What is it, and how do you get it?
Part of the Fortitude Budget announced on 26th May 2020, F&B business who adopt digitalization to transform their business is eligible for up to $10K under the Digital Resilience Bonus.
SMEs will have to fulfil BOTH baseline criteria before they are eligible for any of the bonus categories.
Baseline criteria (i) -
If you already have a business bank account with any of the local banks, you can register for free directly by clicking your bank below. This is important as the bonus will be paid to you via your PayNow Corporate.
DBS bank, OCBC Bank, UOB Bank, MayBank, HSBC, Standard Chartered, Bank of China, Citibank, ICBC
If you do not yet have a business bank account with the banks, you will need to open one to get your PayNow Corporate set up.
Baseline criteria (ii) -
PEPPOL e-invoicing implemented by IMDA in 2019 is a platform for businesses to send invoices to each other, reducing the cost and increasing the accuracy of invoicing. If you are currently receiving your paper invoices from your food suppliers, keying into your accounting system manually and occasionally making a mistake typing in, this is exactly for you.
Furthermore, businesses that register for PEPPOL e-invoicing gets an additional $200 grant.
Most accounting systems are already PEPPOL ready. If yours is not, we recommend using Xero cloud accounting. They are a powerful and affordable accounting system used by millions of small businesses. Xero is also integrated with your iCHEF POS, making your accounting workflow effortless. Reply to this email to find out more.
Now that you have fulfiled BOTH of the baseline criteria, you may choose which of the categories you want to go for. You can go for 1, 2 or all 3 of them.
Category 1 - $2500
This category consists of 3 digitalization solutions that you have to fulfil. Your company have to fulfil all 3 solutions to qualify for this category's $2500 bonus.
The 3 solutions are
iii) Digital Ordering for Dine-in/Takeaway
If you do not have an accounting system currently, you will need to sign up and start managing your accounting digitally. If you are currently using an accounting system, you will need to ensure that your IT vendor is in the approved list here.
Approved Accounting Vendor List
If you do not find your accounting vendor here, it does not mean you are not eligible. The current list consists of only those who were previously approved by IMDA for other programs such as PSG, StartDigital. Other legitimate vendors may also apply to be listed from September 2020 onwards.
Xero accounting system is recommended for an integrated solution with your iCHEF POS system. There are also PSG accounting firm that can help you set up your company financials on Xero and is eligible for 80% PSG grant if you do not prefer a DIY approach. Reply to this email to find out more.
Similar to accounting, you will need to sign up and start managing your HR/Payroll digitally if you are doing it manually. If you are already using a solution, check that the solution and company are in the approved list here.
Approved HR/Payroll Vendor List
If you do not find your HR/Payroll vendor here, it does not mean you are not eligible. The current list consists of only those who were previously approved by IMDA for other programs such as PSG, StartDigital. Other legitimate vendors may also apply to be listed from September 2020 onwards.
We do have a couple of recommendations for HR/Payroll that fits different types of businesses. Reply to this email to find out more.
iii) Digital Ordering for Dine-in/Takeaway
If you are using iCHEF POS system, you have fulfilled this criterion. There is no need for you to adopt any other solutions because iCHEF is in the pre-approved vendor list. Leave the heavy lifting to us!
Category 2 - $2500
Online food delivery
This category is by far the easiest, as you would have probably started using some sort of online food delivery by now.
If you had sold your food on any of the major food delivery platforms like GrabFood, FoodPanda, Deliveroo, or used your own online shop such as Oddle. You will automatically fulfil this category.
Online Food Delivery Vendor List
iCHEF's FoodAcorn is a new solution, thus it is not in the list yet. We will be applying in September 2020 for our solution to be included so you will be eligible for this category. If you are looking for an F&B-friendly and affordable online shop, with delivery integrated from S$6/trip, reply to this email.
Category 3 - $5000
Data mining and analytics (To Be Confirmed)
This category is not yet determined thus nobody as of yet qualifies for this. IMDA is working out the details on how to qualify this category. When we hear more details, we will share it with you.
Interested to digitalize your F&B operation with Digital Ordering?
Get PSG Grant, SFEC Grant and Digital Resilience Bonus Click here
Other questions are answered here
FAQ (Frequently Asked Questions)