Singapore’s digital economy expanded 6.6% in 2023, contributing SGD113bn, or 17.7% of GDP, according to the Infocomm Media Development Authority (IMDA). This share exceeds that of the financial services sector and matches the manufacturing sector. The information and communications (I&C) sector accounted for a third of the digital economy, with non-I&C sectors forming the remainder. IMDA reported increased engagement with SMEs, with 82% adopting at least one digital solution, up from 69% in 2021. IMDA is introducing generative AI to businesses of varying digital maturity through initiatives like the GenAI Sandbox. In the first iteration, 150 companies participated, with most continuing to use AI solutions afterward. The agency expects over 300 SMEs to join the second round, offering grants covering trial costs for AI-powered tools.