In collaboration with the Malaysian Digital Economic Corporation (MDEC), SME Bank, and Bank Simpanan Nasional, the Ministry of Finance has launched a digitalisation grant to encourage SMEs to incorporate digital technologies into their daily operations. If you are an SME considering going digital, this is a must-see opportunity! The Malaysian SME Digitalisation Initiative provides eligible SMEs with a 50% matching grant of RM5,000.
What is SME Grant?
The SME (Small and Medium-Sized Enterprise) Digitalisation Initiative is a new grant programme designed to assist SMEs in adopting digital technologies. A 50% matching grant of up to RM5,000.00 will be given to each SME over five years to digital subscription services to improve their efficiency and competitiveness.
Digital Services Covered Under the SME Grant:
There are seven (7) areas of Digitalisation services available as follows:
- Electronic Point of Sale System (e-POS)
- Human Resource Payroll System / Customer Relationship Management (CRM)
- Digital Marketing / Sales
- Enterprise Resource Planning (ERP) / Accounting and Taxation
- Remote Working
In case you’re wondering, yes! Softinn is honoured to have been selected as a Technology Solution Provider (TSP) to aid SMEs with their digital transformation efforts. Interested? Click here for more details!
Am I Eligible To Apply? What Are The Requirements?
SMEs that meet the following criteria are eligible and encouraged to apply:-
- The SME must be Malaysian-owned at least 60% of the time;
- The SME must be registered and classified as such under Malaysian law;
- At least one (1) year of operation for the SME;
- For SMEs that have been in operation for one (1) year, the SME must have a minimum annual sales revenue of RM100K;
- and for SMEs that have been in operation for two (2) years or more, the SME must have a minimum annual sales revenue of RM50K for the preceding two (2) consecutive years.
Application Guide For SME Grant For 2022
Every year, there will be slight amendments to the process of SME Grant application. Here are the simplified process of SME Grant application for eligible Softinn’s merchants for 2022 😉
- Merchants need to download and fill in the SME Grant Application form, which is available at this link:
- Softinn will provide merchants with an Invoice and Service Agreement.
- Merchants to send the documents to Softinn for checking purposes. (Optional)
- Softinn provides the nearest BSN Main branch details to merchants.
- Once all the documents are completed, SME will scan all the documents as soft copies (in case hardcopy went missing)
- Merchant needs to write “Geran Digital Bahagian Micro Business” with the BSN Officer name on the top left corner of the envelope.
- All applications MUST BE submitted using one of the methods below:
- Courier (Using Poslaju) or;
- Walk-in to BSN Main Branch
- Merchants need to take a picture of the Poslaju courier slip with tracking number & share it with Softinn (if via Courier)
- Merchants to keep track of Poslaju tracking history (if via Courier)
- Merchants to inform Softinn once the documents have been delivered and received by BSN (if via Courier)
- Softinn will help follow up with the application progress with the BSN Account Manager on behalf of SME.
Now that you are familiar with the overall process, below are several important notes for you to take! Remember, these are all vital. Failure to comply with these can/may result in your application being rejected.
- Original Application Form with handwritten SME company director signature
- The address on the Application form will need to be the same as the SSM
- Attached are all SME company directors NRIC copy
- Invoice provided by TSP with need the TSP signature w.e.f from 15 Jan 2021
- The invoice will be valid for 6 months from the invoice date
- Attach the official receipt provided by TSP, if the SME has made a 50% payment to TSP before the submission of the SME Grant application
- The receipt amount must be lesser than the invoice amount.
How is the approval process of the grant application?
Bank Simpanan Nasional (BSN) will validate the grant application status, which is classified into two (2) categories:
- The application for the grant is approved, and the applicant will receive up to 50% of the grant value.
- The grant application was rejected because the application did not meet either the requirement(s) or the RM5,000 grant had been used up.
- If your application is denied, you have the option of continuing the purchase with Softinn (without subsidies) OR discontinuing the purchase. SOFTINN WILL CHARGE NO FEE BEFORE THE APPROVAL OF THE GRANT.
If you have any more questions, you can go to our SME Digitalisation Grant Application Guide page for more details.
BSN Main Branch List
For your convenience, here is the official 2022 BSN Main Branch List. Simply download here: Download