How Can Businesses Benefit From Fortitude Budget 2020?

Heng Swee Keat, the Deputy Prime Minister, announced that the Singapore Government has set more than $500 million for businesses to support them in their digital transformation.

It was also announced that Enterprise Singapore, JTC, Housing Development Board, National Environment Agency, and Infocomm Media Development Authority will offer a $300/month bonus to all the stallholders for more than 5 months. They have done this with an aim to encourage increasingly more stallholders in wet markets, industrial canteens, coffee shops, and hawker centers to using online payment modes and avoid handling cash.

In addition to this, the Government also introduced a digital resilience bonus of up to $5000 to help organizations and enterprises take the next step towards digitalization.
If businesses adopt advanced solutions such as Data Mining and analytics, they will be offered an additional bonus of $5000.

If the retail and F&B sectors adopt all the above-mentioned solutions, then a payout of nearly $11500 will be offered.