Tuesday 6th March, 2018
The Singapore Government has announced plans for businesses in the region to adopt an interoperable electronic invoicing framework that could help them process payments more efficiently and increase productivity.
Minister for Communications & Information, Yaacob Ibrahim, said at the Committee of Supply debate, that invoices are critical functions for businesses.
Benefits of the framework include helping businesses cut costs, ensuring companies are paid faster, and opening up new financing options for them.
The Info-communications Media Development Authority (IMDA) is working with government agencies, industry partners and business associations to explore various e-invoicing standards and a common framework for businesses to adopt.
Dr Yaacob described the new framework as "common infrastructure that will raise business productivity", which will go a long way in accelerating sectoral digitalisation in Singapore
The IMDA will announce more details later this year.