Tech Scheme To Benefit More Firms

The Technology Voucher Programme has been enhanced to subsidise more companies to use technological services and solutions to improve productivity and upgrade or transform their business processes.

Secretary for Innovation & Technology Nicholas Yang told legislators today that since the end of last month all local non-listed enterprises, irrespective of size and duration of operation, have been able to apply for the programme.

This means startups, medium-sized enterprises with more employees and industries that operate on a shift basis can benefit from the scheme.

Mr Yang said the enhanced measures will also reduce the documents required, streamlining the process and shorten the assessment time.

In the 15 months since its launch in November 2016, the programme has approved $50 million to benefit more than 370 enterprises, with a successful application rate of over 90%.

So far, 403 of the 889 applications submitted in the same period have been assessed.

The fastest case took 14 working days from receipt of application to completion of assessment, and 10% of the approved cases took less than 34 working days to process.

The overall average processing time is about 80 working days depending on the completeness of the information submitted by applicants and the complexity of their applications.

He said the Government will closely monitor the programme's implementation once the enhanced measures take effect, and review its effectiveness and mode of operation.