Singapore sets aside S$1 billion to co-fund digital solutions with businesses

The Singapore government is setting aside S$1 billion to co-fund mature businesses’ adoption of new technology and digital solutions, to boost the adoption of new tech among enterprises.

Mature businesses, ranging from micro to large firms, should invest in new and emerging technologies to stay competitive, said Deputy Prime Minister Heng Swee Keat on Tuesday while unveiling Budget 2021.

A new Emerging Technology Programme will co-fund the costs of trials and the adoption of frontier technologies such as 5G and artificial intelligence, which will help companies commercialise their innovations, said the minister. 

A new initiative called the chief technology officer or CTO-as-a-Service initiative will also help firms identify and adopt digital solutions, by providing them access to professional IT consultancies. 

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Meanwhile, a new Digital Leaders Programme will support promising firms to hire a core digital team, and help them develop and roll out their digital transformation roadmaps.

The government will also enhance the Productivity Solutions Grant – Job Redesign by raising the co-funding ratio to 80%, from 70% previously, till end-March 2022. This scheme is aimed at helping businesses redesign jobs.