SINGAPORE (Apr 12): The FinLab, a joint venture between UOB and SGInnovate, has chosen seven Singapore SMEs to take part in the third cycle of its digital transformation programme, where they will be given resources and advice on how to develop and deepen their digital capabilities.

The four-month-long programme, launched on Thursday, will run to August this year.

The seven SMEs come from a mix of industries, such as retail, wholesale trade, construction, logistics and healthcare.

They are C K Department Store; International Labs; Angel Supermart; Siam Coconut; Straits Healthcare; Lih Ming Construction and Acepac International (S).

The seven selected SMEs along with Felix Tan (The FinLab), Janet Young (UOB), Kevyn Yong (ESSEC Business School), Steve Leonard (SGInnovate)

Besides building digital capabilities, many of these SMEs taking part in this programme are also planning for transition between first and second generations.

“Businesses large and small across all industries are being challenged by the rapid changes brought about by technology and innovation,” says Janet Young, Head of Group Channels and Digitalisation, UOB.

The FinLab provides not just a pool of experts in different fields, but also a network of other businesses that can potentially partner with one another.

“Through The FinLab, these SMEs will be able to connect with the right partners as they transform their business models and to acquire the technological know-how to improve their operational performance and to enhance their customer experience,” says Young.