Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

InvoiceNow Improves Business Transactions with Singapore Government Agencies

Through the InvoiceNow nationwide e-invoicing network, businesses can now reduce cost and processing times when they transact with the Housing & Development Board (HDB), JTC and Maritime and Port Authority of Singapore (MPA). Launched by the Infocomm Media Development Authority (IMDA) in 2019, InvoiceNow is based on the international Peppol business standard, and invoices are transmitted over the Peppol document e-delivery network.

The network helps businesses improve efficiency, reduce cost, enjoy faster payment and stay green at the same time as well as allows businesses to transact internationally with other linked companies. InvoiceNow on Nationwide E-delivery Network complements the existing EDI connections to allow e-invoicing to businesses connected to the Peppol network. This allows more than 40,000 Singapore businesses that have joined the network to digitally transact with other Peppol-linked companies in Singapore and worldwide.

IMDA has been pioneering the development of digital utilities, such as InvoiceNow, to enable our businesses large and small to transact seamlessly in the digital economy. With the support from HDB, JTC and MPA, companies on this nationwide InvoiceNow network can now receive e-invoices from these agencies and benefit from going digital. I urge businesses that have not yet switched to e-invoicing to join InvoiceNow.

Regarding the involvement of banks in InvoiceNow, InvoiceNow is supported by the Association of Banks (ABS) in Singapore. Supporting banks are working on solutions that allow users to flip InvoiceNow invoices to payment directly cutting down on complexity and reducing business friction.

As part of efforts to drive digital transformation and help Singapore businesses seize opportunities in the digital economy, IMDA worked with HDB, JTC and MPA to enable the agencies to issue e-invoices for direct receipt into their business customers’ accounting systems through InvoiceNow. Collectively, HDB, JTC and MPA represent 70% of public sector invoicing, and every month the agencies’ 25,000 business customers receive more than 49,000 invoices.

E-invoicing enables businesses to digitalise the way they transact, reducing the amount of time and effort in re-keying the data into their own systems, saving up to $8 per invoice processed and enjoying faster processing times when sending their own e-invoices. This will also enable our businesses to reduce their carbon footprint.

In tandem with digital transformation efforts of the maritime industry, MPA partnered with IMDA to embark on InvoiceNow. This serves as an additional platform for their customers to receive invoices digitally via the Peppol network with greater efficiency. This will help more maritime companies accelerate the adoption of electronic business processes.

OpenGov Asia reported the Infocomm Media Development Authority (IMDA) and the National Research Foundation Singapore (NRF) are also investing close to S$70 million to support “cutting-edge” communications and connectivity research. Mr Heng noted that SGTraDex will onboard stakeholders along the supply chain, especially smaller firms, so they can be part of this digital backbone. SGTraDex will also enable new value-added services for supply chain participants and speed up the processing of customs clearance, trade financing, insurance, and other related activities, the Deputy Prime Minister said.

SGTraDex was conceptualised by the Alliance for Action (AfA) on Supply Chain Digitalisation which will be anchored through a public-private partnership. SGTraDex is a digital infrastructure that facilitates trusted and secure sharing of data between supply chain ecosystem partners. Globally, there is a macro shift in trade flows and supply chains both physically and digitally. There have been momentous inefficiencies in events, documentation and financial information flows across the supply chain.

SGTraDex aims to streamline information flows across a fragmented global supply chain ecosystem through a common data highway. With this digital transformation, companies will gain the momentum to build a stronger and robust supply chain ecosystem for international trade flows. New efficiencies and opportunities will be unlocked through this collaboration where ecosystem partners come together to achieve shared visibility of the end-to-end supply chain.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com