Deputy Prime Minister Heng Swee Keat announced on February 2021 that Budget 2021 will shift “from containment to restructuring” as Singapore’s economy reopens progressively.
Budget 2021 ambitions to transition from an emergency economy to accelerating Singapore firms and workers’ new digitalised normal.The budget not only targets measure in favour of decimated industries, due to the pandemic but also aims at improving various economic sectors. The goal is to help businesses innovating and harness their full potential in a post-covid era.
Workers are also concerned by this plan. Indeed, the government is eager to strengthen its workers' digital skills to make them more competitive in the workplace and help them achieve a sustainable Singaporean society.
Thus, Budget 2021, combines measures to help families, workers and businesses weather the COVID-19 crisis in a short period of time, with adequate policies to fasten structural evolutions for the long term.
Digitalisation of government, individual and business services
During Budget 2020, the GoBusiness platform was launched to facilitate business transactions with the government.
Businesses of all sizes may take advantage of the platform to apply for licences and find out about official assistance opportunities. Besides, the government also created an online access to basic government services and doubled down on the use of digital medical certificates last year.
This digitalisation of the government's administration will increase efficiencies since it will give more room for businesses to process paperwork outside of the traditional 9-5 window.
The continuity of Singapore's Smart Nation
An incredible amount of resource and energy has been put by the Singapore government to help the country become a Smart Nation. While the pandemic has negatively impacted thousands of workers and businesses it has also enabled an accelerated digitalisation of the country.
Going digital not only creates internal efficiencies for SMEs but also customers. Over the long-term, it seems likely that the expansion of the Singapore's Smart Nation will increase companies' revenues and help them become more competitive in the global market.
Implement a digital-first mindset in entrepreneurs
SMEs that have not started to go digital should embrace the shift and use the increasing resources put in place by the government and the Budget 2021 plan to adapt.
SMEs and entrepreneurs can use the Start Digital pack to properly make their digital transition. This pack is included in the Go Digital programme, and was recently updated.
Over 30,000 SMEs have adopted these packs from 2019 to 2020. Such enhancements were namely for digital collaboration, digital marketing and digital transactions.
The Singapore government also aims at thoroughly improving companies' cybersecurity. In that effort, SMEs will most likely receive greater tax deductions and capital injection to alleviate such costs.
Government data protection
Small businesses have an access to free cyber health screenings under the Safe Cyberspace Masterplan 2020.
The Cybersecurity Security Agency of Singapore has also committed to a Security-as-a-Service initiative for SMEs with limited capital to protect them against cyber threats.
These include ransomware, malware, and insider threats. An update on the initiative, if offered in Budget 2021, would help SMEs identify and be protected against threats that could endanger their business survival.
Help employees acquire valuable digital skills
The nature of work and the way people work has dramatically changed with the pandemic. Many employees and entrepreneurs are now fully or partly working remotely. This change requires high flexible and adaptable skills for individuals and businesses to thrive in an economy that is becoming increasingly digital.
The role of BLACAZ. in a digital economy
The philosophy behind Budget 2021 is to emerge stronger together. Support packages, gst vouchers and many other already existing measures have been updated with the new Budget 2021.
The government's goal is to help every sector from arts and culture to support businesses. The minister of finance has enabled various tax cuts for SMEs to fasten their digital transition.
In light of this new economy, the need for protection will shift from physical to digital. Thus, it is likely that many digital insurance policies will emerge to protect from various online threats.
Regardless of where your company is in this digital transformation, BLACAZ. can help you get the adequate coverage for your venture. Besides, you may contact us today so our team of experts can guide you through our various offers and assist you in your growing digital needs.