Singapore’s government issued several measures to accelerate the digital transformation and overseas expansion of local businesses.
As more companies shift towards a hybrid online-offline business model, their success will be underpinned by how effectively they leverage digital technologies to innovate and grow.
The government has allocated some S$24 billion (US$18.1 billion) over the next three years to assist businesses in their transition in a post-pandemic world. As part of the 2021 national budget, S$11 billion (US$8.3 billion) alone was provided to extend working capital loan schemes, reskilling programs for workers, and wage subsidies, among others.
Singapore will accelerate the digital transformation of local businesses through three strategies:
Under this strategy, the government issued the (CTO)-as-a-Service scheme that enables SMEs to tap professional IT consultancies to receive end-to-end digital solutions based on their company’s profile. These consultants have expertise in areas, such as artificial intelligence, data analytics, and cybersecurity.
Further, the digital consultants will be managed by IT firms appointed by the Infocomm Media Development Authority (IMDA) and will be selected based on their relevant industry experience and reputation. The service will be available to all registered SMEs in the form of a web application.
To develop digital leaders, the DLP seeks to identify high-potential, promising companies and equip them with the digital capabilities to transform their business.
The DLP will support companies to:
The program will initially support 80 companies beginning with those more advanced in their use of digital technologies, providing up to 70 percent on qualifying costs. Eligible firms will participate in an initial two-year pilot.
This article was first published by AseanBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers may write to [email protected]