Digitalisation can be a long journey for many SMBs. Still, the adoption of digital tools can raise a firm's productivity by an average of 16%, a 2019 study by the Ministry of Trade and Industry found.
SMEs Go Digital, which was first announced at Budget 2017, was expanded last year. Through the programme, SMBs can adopt pre-approved digital solutions and raise their digital capabilities.
Finance Minister Heng Swee Keat said the number of pre-approved digital solutions under the programme will be raised.
In addition, accountancy, sea transport and construction sectors will get their own industry digital plans. SMBs can use these as a guide for their own digital journeys.
Start Digital was launched under the SMEs Go Digital programme and several banks and ICT providers now offer subscription discounts off digital solutions in the areas of accounting, cybersecurity, digital marketing, digital transactions and HR management.
The Productivity Solutions Grant now also covers cybersecurity solutions to help SMBs mitigate potential cyber threats. This grant allows SMBs to get up to 70% subsidies on selected cybersecurity solutions from pre-approved vendors.