What is SME Digitalisation Initiative?
SME Digitalisation Initiative is a new grant initiative provided by the Ministry of Finance Malaysia to assist Small and Medium Enterprises (“SME”) to adopt digitalisation in their business operations. As announced in Malaysia’s 2020 Budget presentation, the Government will provide a 50% matching grant of up to RM5,000.00 per SME over a period of 5 years for the subscription of digital services that will enhance their productivity and competitiveness. Sign up now before the grant runs out and propel your business to the forefront of the online business now!
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- STEP 1: SME to contact and appoint Shinjiru for digitalisation service.
- STEP 2: SME to complete and submit application form along with required documents to Bank Simpanan Nasional (BSN) preferably in Shah Alam HQ.
- STEP 3: BSN process application.
- STEP 4: Upon approval, BSN will contact SME to sign Letter of Offer (LOA).
- STEP 5: SME to pay 50% of the invoice value, submit the payment receipt and the signed LOA to Shinjiru.
- STEP 6: Shinjiru to submit the payment receipt and LOA to BSN.
- STEP 7: BSN disburses remaining amount to Shinjiru's account.
Grant Features
- 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:
- Electronic Point of Sale System (e-POS)
- Human Resource Payroll System (HR) / Customer Relationship Management (CRM)
- Digital Marketing / Sales
- Procurement
- Enterprise Resource Planning (ERP) / Accounting & Taxation
- Remote Working
SME Eligibility
- The SME is at least 60% owned by Malaysians.
- The SME is registered under the relevant laws of Malaysia and classified as SME.
- 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
- For SMEs that have operated for more than two (2) years: minimum annual sales turnover of RM 50,000 in two (2) consecutive years.
Required Documents
- 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).
- 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.
- Audited financial statement for the last financial year and the latest management account. (if any) or evidences of sales turnover (if any).
- Any other information and documents as and when required by the bank.
Application Steps
- 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 of the Bank’s branches.
- 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.
