Singapore’s new E-invoicing grants
On the 1st of November, the Infocomm Media Development Authority (IMDA), Singapore’s government agency for digitalisation, launched new e-invoicing grants. Back in 2019, IMDA launched similar grants to encourage businesses to obtain a Peppol ID. The grants were a great success and led to a large number of businesses joining the InvoiceNow network (Singapore’s brand for their Peppol network).
The nationwide e-Invoicing network adopts the Peppol framework which allows direct transmission of e-invoices from one finance system to another without human intervention. The process speeds up invoice processing which results in faster payment and greatly reduces the time spent verifying invoices and chasing payments.
Currently, there are over 50,000 businesses on Singapore’s InvoiceNow network. With the new grants, IMDA wants to promote and encourage the use of InvoiceNow, and therefore Peppol, to help businesses improve efficiency, enjoy faster payments and stay green at the same time.
IMDA’s grants are split into two: the InvoiceNow Transaction Bonus (ITB) for SMEs; and the LEAD Connect & Transact for large corporations.
1. InvoiceNow Transaction Bonus (ITB) for SMEs
The first part is InvoiceNow’s new grants for SMEs. InvoiceNow wants to encourage SMEs to use electronic invoices, to overall help business efficiency. To encourage the use, InvoiceNow will provide SMEs with a $200 bonus.
To receive the bonus, SMEs must be on the InvoiceNow network. Once on the network they must send 10 electronic invoices within their first 12 months of use. After they have sent their targeted 10 invoices, they will receive a $200 bonus. The first electronic invoice grants the business $50, and the rest is paid once the 9 remaining invoices are sent. The bonuses are paid the month following the sent invoice, all via PayNow Corporate.
If you’re a Singapore SME and would like to receive a $200 bonus, use our simple digital business tool Banqup to send electronic invoices all on the InvoiceNow network.
2. LEAD connect & transact grant for large businesses
The second part of IMDA’s larger grant is the LEAD Connect & Transact grant. This $70,000 grant is for large businesses that connect and transact on InvoiceNow.
With these grants, the Singapore government wants to help businesses realise the importance of electronic invoicing, and overall what digitalised processes can do for business efficiency. To find out more about IMDA’s aims and detailed grant information, take a look at IMDA’s website.
How can large businesses receive the LEAD grant?
If you’re a Singapore large business looking to transition to electronic invoicing processes, and therefore receive your IMDA grant, you can do so via our corporate solutions Collect and Channel.
Collect transitions your manual procure-to-pay processes to digitalised, automated tasks. Channel replaces your time-consuming, paper order-to-cash tasks with a fully digitalised outbound, electronic invoicing solution.
To find out more about our global solutions suited for large businesses, contact our Singapore local team.