Over 500 SMEs to benefit from Grow Digital initiative

There are currently five B2B platforms and six B2C solution partners pre-approved.

More than 500 small and medium-sized enterprises (SMEs) in Singapore have gained access to new overseas markets digitally, through digital platforms under the government’s Grow Digital initiative, a press release revealed.

The release claims that sales by Singapore companies to overseas buyers using the platforms have been brisk, growing by at least 10% MoM in 2020.

Under the Grow Digital initiative, a joint initiative by Enterprise Singapore (ESG) and the Infocomm Media Development Authority (IMDA) under the SMEs Go Digital programme, SMEs can get a head start in going global by tapping on established B2B and B2C e-commerce platforms.

In doing so, SMEs may seize international business opportunities and diversify their revenue and market streams safely, without the need to establish an in-market physical presence, the press release said.

There are currently five B2B platforms and six B2C solution partners pre-approved under Grow Digital, covering major markets in Southeast Asia such as Hong Kong, China and India.

ESG and IMDA explained that the B2B platforms enable SMEs from sectors such as industrial hardware and machinery, chemicals, processed food, pharmaceuticals, retail, and office supplies, to provide their services and products online and reach out to clients in new markets.

Meanwhile, the Multichannel E-commerce Platform (MEP) programme will help SMEs to gain rapid entry to new markets by selling their products on multiple overseas B2C e-marketplaces through a MEP provider. In addition, SMEs will receive digital marketing support and training from the Singapore Institute of Retail Studies to operate an e-commerce business.

Furthermore, the press release stated that eligible SMEs that sign up for the MEP Programme between 1 April and 30 September will receive up to 90% grant support.