«Start Digital» and two other initiatives enable new small-medium firms to get a headstart with digital solutions. Local banks and telcos are participating partners.

The Infocomm Media Development Authority (IMDA) and Enterprise Singapore on Wednesday launched «Start Digital», an initiative that jumpstarts new small-medium-enterprises (SMEs) on their digitalisation journeys by letting them select two out of five foundational solutions. 

Entities, including sole proprietorships, are eligible for Start Digital if they have at least 30 percent local shareholding, and revenues not exceeding S$100 million or less than 200 employees (at group level). Interested SMEs can approach the following participating firms to take up the Start Digital pack – DBS, Maybank, OCBC, Singtel, StarHub and UOB.

«A digital-first mindset is essential for businesses that want to stay relevant and competitive in the Digital Economy,» said Tan Kiat How, chief executive of IMDA in a media statement. 

Costs Waived For First Six Months

Under this initiative, new SMEs can select any two free foundational digital solutions from five categories of core business functions: i) Accounting, ii) Human Resource Management System & Payroll, iii) Digital Marketing, iv) Digital Transactions and v) Cybersecurity. 

These SMEs will need to commit to a minimum period of 18 months, with costs waived for the first six months and then priced affordably for the remaining period.

Two Other Initiatives

 Two other nationwide initiatives meant to accelerate Singapore businesses’ digital transformation were announced by S Iswaranm, Minister for Communications and Information at an industry networking session this morning. They are: 

  • Nationwide E-Invoicing Network: This enables companies to send and receive e-invoices based on the Pan-European Public Procurement On-Line (PEPPOL) standard by signing up with Access Point providers. As part of the nationwide e-invoicing framework announced in May last year, this initiative allows companies to better track their invoices, reduce operating costs and improve payment collection cycles.
  • Data Protection Trustmark (DPTM): This highlights Singapore’s progressive and pro-business approach towards data use and consumer protection as part of its economic transformation. The DPTM certification scheme enables customers to easily identify organisations with transparent and accountable data protection policies and practices in place through a DPTM logo.

Supporting Digitalisation of SMEs

The initiatives are aimed at the digitalisation of SMEs, which employ two thirds of Singapore’s workforce and contribute half of its GDP. 

Along the growth journey, SMEs can continue to obtain support from other SMEs should they require more advanced digital solutions. They can refer to the Industry Digital Plans (IDP) to assess their digital readiness and take up suitable pre-approved solutions.