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 the physical presence.
These platforms which authorised by IMDA and ESG, are selected for their strong networks with complete entourage business service providers over different industries, good track records and experience in operating in multiple overseas markets over the World.
“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.
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:
Who are eligible for the Grant?
Any business entity registered or incorporated in Singapore that meet the following requirements:
The Market Readiness Assistance grant will also be enhanced to help more companies enter into new markets. For example, funding support and coverage will be expanded to include free trade agreement consultancy.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.
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% 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.
Enterprise Singapore will also be partnering with the Singapore Business Federation (SBF) to start GlobalConnect at SBF, which assist Singapore companies 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.
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, Innovative Hub has served more than 500 SMEs, transforming and digitalising their traditional businesses onboard Alibaba.com. Innovative Hub enables businesses to sell globally through digitalisation and delivers innovative applications to companies.