Asia: Growing the digital capabilities of SMEs in Singapore

In a bid to help businesses in Singapore stay competitive, Heng Swee Keat, Singapore’s finance minister, announced the SMEs Go Digital Programme, designed to help companies build digital capabilities during his Budget 2017 speech.

SMEs can get step-by-step advice on technologies used at various stages of their growth and this will start with sectors where digital technology can significantly increase productivity. Companies can also get help from SME centres and a new SME Technology Hub that will be set up by the Info-communications Media Development Authority. Businesses that are ready to pilot emerging tech services will be eligible to receive both funding and advice.

Digitisation, cybersecurity and data protection is also an area of focus and the Cyber Security Agency of Singapore will be working with professional bodies to train cyber security professionals.
The government will support companies in using advanced machine tools for prototyping and testing. This requires costly specialised equipment and under a new Tech Access Initiative, the Agency for Science, Technology and Research will provide access to, training and advice relating to such equipment.

According to RFi Group data, there is an increase in the proportion of businesses that use an accounting software package. This can be taken as a proxy for digitisation and shows that the government’s efforts are in line with what businesses are doing.

According to RFi Group data from Singapore SME Banking Council, we see that there is an increase in the proportion of businesses that use an accounting software package. This can be taken as a proxy for digitisation and shows that the government’s efforts are in line with what businesses are doing.


Source: RFi Group

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