PSG stands for Productivity Solutions Grant.
It is a grant launched by the Singapore Government with aims to automate business operation and improve productivity. The PSG supports companies interested in adopting pre-scoped IT solutions and equipment to enhance business processes.
Along with supporting sector-specific solutions for various industries including food, retail, engineering, construction and more, PSG also offers funding to solutions that can be used in all or most industries, such as in areas of data analytics, customer management, inventory tracking and financial management.
The Supplementary Budget 2020 has announced that further enhancement will be made to encourage business enterprises to start or continue their digitalization and productivity upgrading efforts. Thus, funding support level will be raised up to 80% from 1 April 2020 to 30 September 2021 (extended as announced under the Resilience Budget).
Xero is one of the few selected financial management solution by IMDA and Enterprise Singapore. It is a cloud accounting software widely used around the world and proves to save time and money on its easy to use accounting platform. As a pre-scoped solution, Singapore businesses can get 80% PSG subsidy (and other additional bonuses) for Xero from approved PSG vendors.