Receive 50% discountunder the MDEC SME Business Digitalisation Grant

Limited to the first 100,000 SME applicants.
Take this opportunity to adopt a user friendly yet feature-rich accounting solutions, improve your business efficiency and run your accounts more smoothly!

In conjunction with Budget 2020, the Ministry of Finance (MOF) and Malaysian Digital Economy Corporation (MDEC), is now awarding grants for local Small-to-Medium enterprises/businesses (SME/SMB) to adopt digitalisation (best practice, efficient technology) into their business.

The government will provide a 50% matching grant of up to RM5,000 per company for the subscription of the selected services. This means if an SME business buys up to RM10,000 of accounting software, the government will pay for 50% of whatever you spend (T&Cs apply).

This matching grant will be worth RM500 million over 5 years, limited to the first 100,000 SMEs applying to upgrade their systems. So spread the good news to small business owners you’re close to – you may give them a pleasant surprise!

Take this opportunity to upgrade your accounting solutions, improve your business efficiency to give you more time to focus on growing your business!

Register for our briefing or chat with us to find out if you qualify and how we can help you apply!

Who can apply?


SMEs can apply for grant if they meet the following criteria:

The company is owned by at least 60% Malaysian.

Registered companies under the relevant act in Malaysia and are classified as SMES.

The company operates at least one (1) year.

For new SMES in operation for one (1) year, the business need to have a minimum annual sales amount of RM100, 000.00 (RM8,334 per month).

For SMES that have been operating more than two (2) years, the business needs to have a minimum annual sales turnover of RM50, 000.00 for each year (RM4,167 per month).

Check Out The Application Guidelines. Click Here.

3 simple steps to apply:


Select your solution

Sign up for Financio 30-Day Free Trial  – Get a quote from us!

Submit Application

Complete and submit the application form together with the required supporting documents to ABSS.

Approved & Pay

Once the application is approved, pay the difference of the total invoice to ABSS after deducting the subsidized amount.

Pricing


Our Financio solution starts from RM329.50 (including SST) (equating to RM32.95 per month).  Yes, you only pay 50% of this!

Don’t delay- find out more today!

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Frequently Asked Questions


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 company over a period of 5 years for the subscription of digital services that will enhance their productivity and competitiveness.

What are the grant details for SME Digitalisation Initiative?

i.) Grant

This matching grant is limited to one (1) application per SME only, however, SMEs are allowed to apply up to three (3) digital services with one (1) or more service providers that are endorsed by MDEC (“Service Provider”).

ii) Availability

This grant facility is provided by the Government for a period of five (5) years beginning from 17th February 2020 or upon reaching 100,000 applications, whichever comes first.

iii) Fees

No fees imposed.

What are the Digitalisation services available under the SME Digitalisation Initiative?

There are seven (7) types of digitalisation services available as follows:-
i) Electronic Point of Sale System (e-POS)
ii) Human Resource Payroll System/Customer Relationship Management
(CRM)
iii) Digital Marketing / Sales
iv) Procurement
v) Enterprise Resource Planning (ERP)/Accounting and Taxation.
vi) Remote Working

Who is eligible to apply for SME Digitalisation Initiative?

SMEs that fulfil the following criteria below are eligible and encouraged to apply:-
i) The SME must be at least 60% owned by Malaysian;
ii) The SME must be registered under the relevant laws of Malaysia and classified as SME;
iii) The SME have been in operation for at least one (1) year;
iv) For the SMEs which has been in operation for one (1) year, the SME is required to have an annual minimum sales turnover of RM100,000.00 for the first year; and
v) For the SMEs which has been in operation for two (2) years or more, the SME is required to have a minimum sales turnover of RM50,000.00 for the preceding two (2) consecutive years.

What are the documents required for my application?

Applications are to be attached with the following supporting documents:
i) Completed SME Digitalisation Initiative Application Form;
ii) A copy of the Identification Card or Passport of Director (s) / Partner (s) / Proprietor(s) of the SME, whichever is applicable;
iii) A copy of the SME’s business registration licenses (SSM or any similar forms under the Companies Act 2016);
iv) Latest audited financial statements or latest financial management account statement or the SME’s bank statement for the last two (2) months;
v) Quotation/invoice for the selected digitalisation services from the Service Provider listed by MDEC;
vi) Any other information and documents as and when required by the Bank

How to apply for SME Digitalisation Initiative?

i) The SME must contact and appoint one or more panel of Service Providers listed by MDEC to perform any of the digitalisation services available (maximum of 3 digital services).
ii) The SME is to complete and submit the application form along with required documents to the Service Provider.
iii) The Service Provider is to submit the application form together with the supporting documents to the Bank.
iv) 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.
v) 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.