Budget 2018: Additional S$145m for Tech Skills Accelerator to build digital capabilities

Budget 2018: Additional S$145m for Tech Skills Accelerator to build digital capabilities

Finance Minister Heng Swee Keat introduced new grants to help local firms looking to build up their capabilities and announced the expansion of initiatives like the Tech Skills Accelerator to bridge the gap in digital capabilities in new sectors.

SINGAPORE: The government will set aside an additional S$145 million for the Tech Skills Accelerator (TeSA), said Finance Minister Heng Swee Keat in his Budget 2018 speech on Monday (Feb 19).

He said that as digital technologies continue to transform economies, firms and people must develop digital capabilities.

“We will expand TeSA into new sectors like manufacturing and professional services where digital technologies are increasingly important,” Mr Heng said.

“TeSA will also support more people to learn emerging digital skills such as in data analytics, artificial intelligence, the Internet of Things and cybersecurity,” he added.

More details on the TeSA expenses will be shared by the Minister of Communications and Information Yaacob Ibrahim at the Committee of Supply announcements.

TeSA is a SkillsFuture tripartite initiative to train and build the Infocomm Technology workforce. Since launch in 2016, over 27,000 training places have been taken up or committed.

On supporting firms to digitise, Mr Heng said that 650 small- and medium-sized enterprises (SMEs) have benefitted from the SMEs Go Digital Programme since its launch last year.

The Ministry of Finance along with the Singapore Business Federation and other industry partners will look at the development of a nationwide e-invoicing framework which can help support companies improve productivity and enhance cash flow, Mr Heng said.

Source: CNA/fs