Propelling SMEs Into Digital World Through Grants

As organizations navigate the evolving challenges presented by COVID-19, many efforts to build resiliency into their businesses have been tested to the limits. A quickly advancing digital economy, accelerated by the pandemic, has increased the urgency to address digital resiliency requirements across all businesses and industries. Digital transformation is the cultural, organizational and operational change of an organization, industry or ecosystem through a smart integration of digital technologies, processes and competencies across all levels and functions in a staged and strategic way. The Malaysian government is actively encouraging more local businesses to move rapidly into the technology sphere to accelerate the digital economy and build more digital companies. In conjunction with Budget 2020, The Ministry of Finance (MOF) is now providing grants to Small & Medium Enterprises (SME) to adopt Digitalization in daily operations. As such, the grants available to facilitate digital transformation are as follows:

The grant applicant eligibility (general) are as follows;

• The company is at least 60% own by Malaysian.
• The company registered under the relevant laws of Malaysia.
• The SME has been in operation for at least one (1) year.
• Company operation in one (1) year, the company is required to have a minimum annual sales turnover of RM100,000 .
• Company operation › two (2) years, company required to have a minimum annual sales turnover of RM50,000 (preceding two (2) consecutive year.)

The government has identified 7 key digitalization areas that should be adopted by SMEs;

• Human Resource Payroll System (HR)/Customer Relationship Management (CRM)
• Enterprise Resource Planning (ERP)/Accounting & Taxation 
• Electronic Point of Sale System (e-POS)
• Procurement
• Digital Marketing/Sales 
• E-commerce
• Remote working

Leverage on this matching grant to scale your business software and maximize efficiencies. Do contact us to know more about the grant and how GENES can assist you in succeeding your digital transformation journey.