Singapore 2021 Budget: $75.3 million to support digital transformation
Published 18 February 2021
The Singaporean government will be injecting $75.3 million (SGD$1 billion) into the country’s tech scene to support digital transformation initiatives from enterprises in the country.
This comes as part of the country’s 2021 Annual Budget, where the government has introduced a slew of new policies to remain competitive in a post-COVID-19 economy.
Deputy Prime Minister and Finance Minister Heng Swee Keat announced the launch of the Emerging Technology Programme, where the government will co-fund the costs of next-generation technology trial and adoption by enterprises. This includes 5G, AI, and trust technologies.
Next, a new Digital Leaders Programme will be in place to equip digital leaders with the necessary resources and talent to digitally transform their businesses. One such digitalisation effort is the introduction of an initiative called Chief-Technology-Officer-as-a-
“In the coming years, a critical part of business transformation will be in job redesign,” said Mr. Heng.
“More mature enterprises, from micro and small, to medium and large enterprises, should also invest in new and emerging technologies to sharpen their competitiveness.” he added.
These measures are in line with steps taken by developed countries to give a boost to their economies. For example, the US has already passed a first round of stimulus and is going for a second round now. According to reports, United States President Joe Biden wants Congress to pass his $1.9 trillion pandemic relief bill in the coming weeks in order to get $1,400 stimulus cheques to Americans and bolster unemployment payments.