Grants Now Available for SME Digital Transformation in Malaysia
Funding Identified Under MIA’s Digital Technology Blueprint Operation Plan
To ensure Digital Transformation in Malaysia, more grants have been made available under the Malaysia Institute of Accountants (MIA)’s Digital Technology Blueprint Operation Plan.
MIA’s Digital Adoption Plan
MIA’s Principle 4 of its Digital Technology Blueprint highlights the important role that funding plays in Malaysia’s digital transformation process. Cost proved to be one of the major hindrances in the past based on its 2017 and 2019 surveys.
To assist businesses with the adoption of digital technology, MIA identified available grants to facilitate the change that is needed. The available grants for digital transformation in Malaysia are as follows:
|Grant||SME Digitalisation Grant||Smart Automation Grant||Smart Automation Grant|
|Granted by||Malaysia Digital Economy Corporation (MDEC)||Malaysian Investment Development Authority (MIDA)||Malaysia Digital Economy Corporation (MDEC)|
|Who Can Apply||Small and medium enterprises (SMEs) from any sector||SMEs and Mid-Tier Companies (MTCs) from the manufacturing and services sector||SMEs, MTCs from the services sector as well as small and medium practices (SMPs)|
|How It Works||Matching basis based on identified digitalisation areas||Matching basis based on eligible expenditure||Matching basis up to 50% of the total cost|
|Status||Available now||Available now||Pending announcement for the next submission|
Grants on the SME Digitalisation Grant and MDEC Smart Automation Grant have had circulars issued. The circulars are dated 2 March 2020 and 7 August 2020 respectively.