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UOB partners ASME to develop SMEs' digital and AI capabilities by bridging access to financing solutions
UOB and the Association of Small & Medium Enterprises (ASME) have signed a Memorandum of Understanding (MOU) at the AI Festival Asia 2026 (AIFA 2026) on 23 January 2026 to enable SMEs in Singapore to accelerate their digital and AI transformation journey.
ASME will mobilise up to S$10 million in existing grants to help support member SMEs for digitalisation and AI Projects. Facilitated through SME@AITE (the joint AI Centre of Excellence with ITE), the centre will work with SMEs to scope digital and AI projects while UOB will provide financial packages prior to grant disbursement, which will help SMEs kickstart their transformation journey sooner, and better manage their cashflow.
"The adoption of digital and AI tools are critical for SMEs to remain relevant and competitive in a rapidly evolving business landscape. We partner SMEs to build digital capabilities for the long-term to strengthen their readiness to participate in broader business value chains. Our collaboration with ASME aims to accelerate SMEs’ digital transformation journey, by closing the financing gap for them. This enables SMEs to minimise strain on their resources, so that they can focus on strategic growth and development." Mr Paul Kan, Country Head, SME Banking (Emerging Enterprise), UOB.
"For many micro and small businesses, the primary barrier to AI adoption is not a lack of ambition, but the inherent risk of digital transformation. By combining ASME’s mobilisation of S$10 million in grant support with UOB’s tailored financing solutions, we are effectively co-sharing that risk. This partnership ensures that our members can confidently test and adopt AI-enabled workflows without over-extending their resources.” Mr Ang Yuit, President, ASME.
SME@AITE provides SMEs with access to resources, talent, and implementation partners. With micro and small enterprises employing nearly half of Singapore’s workforce, UOB and ASME aim to propel these businesses on their transformation journey to build a resilient economy and create new career pathways for workers in an AI-driven future.
Pulse Tan, Chair of Digitalisation, AI, Cyber Security Action Group, ASME Executive Council and Paul Kan, Country Head of UOB SME Banking (Emerging Enterprise), Singapore, formalised the partnership via a MOU signing on 23 January 2026. The signing was witnessed by Minister of State for Trade and Industry Alvin Tan and ASME Vice President Hamidah Aidillah.
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