9 June, 2020
The Digital Resilience Bonus (DRB) was announced during the recent Fortitude Budget, which is already the fourth budget announced in 2020. The DRB provides additional support for enterprises that are seeking to uplift their digital capabilities in order to align with the safe management practices.
For a start, the DRB will be targeted at the Food Services and Retail sectors. These are the sectors which have been most badly hit by the Covid-19 pandemic. Through the DRB, businesses in these two sectors will be able to transform quickly and adapt to the new digital economy.
Food Services and Retail enterprises that adopt predefined categories of digital solutions under the DRB can receive bonus payouts of up to $10,000 to offset the injected cost of transformation (Please see Table 1 below).
Table 1: Solution categories and Digital Resilience Bonus quantum
| Baseline | Category 1 ($2,500) |
Category 2 ($2,500) |
Category 3 ($5,00) |
|
| Food Services | PayNow Corporate and e-invoicing |
Business process solutions: (i) Accounting; (ii) HR/Payroll; AND (iii) Digital ordering (dine-in/ takeaway) |
Digital presence: online food delivery (via food delivery platforms or own online shopfront) or e-procurement |
Data-driven operations: data mining and analytics |
| Retail | PayNow Corporate and e-invoicing |
(i) Accounting; (ii) HR/Payroll; AND (iii) Inventory management |
Digital presence: e-commerce |
Data-driven operations: data mining and analytics |
If you are a F&B or retail business which adopts qualifying solutions in any of the above three categories, on top of the baseline solutions, you will get to receive corresponding bonus payouts for the respective categories.
See example below on how a F&B business can benefit through the DRB:
| Solution(s) Adopted | Funding |
Baseline
Category 1
|
$2,500 |
Category 2
|
$2,500 |
Category 3
|
$5,000 |
| Total Funding Received | $10,000 |
More details and qualifying conditions on the DRB will be announced at a later date.
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