Jul 15

Digital Resilience Bonus (DRB)

9 June, 2020

The Digital Resilience Bonus (DRB) was announced during the recent Fortitude Budget, which is already the fourth budget announced in 2020. The DRB provides additional support for enterprises that are seeking to uplift their digital capabilities in order to align with the safe management practices.

 

For a start, the DRB will be targeted at the Food Services and Retail sectors. These are the sectors which have been most badly hit by the Covid-19 pandemic. Through the DRB, businesses in these two sectors will be able to transform quickly and adapt to the new digital economy.

 

Food Services and Retail enterprises that adopt predefined categories of digital solutions under the DRB can receive bonus payouts of up to $10,000 to offset the injected cost of transformation (Please see Table 1 below).

 

Table 1: Solution categories and Digital Resilience Bonus quantum

  Baseline Category 1
($2,500)
Category 2
($2,500)
Category 3
($5,00)
Food Services PayNow
Corporate and
e-invoicing
Business process
solutions:
(i)   Accounting;
(ii)  HR/Payroll;
AND
(iii) Digital ordering
(dine-in/
takeaway)
Digital presence:
online food
delivery (via food
delivery
platforms or own
online shopfront)
or e-procurement
Data-driven
operations: data
mining and
analytics
Retail PayNow
Corporate and
e-invoicing
(i)   Accounting;
(ii)  HR/Payroll;
AND
(iii) Inventory
management
Digital presence:
e-commerce
Data-driven
operations: data
mining and
analytics

 

If you are a F&B or retail business which adopts qualifying solutions in any of the above three categories, on top of the baseline solutions, you will get to receive corresponding bonus payouts for the respective categories.

 

See example below on how a F&B business can benefit through the DRB:

 

Solution(s) Adopted Funding
Baseline

  1. PayNow Corporate
  2. E-invoicing

 

Category 1

  1. Xero (Accounting)
  2. Talenox (HR/Payroll)
  3. Storehub (Digital Ordering)
$2,500
Category 2

  1. Grab Food OR Beep by Storehub (Online food delivery)
$2,500
Category 3

  1. Data mining and analytics
$5,000
Total Funding Received $10,000

 

More details and qualifying conditions on the DRB will be announced at a later date.

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