visits to FoodXervices and Innovate 360, two leaders in Singapore's food industry. These visits provided participants with valuable insights into how these pioneering companies are using innovation and sustainability to future-proof their operations. The initiative aims to connect business leaders with industry innovations, offering facility tours and engaging dialogues that inspire growth and transformation in the food sector.

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BS36 - CNA Sustainability Measures Interview

SBF CEO Highlights Key Areas for Singapore Businesses' Sustainability Efforts

In a 19 September CNA interview alongside NTUC LearningHub Head of Sustainability Low Choon Chye, SBF CEO Kok Ping Soon highlighted that while 70% of companies are aware they need to implement sustainability practices, 40% struggle to know where to begin. He emphasised three key areas companies need support in: funding for their decarbonisation efforts, clarity on sustainability standards, and access to technology platforms for carbon reporting.

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