Digitalisation push in Fortitude Budget is the right move. Much will depend on whether SMEs embrace this opportunity

Singapore’s recently announced Fortitude Budget envisions a bold, digitally-empowered future for the nation in the wake of COVID-19.

Ensuring this stimulus unlocks equitable opportunity for the nation’s business ecosystem will be vital in delivering sustainable economic success.

Like its peers around the world, Singapore is in the trenches of a three-phase battle against COVID-19: Flatten-Fight-Future. The nation is deep within the Flatten stage of this crisis, with a protracted Fight phase ahead. That means Singapore cannot afford to ignore planning for the Future to come. 

The S$38 billion budget announced by Deputy Prime Minister Heng Swee Keat on May 26 sets out over S$500 million in funds to kick-start a digitally-inspired rebound. 

That will be supported by an additional S$285 million of matched funds for private investment into promising start-ups.

This focus on digital transformation, which offers a valuable framework to build on Singapore’s impressive foundation of innovation, is not new as the Government has been encouraging businesses to digitalise over the years with specific initiatives.

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