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SME Digitalisation Initiative

 
 
 
Getting tired of doing routine operations manually? Now’s your chance to get your business digitalized! In conjunction with Budget 2020, The Ministry of Finance (MOF) is now giving grants to Small & Medium Enterprises (SME) to adopt digitalisation in daily operations.
 
 

Features of Grant

» Grant amounting up to 50% or a maximum of RM 5,000 from total invoice amount.
» Great deals on digital solutions from a wide list of panels listed by MDEC.
» Wide range of digitalisation areas:
  i. Electronic Point of Sale System (e-POS)
  ii. Human Resource Payroll System (HR) / Customer Relationship Management (CRM)
  iii. Digital Marketing / Sales
  iv. Procurement
  v. Enterprise Resource Planning (ERP) / Accounting & Taxation
  vi. Remote Working
  vii. E-Commerce
   

SME Eligibility

» The SME is at least 60% owned by Malaysian invidually;
» The SME is registered under the relevant laws of Malaysia and classified as SME;
» The SME has been in operation for at least one (1) year; and
» For SMEs which has been in operation for one (1) year, the SME is required to have a minimum annual sales turnover of RM100,000.00 for the first year; and
» For SMEs which have been in operation for two (2) years or more, the SME is required to have a minimum annual sales turnover of RM50,000.00 for the preceding two (2) consecutive years.
   
 

Years of Operation

Min. Annual Sales Turnover

1 Year

RM 100,000

More than 1 Year

RM 50,000 for two (2) preceding consecutive years.

Required Documents

» Completed SME Digitalisation Initiative Application Form.
» A copy of the Identification Card or Passport of Director (s) / Partner (s) / Proprietor(s) of the SME, whichever is applicable.
» A copy of the SME's business registration licenses (CCM or any similar forms under the Companies Act 2016).
» Latest audited financial statements or latest financial management account statement or the SME's bank statement for the last two (2) months;
» Quotation/invoice for the selected digitalisation services from the Service Provider listed by MDEC; and
» Any other information and documents as and when required by the bank.
   

Application Steps

1. The SME must contact and appoint one or more services of Service Providers listed by MDEC to perform any of the digitalisation services available (maximum of 3 digital services).
2. The SME must complete and submit the application form together with the required supporting documents to the Service Provider.
3. The Service Provider is to submit the application form together with the supporting document to the Bank.
4. Once the SME's application is approved, subject to the total invoice amount, the SME is responsible to pay the difference of the total invoice after deducting the subsidised amount granted from the Initiative for each digitalisation service to the Service Provider.
5. The Bank will then make a direct 50% payment of the total invoice amount or up to RM5,000.00 to the Service Provider in one lump sum payment or in stages based on the Bank's discretion.