Study shows half of SMEs not applying for gov’t incentives for digitisation

Businesses report plight in barriers to upgrade digitisation.

Half of small and medium-sized enterprises (SMEs) are not applying for government support packages amidst increase in hurdles for digitisation growth.

A QBE Singapore research revealed that 89% are aware of the packages. For those who applied, these companies said the government support is for enterprise development programmes (46%), and financial support (45%).

The study also showed that amongst the barriers are cost of investment (29%), lack of financing (27%) and lack of digital skills (24%), which remain unchanged since 2017.

Other barriers are “possible disruption to their business during implementation (23%), ensuring protection and security of data (21%) and finding digital technologies too complicated (21%) as further barriers to digitalisation.”

Cyber events

Issues on cybersecurity continue to hound the SMEs with almost 40% of SMEs were affected by cyber events last year from 26% in 2021.

Even though there are concerns on cybersecurity risks, only 9% of businesses continue to operate without protection against it.

Almost 40% of SMEs either would not consider or are on the fence about protecting themselves against cyber risk, an “alarming” figure according to the researchers.

Follow the link for more news on

cyber attacks

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia