Strategic Tech Adoption to Meet Business Goals
This article first appeared in the H1 2025 edition of Namaskar — ICAI Singapore Chapter’s newsletter
https://www.linkedin.com/posts/icaisgchapter_icai-singapore-newsletter-activity-7365399171094228994-Omos?
Thanks to the editor CA Kinnari Doshi for her editorial efforts.
In Singapore’s Budget 2025, the government made a decisive push toward innovation-led
growth, urging all enterprises to invest in technology—ranging from off-the-shelf digital
tools to integrated AI solutions—to enhance competitiveness and productivity. To
accelerate this, the National Productivity Fund has been topped up by S$3 billion which
includes schemes like the Productivity Solutions Grant and the new S$150 million
Enterprise Compute Initiative.
Enterprises can leverage on a range of Sector specific solutions, function specific solutions
that can be deployed across sectors and consultancy services
Identity enterprise’s business goals and strategic priorities
As finance professionals, we can take the lead in assessing the business goals & strategic
priorities of the enterprise and determine the type of solutions that are critical to achieving
the same, in collaboration with other functions & leaders in the enterprise.
For example, business goals of the enterprise would include revenue, profitability targets
which often depend on market penetration, new market/channel development, creating
competitive advantage in the enterprise’s product & services etc.
After reviewing the business goals and strategic priorities, we can set out to determine the
priority areas where tech adoption could enhance the enterprise’s competitiveness and
achievement of the business goals. Finance professionals can play a value-added role in
identifying the tech solutions which are critical for the organisation to achieve its goals.
Review Industry Transformation Maps (ITMs) and Industry Digital Plans (IDPs) for your Industry
ITMs lay the strategic vision for transforming entire industries. Launched by Singapore’s
Future Economy Council (FEC) between 2016–2018, ITMs are strategic roadmaps
co-created by government agencies, trade associations, unions, and industry players
across 23 sectors. They aim to boost productivity, strengthen innovation, digitalisation,
resilience, sustainability, and human capital development . Click here to know more about
ITMs. : https://www.mti.gov.sg/FutureEconomy/Industry-Transformation-Maps
Aligned with the Industry Transformation Maps (ITMs) for each sector, IDPs in Singapore
provide SMEs with a step-by-step guide to identify suitable digital solutions and training
programmes to equip employees with the right skillsets at each stage of their digitalisation
journey . Click here to know more about IDPs:
https://services2.imda.gov.sg/ctoaas/IndustryDigitalPlans
Digital health checks can be taken online, one complimentary session of digital
consultancy (CTO-as-a-service) & project management are available at SME centres
managed by trade associations or online.
Case Study
The Retail Industry Digital Plan contains a guide for SME retailers to identify opportunities
for digitisation based on their business needs & three stages of adoption/growth
(foundational, growth & advanced). SME Parisilk identified its digital needs for streamlining
inventory management with the help of a digital consultant from IMDA’s CTO-as-a-service.
The process involved undertaking the free digital health check followed by digital
consultancy where the first session was free. The business owner also had follow-up paid
sessions to discuss future CRM implementation and project management session to
implement the solutions .
Then we could proceed to check the eligibility of our enterprise for the Tech & Digitization
Schemes.
Eligibility for the Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) was launched to help businesses enhance their
processes with technology.
It provides financial support for businesses to adopt pre-scoped IT solutions, equipment
and consultancy services to improve productivity. These solutions are aligned to the
industry roadmaps such as the Industry Transformation Maps (ITMs) and Industry Digital
Plans (IDPs).
To qualify for the PSG—which subsidises up to 50% of eligible costs [capped at
S$30,000 per year (1st April to 31st March) per entity]—applicant entities must satisfy
all the following criteria:
1. Registered and operating in Singapore
Only Singapore registered business entities (including sole proprietorships and
partnerships) are eligible, provided the solution is used within Singapore
2. Minimum 30% local shareholding
At least 30% of the company’s equity must be held (directly or indirectly) by Singapore
Citizens or Permanent Residents
3. SME size threshold
The applicant must be an SME with group annual turnover ≤ S$100 million or a group
employment size ≤ 200 employees, determined at the UEN or group level—including
holding and parent/subsidiary relationships
4. No pre-payment before application
Applicants may not make any payments or deposits to the vendor prior to submitting a PSG
application—applications are not retrospective
5. Non-eligible entity types
The following are ineligible: charities, IPCs, registered societies, religious organisations,
VWOs, government entities and their subsidiaries
6. Solution usage must be within Singapore
The deployed solution—whether purchased, leased, or subscribed—must be used within Singapore.
You are allowed to submit multiple applications within the same year, provided each
application is for a different solution or deployment site.
