USD 30 mln for SME digital growth under the Start Digital initiative

Thursday 10 January 2019 08:58 CET | News

Singapore-based Infocomm Media Development Authority and Enterprise Singapore’s initiative Start Digital have rolled out USD 30 mln financing for SMEs.

Start Digital which is part of the SMEs Go Digital programme aims to give SMEs a head start with two foundational digital solutions in a bid to accelerate their growth and scalability, the parties revealed.

According to the announcement, new SMEs can select any two free foundational digital solutions from five categories of core business functions which includes accounting, human resource management & payroll, digital marketing, digital transactions and cybersecurity. SMEs will need to commit to a minimum period of 18 months of which costs for the first six months will be waived and priced affordably for the remaining period.

The parties also highlighted that SMEs can approach its participating partners such as DBS, Maybank, OCBC and UOB if they wish to take up the Start Digital pack. Likewise, SMEs can also obtain support from other SMEs Go Digital initiatives when they require more advanced digital solutions, the announcement added.

Two other islandwide initiatives to accelerate digital transformation for firms were also announced by the minister for communications and information, S Iswaran, at an industry networking session. The initiatives are a nationwide e-invoicing network which will enable companies to adopt e-invoicing based on the Pan-European Public Procurement On-Line (PEPPOL) standard to increase productivity and speed up payment collection cycles, whilst the data protection trustmark (DPTM) aims to help organisations build consumer confidence in their data protection policies and practices.

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Keywords: Start Digital initiative, Media Development Authority, Enterprise Singapore, Start Digital, Go Digital programme, accounting, human resource management & payroll, digital marketing, digital transactions
Countries: World