DBS Bank and supermarket chain Sheng Siong have embarked on a mission to assist suppliers in adopting more sustainable business practices.

The initiative aims to reach out to 1,000 small and medium-sized enterprises (SMEs) within the Sheng Siong supply network over the next two years, focusing on enhancing resource efficiency and lowering carbon emissions.

This collaboration marks the first of its kind between two SkillsFuture Queen Bee companies. The SkillsFuture Queen Bee programme, launched in 2020, supports SMEs in skill and workforce development, facilitating growth and transformation.

Tan Kok Yam, Chief Executive of SkillsFuture Singapore, praised the partnership for its potential to promote sustainability in the wholesale and retail sectors, aligning with the broader objectives of Singapore’s Green Plan 2030.

The sustainability programme tailored by DBS and Sheng Siong will cater to the diverse needs of SMEs, offering both introductory workshops on sustainability basics and advanced solutions for greening operations. Areas of focus include energy efficiency, vehicle electrification, and waste management.

Additionally, DBS plans to extend sustainable financing options at preferential rates to SMEs, alongside guidance on accessing government grants aimed at easing the transition to greener practices.

Koh Kar Siong, Group Head of Corporate and SME Banking, DBS said,

“Budget 2024 underscored the government’s efforts to strengthen Singapore’s economic competitiveness, which includes accelerating SMEs’ adoption of green solutions and upskilling their labour force.

Companies that do not start making this transition risk losing out. DBS recognises that this journey of sustainability and upskilling is not easy – smaller businesses especially need more support to navigate this journey.”

Lin Ruiwen, Executive Director, Sheng Siong said,

“Collaboration is key to unlocking a sustainable future. Sheng Siong is excited to partner with DBS and leverage their expertise to further support our suppliers to upskill their workforce and develop capabilities to achieve their sustainability endeavours.

By empowering our suppliers to operate more efficiently and decarbonise their operations, we can collectively minimise the environmental impact of our supply chain. Together, we hope to build a more sustainable and resilient ecosystem, benefitting our communities and ensuring a greener tomorrow.”

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/89289/green-fintech/dbs-sheng-siong-join-forces-to-promote-sustainability-among-sme-suppliers/