BSN to channel matching grants for digitalisation of SMEs

CYBERJAYA: Bank Simpanan Nasional (BSN) has entered into a strategic collaboration with the SME Bank Group and the Malaysia Digital Economy Corporation (MDEC) to channel matching grants towards the digitalisation of small and medium enterprises (SMEs).

In a statement yesterday, BSN said that it has been appointed by the Finance Ministry to become the prime mover in channelling matching grants to SMEs wishing to improve the utilisation of digital applications in their business operations.

The matching grants, totalling RM500 million, would be available for five years, limited to the first 100,000 SMEs to submit their applications each year.

BSN said 50 per cent of the matching grants are allocated for SMEs who wish to subscribe to digital services from technology solution providers (TSPs) for their business operations.

Each SME is eligible for a one-off grant of up to RM5,000, for which they may choose to subscribe to up to three out of five digital services, namely, the Electronic Point of Sale (e-POS) system; Human Resources Payroll system / Customer Relationship Management; Digital Marketing; Procurement; as well as Enterprise Resource Planning / Accounting and Taxes. 

There are currently 42 TSPs under MDEC’s supervision, said BSN, adding that other TSPs who wish to provide digital services may submit their application to MDEC before March 31.

To obtain the grant, the SME would need to subscribe to the digital services from the TSP, then complete and submit their application forms together with the supporting documents for the banks to process.

“Then they must pay the TSP that they had appointed and submit the receipt to BSN or SME Bank, after which BSN will pay the balance of the payment to the TSP,” it said.    

As part of its efforts to create awareness and to provide SMEs with information on the matching grants, BSN, SME Bank and MDEC would be conducting a nationwide roadshow. 

More information on the matching grants is available through BSN’s strategic partners, its branches or by visiting its website at – Bernama