Types of Technology Solutions Supported by PSG
1. Sector-Specific Solutions
| Sector | Sector | Sector |
|---|---|---|
|
|
|
Case Study
Under Food Services above, the Connected Business Suite solutions has received
favourable response from SMEs like Wanpo, Singapore’s popular Taiwanese bubble tea
brand. Before, managing orders and payments was labour-intensive and prone to delays.
After integrating its systems, payment QR codes clear automatically, order details flow
seamlessly, and Wanpo even offers remote pickup options to manage high demand
efficiently. These improvements have given Wanpo a competitive edge enhancing
customer loyalty and satisfaction.
Since 2021, Wanpo Tea Shop has more than doubled its outlets from three to seven; an
impressive feat made possible through digital transformation.
2. Cross-Sector (Generic) Solutions
| Sector | Sector |
|---|---|
|
Human Resource Solutions
Document Management & Mobile Access
Cybersecurity
Carbon Management Solutions
Chatbots
|
ERP / Standalone Systems
Digital Marketing
Fleet Systems
E Commerce Software
Marketing & Sales Content Generation
|
You can view the list of solutions, pre-approved vendors, cost & solution details from https://www.gobusiness.gov.sg/productivity-solutions-grant/all-psg-solutions/
3. Consultancy Services
Job Redesign Consultancy (PSG-JR): Up to 50% for SMEs, 30% for non-SMEs. Must have
at least three local employees at the point of application. A list of pre-approved vendors is
available here. : https://www.gobusiness.gov.sg/browse-all-solutions-job-redesign-solutions/job-redesign-consultancy
IMDA also has a GenAI navigator to help you identify pre-approved Generative AI
solutions and vendors.
Case Study
Singapore SME Crestar was seeing up to 18 man hours a week get consumed in repetitive
queries like “How do I reset my remote?” or “What fan size suits my room?”.
Through IMDA’s support, Crestar implemented a GenAI-powered chatbot to address these
challenges head-on. Crestar introduced the Gen AI chatbot across its website, WhatsApp,
and social media platforms, which operates 24/7 to address customer needs.
Results:
- The chatbot didn’t just save time – it enhanced the customer experience. Customers
received relevant tailored recommendations and customer queries handled manually
dropped from 50 to 20. - By handling a wide range of online queries, the chatbot reduced the need for
technicians to make physical visits to customers, saving both time and resources. - The chatbot also provided valuable insights on common issues, such as
troubleshooting remote controls and addressing battery concerns. These insights
helped them improve product guides and FAQs. - Crestar is now able to spend time on high-value tasks such as improving process and
operational efficiency instead of firefighting.
You can view a summary of the programmes here under the SMEs Go Digital initiative: https://www.imda.gov.sg/how-we-can-help/smes-go-digital
Process for applying and submitting a claim
1. Identify relevant solutions
Access the list of supportable solutions eligible for your sector and identify relevant
solutions that best suit your business needs.
2. Get direct quotations
For IT solutions: Get a quotation from the pre-approved vendor
For Equipment: Source for the equipment and get a quotation from the vendor
For Consultancy Service: Get a quotation from the pre-approved consultan
3. Prepare your documents & submit an application
Submit an application on the Business Grants Portal (BGP) with the vendor quotation &
other necessary documents. You will need to register for a Corppass account to transact
on the portal.
4. Receive & accept the letter of offer
Do not make payment to the vendor until you receive your letter of offer from the
Government and accept the same. Submit your signed letter of offer to the vendor and then
proceed with finalising the contract and making payment.
5. Complete your project:
Please ensure that your IT solution/ equipment is
-> purchased or subscribed as approved in the application
-> Has been deployed and installed for at least 30 days
-> Has been paid in full
6. Submit your grant claim on the BGP before your claim due date.
7. Receive your disbursements
Enterprise Compute Initiative
Enterprise Compute Initiative allocates $150 million to support mid-sized and digitally
mature enterprises in adopting advanced AI solutions tailored to their specific business
processes.
Under this initiative, eligible enterprises will be paired with major cloud service
providers (such as AWS, Azure, or Google Cloud) to gain access to:
- AI and machine learning tools
- Cloud-based computing power
- Expert consultancy for integration and deployment
The implementation details are being announced. The government will provide targeted support, including funding for 70% of consultancy and cloud usage costs, capped at S$105,000 per company, to help businesses develop a minimal viable product and build out their AI capabilities .
Global Founder Programme (GFP)
Introduced in Singapore Budget 2025, the Global Founder Programme is a strategic initiative by the Economic Development Board (EDB) designed to attract experienced entrepreneurs from around the world and encourage them to launch and scale new ventures from Singapore. More details about this programme can be found here: https://www.edb.gov.sg/en/global-founder-programme/frequently-asked-questions.html
Resonation with ICAI India Editorial board’s message
CAs, with their deep understanding of financial systems, help MSMEs navigate complex regulatory landscapes, access funding opportunities, and implement robust internal controls. Their mentorship ensures that MSMEs are not only compliant but also competitive on a global scale.