Fortitude Budget Pledges Over $500 Million To Help Hawkers Go Digital
Deputy Prime Minister Heng Swee Keat announced during the Fortitude Budget on 26 May that the government will pledge more than $500 million to help hawkers & wet markets, among other businesses, go digital and encourage e-payments.
He emphasised that Singapore must embrace digital solutions, and “not go back to our old ways”.
$500 million will encourage more digital payments among hawkers
“Accelerating digitalisation” among businesses is a goal of the government at the moment.
Stallholders that use e-payment methods for consumers will get up to $300 a month over 5 months.
This will hopefully make consumers’ lives easier and reduce the need for cash.
Digital Resilience Bonus to give up to $5,000 to businesses
Businesses can receive the Digital Resilience Bonus of up to $5,000 if they start using PayNow Corporate and e-invoicing, and e-commerce solutions.
Additionally, businesses that adopt “advanced solutions” can expect to receive another $5,000 on top of the first bonus.
Nearly $100b pledged over 4 budgets so far
The Fortitude Budget marks the 4th time that DPM Heng has had to dig into the government’s reserves amid Covid-19 and a dwindling economy.
Not only are we looking to save jobs in the short-term, we’re also looking forward to make Singapore a city of the future.
This step to encourage businesses to go digital may not have come this soon had Covid-19 not hit.
But now, the places where we have to use cash for payments – especially at wet markets and hawker centres – may decrease at a more significant rate.
Featured image by MS News.