SME Digitalisation Grant
As per the 2020 Budget, the Malaysian government is actively encouraging more local businesses to move rapidly into the technology sphere.
HOW IT WORKS
The Government will provide a 50% matching grant of up to RM5,000 per company for the subscription of select digital services like KryptoPOS. This matching grant will be worth RM500 million over 5 years, limited to the first 100,000 SMEs applying to upgrade their systems.
- 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 MDEC approved panel merchants.
- 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
- 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.
- Completed SME Digitalisation Initiative Application Form.
- Copy of Identity Card or Passport of Director (s) / Partner (s) / Proprietor(s), whichever is applicable.
- Copy of business registration licenses (CCM, Form A/B, Form 24 & 49 and M&A or any similar forms under the Companies Act 2016).
- Audited financial statement for the last financial year and the latest management account. (if any) or evidences of sales turnover (if any).
- Company’s bank statement for the last two (2) months.
- Company’s profile (if any).
- Invoice/billing and service agreement from authorized vendor listed by MDEC.
- Any other information and documents as and when required by the bank.
- The SME must contact and appoint one or more panel of Service Providers to perform any of the digitalisation services available (maximum of 3 panels).
- The SME must complete and submit the application form together with the required supporting documents to any Bank Simpanan Nasional (BSN) or SME Bank branch.
- Once the SME’s application is approved, the SME is responsible to pay the difference of the total invoice after deducting the subsidized amount granted from the Initiative and to provide proof of payment to any of the bank’s branches.
- After proof of payment is provided, subject to the total invoice amount, the Bank will make a direct 50% payment of the total invoice amount or up to RM 5,000.00 to the Service Provider in one lump sum payment or in stages based on the Bank’s discretion.
These requirements must be met to be eligible for the SME Grant.
One-Time Activation Fee, Full POS Features, iPad (32GB, Wi-Fi), All-Steel iPad Stand, Epson T-82 Lan Receipt Printer, Steel Cash Drawer & On-Site Installation.
One-Time Activation Fee, Full POS Features, 2X iPad (32GB, Wi-Fi), 2X All-Steel iPad Stand, Epson T-82 Lan Receipt Printer, Steel Cash Drawer & On-Site Installation.
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LEARN MORE ABOUT THE SME DIGITALISATION GRANT