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SG Budget Reactions: On innovation and digitalisation incentives

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THE Singapore government will spend more than S$80 million for programmes to help small and medium-sized enterprises (SMEs) to go digital, and to boost the city-state's capabilities in data and cybersecurity, Finance Minister Heng Swee Keat said on Monday.

THE Singapore government will spend more than S$80 million for programmes to help small and medium-sized enterprises (SMEs) to go digital, and to boost the city-state's capabilities in data and cybersecurity, Finance Minister Heng Swee Keat said on Monday.

It will introduce an SME Go Digital Programme, with which SMEs will get advice on the technologies to use at each stage of their growth.

Here are some expert comments:

Harvey Koenig, Tax Partner at KPMG in Singapore

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Market voices on:

"The government has demonstrated its commitment to supporting SMEs with the introduction of the SME Go Digital programme. This is welcome news for SMEs, and provides a good start to their digitalisation journey.

"The measures to strengthen SMEs capability to innovate is a good start and builds on the strength of our agencies. However this is only the beginning as many SMEs are only commencing their innovation journey.

"They will need even more help along the way to navigate issues such as working with innovation partners, protecting their intellectual property and commercialising their ideas. SMEs should look to schemes such as the Capability Development Grant and R&D tax incentives to fund their innovation projects."

Alan Lau, Tax Partner at KPMG in Singapore

"The authorities' recent move to provide a simplified regulatory regime for VCs is a clear recognition that VCs represent a very important source of funding for successful start-ups in Singapore."

Angelia Chew, Tax Partner at KPMG in Singapore

"Digitalisation and innovation will be key for enterprises to be efficient and productive. The adoption of digital tools and analytics are key to be competitive in the international stage."

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