Grow Digital is an initiative by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG) under the SMEs Go Digital programme.
Under this initiative, SMEs can participate in Business-to-Business (B2B) and Business-to-Consumer (B2C) e-commerce platforms to sell overseas without a need for physical presence.
These platforms, pre-approved by IMDA and ESG, are selected for their strong networks with complementary business service providers (e.g. logistics and financing), good track records and experience in operating in multiple overseas markets.
Who is it for
SMEs who are willing and ready to seize business opportunities in overseas markets can tap on Grow Digital to get a head start in going global.
Through these platforms, SMEs will benefit from:
* Smart matching to connect SME suppliers with potential overseas clients.
* Optimised listings on overseas e-marketplaces.
* Prompt access to financing offers facilitated via the platforms.
* Cross-border e-payment facilities that alleviate currency risks.
* Strong partners network such as with logistics companies to facilitate last mile delivery.
* Training and support to build competencies for cross-border e-commerce.
Learn how Grow Digital can help your business expand overseas without a physical in-market presence!
How to participate
* B2B Digital Platforms:
To find out how you can participate in the B2B digital platforms, please contact any of the partners below:
Innovative Hub (IH) is an e-commerce enabler founded in 2016, offering a wide range of services to SMEs. As a Global Service Partner of Alibaba.com in Singapore, IH has served more than 500 SMEs, transforming and digitalising their traditional businesses onboard Alibaba.com. IH enables businesses to sell globally through digitalisation and delivers innovative applications to companies.
To find out how you can adopt IH’s solution, please contact Sandee Wu via email at email@example.com
Eligible SMEs can receive up to 70% funding to participate in the platforms under Grow Digital. Adoption of the Grow Digital solutions does not count toward Productivity Solutions Grant funding utilisation, which is capped at a maximum of S$30,000 per SME per year.
Who can apply
Any business entity registered/incorporated in Singapore that meet the following requirements:
* At least 30% local shareholding; and
* Group annual turnover not exceeding S$100 million per annum based on the most recent audited report, or group employment not exceeding 200 employees.
* Additional requirement for the MEP Programme: annual overseas sales not exceeding S$100,000 (online) for each of the three preceding years.
Budget 2020: Enterprise Grow Package to help companies digitalise and enter new markets
A new Enterprise Grow Package will support companies looking to grow and enter new markets, Deputy Prime Minister and Finance Minister Heng Swee Keat said on Tuesday.
“This package aims to help enterprises identify business needs, adopt pre-approved digital technologies and take the first steps to enter new markets,” Mr Heng said in his Budget speech.
One initiative is the launch of the GoBusiness platform, a single touchpoint for enterprises to transact with the government digitally.
The existing SMEs Go Digital programme will also be expanded to drive greater adoption of digital technology, he said.
Across all 23 sectors covered by the Industry Transformation Maps, Mr Heng said the government will have Industry Digital Plans or equivalents and enable companies to access pre-approved digital solutions.
The Market Readiness Assistance grant will also be enhanced to help more companies enter new markets. For example, funding support and coverage will be expanded to include free trade agreement consultancy.
For more Budget 2020 stories, visit bt.sg/budget20.
To help them grow and create jobs, businesses will receive more aid to enter new markets, innovate and adopt digital solutions through a new, multi-platform package.
The Enterprise Grow Package will include new grants as well as enhanced versions of existing support measures, Deputy Prime Minister Heng Swee Keat announced on Tuesday (Feb 18).
Said Mr Heng: “To help more enterprises enter new markets, we will enhance the Market Readiness Assistance grant by expanding the funding support and coverage, to include, for example, FTA consultancy.”
The grant cap for the MRA will also be increased from $20,000 annually to $100,000 per new market per company, in the enhancement period of FY20-22.
The existing 70 per cent support level for the MRA, which companies can use to pay for activities like promoting their products and services overseas and identify business partners, will also be extended for another three years, until March 31, 2023.
A separate initiative called Grow Digital will also be set up by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore to access global markets via digital channels, and more details will be announced later in the year.
Enterprise Singapore will also be partnering with the Singapore Business Federation (SBF) to start GlobalConnect @ SBF, which will assist Singapore companies looking to internationalise for the first time, as well as enterprises which are expanding and deepening their presence in key South-east Asian and emerging markets.