Propelling SMEs into the Digital World
The favourable provisions for digital adoption set out in the 2020 Budget denotes the government is actively encouraging more local businesses to move rapidly into the technology sphere.
The Government will provide a 50% matching grant of up to RM5,000 per company for the subscription of the above services. This matching grant will be worth RM500 million over 5 years, limited to the first 100,000 SMEs applying to upgrade their systems.
The government through Ministry of Finance (MOF) is working together with Bank Simpanan Nasional, SME Bank and Malaysia Digital Economy Corporation (MDEC) in managing the grant to eligible Small & Medium Enterprises (SMEs) to adopt digitalisation in daily operations.
5 Digitalisation Areas
The Government has identified 5 Key Digitalisation Areas that should be adopted by SMEs:-
- Digital Marketing/Sales
- Electronic Point-of-Sales (e-POS) System
- HR Payroll System/CRM
- ERP/Accounting & Tax
In order to further develop Malaysia’s eCommerce ecosystem, we’ve set out key strategic initiatives that would guide us in our actions.
- The company is at least 60% owned by Malaysian.
- The company registered under the relevant laws of Malaysia
- The SME has been in operation for atleast one (1) year
- Company operation in one (1) year, company required to have a minimum annual sales turnover of RM 100,000.
- Company operation > two(2) years, company required to have a minimum annual sales turnover of RM 50,000 (preceding two (2) consecutive years).
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