SME Digitalisation Initiative Grant
SME Digitalisation Initiative is a new grant initiative provided by the Ministry of Finance Malaysia to assist Small and Medium Enterprises (“SME”) to adopt digitalisation in their business operations.
The government will provide a 50% matching grant of up to RM5,000 per company when you sign up for RYMNET. Worth RM 500 million over 5 years, limited to the first 100,000 SMEs.
Applicants Eligibility
The company is at least 60% owned by Malaysian
The SME/Coop has been in operation for at least 6 months
The SME/Coop has been in operation for at least 6 months
The SME/Coop has been in operation for at least 6 months
The SME/Coop has been in operation for at least 6 months
The SME/Coop has been in operation for at least 6 months
The company registered under the relevant laws of Malaysia. For Cooperative, to be registered under Suruhanjaya Koperasi Malaysia (SKM)
The company registered under the relevant laws of Malaysia. For Cooperative, to be registered under Suruhanjaya Koperasi Malaysia (SKM)
The company registered under the relevant laws of Malaysia. For Cooperative, to be registered under Suruhanjaya Koperasi Malaysia (SKM)
The Company/Coop is required to have average annual sales turnover minimum of RM50,000
The company registered under the relevant laws of Malaysia. For Cooperative, to be registered under Suruhanjaya Koperasi Malaysia (SKM)
The company registered under the relevant laws of Malaysia. For Cooperative, to be registered under Suruhanjaya Koperasi Malaysia (SKM)
Required Documents
Completed Application Form
& Declaration Form.
Copy of Identity Card or Passport of
Director (s) / Partner (s) / Proprietor(s) /
applicant appointed by the Coop Board,
whichever is applicable.
Copy of business registration licenses
(CCM, or any similar forms under the Companies Act 2016).
For Coop, copy of SKM registration certificate.
Latest two (2) months bank statement OR latest audited financial statement OR latest financial management account statement.
Quotation / Invoice from authorised vendor listed by MDEC.
Application Workflow
STEP 1
STEP 1
STEP 1
SME/Coop (Applicant) to contact and appoint TSP for digitalisation service.
STEP 2
STEP 1
STEP 1
Applicant to complete and submit application form along with required documents to TSP.
STEP 3
STEP 1
STEP 3
I. TSP to compile applications
II. Fill up master list sheet
III. Send list of applications with complete
documents to Bank (by batch)
STEP 4
STEP 4
STEP 3
Bank processes application and notify applicants on approval status.
STEP 5
STEP 4
STEP 5
Applicants to make 50% payment of total invoice amount.
STEP 6
STEP 4
STEP 5
SME to submit proof of payment to the BSN branch where the application is processed.
STEP 7
STEP 7
STEP 7
BSN branch will update HQ to process for the grant disbursement.
STEP 8
STEP 7
STEP 7
TSP to be notified on disbursement.
Applicants Eligibility (BSN Corporate Account)
- Organisation/Company is not winding up under the Companies Act 2016.
- BSN has the right to reject application if company’s management is found to be bankrupt. (No law restrictions)
- Company Management is not blacklisted on Watchlist. (BASys)
- Account opening can be done after all authentication proses is successful including RAMCi authentication at States Unit Khidmat Bayaran (UKB).
Required Documents (BSN Corporate Account)
Companies (Sdn Bhd / Bhd)
- Any relevant company registration forms
- Company Memorandum (MAA)
- Company resolution
- Minimum Deposit RM500
Individual Company Owner (Enterprise / Joint / Single)
- Form D (SSM) & for Sabah, Sarawak, any relevant company registration documents
- Minimum Deposit RM500