SMEs can heave a sigh of relief!

There is a cheering news to all small and medium-sized enterprises (SMEs) in Singapore. Government is taking a good step to help these industries by partially paying them for “Start Digital initiative”.

Under this initiative, SMEs can pick two basic solutions under five categories- digital marketing, accounting, human resource management system and payroll, digital transactions and cybersecurity. S Iswaran, Minister for Communications and Information at the launch of the initiative on Wednesday (Jan 9) at Carlton Hotel said, "SMEs make up the vast majority of businesses in Singapore. The extent and speed of their digitalisation will have a profound effect to transform our economy."

He added by saying that the main motif of introducing this initiative is to develop SMEs by providing good quality easy-to-use basic digital solutions which are economical and modular.

Businesses which have minimum 30 percent local shareholding and revenue not exceeding $100 million or fewer than 200 employees can be benefitted with Start Digital.

Info-communications Media Development Authority (IMDA) and Enterprise Singapore (ESG) collaboratively developed this initiative.

If SMEs want to apply, they can approach DBS, Maybank, OCBC, Singtel, StarHub and United Overseas Bank. IMDA said in a release that after the six months of waived fees, these SMEs will have to pay according to the rates given by these partner companies.