February 22, 2024

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Singapore adopts PEPPOL Standard to launch nationwide e-invoicing framework

Singapore adopts PEPPOL Standard to launch nationwide e-invoicing framework

On 21 May, it was announced that Singapore will be
implementing the Pan-European Public Procurement
On-Line
(PEPPOL) e-invoicing standard. This move makes Singapore’s Infocomm Media Development Authority (IMDA)
the first national PEPPOL authority outside of Europe and the first National
Authority in Asia to adopt the standard.

Electronic invoicing or e-invoicing is the automated
creation, exchange and processing of request for payments between suppliers and
buyers using a structured digital format. It is a starting point for end-to-end
digitalisation of businesses and is different from existing, digitised invoices
which require some level of human input to process.

The PEPPOL is an open standard which enables the exchange of
standardised machine-readable documents over its network. Within the PEPPOL
e-invoicing network, companies who wish to adopt e-invoicing must subscribe to
an Access Point (AP) Provider of their choice. Then, companies can send their
e-invoices to their AP Provider, which checks and verifies the receiving of the
company’s PEPPOL address through the Service Metadata Publisher (SMP). The AP
Provider then sends the document to the relevant receiving AP Provider, and
then to the receiving party.

The e-invoicing network benefits businesses in multiple
ways, including cost reduction, faster payment processing, improved efficiency,
lowered chances of errors and disputes, increased access to financial services
and transparency, etc.

Currently, the tried and tested PEPPOL standard is handling
millions of transactions across Europe. The PEPPOL standard is best positioned
to meet Singapore’s domestic needs while having an international outlook as it
is an open standard that intends to bridge interoperability across competing
business solutions, provides clear technical and legal frameworks at national
and international levels. It is also a single and standardised means of issuing
and receiving e-invoices with others on the network.

The PEPPOL standard is maintained by OpenPEPPOL, a
non-profit international association established in 2012. It serves to connect
over 120,000 entities. In 2017, PEPPOL conducted over 60 million e-invoices.

IMDA as the National
PEPPOL Authority of Singapore

IMDA and OpenPEPPOL have signed a letter of appointment to
formalise IMDA as the National PEPPOL Authority in Singapore, and the 11th
national PEPPOL authority in the network.

“IMDA is proud to be the newest PEPPOL Authority, the first
outside of Europe and first in Asia. Common standards such as PEPPOL are
crucial for businesses to benefit from an increasingly digital and
interconnected global economy. By adopting PEPPOL as a nationwide e-invoicing
standard, IMDA is helping businesses in Singapore to benefit from
digitalisation and better position them to plug into the international
marketplace,” said Mr Tan Kiat How, Chief Executive of IMDA.

As Singapore’s PEPPOL Authority, IMDA will set rules and
specifications that meet Singapore’s domestic requirements, as well as appoint
and certify service metadata publishers and Access Point (AP) providers. It will
also ensure conformance to the PEPPOL technical and service standards.

Integration with
Vendors@Gov

To integrate Vendors@Gov
into the nationwide e-invoicing framework, the Accountant
General’s Department
(AGD) will be working closely with IMDA to catalyse
B2B transactions and champion technological change in the business sector.

AGD and IMDA will also explore how government procurement
processes in conjunction with PEPPOL standards can be used to drive industry
adoption of other common business messages.

The National Trade
Platform

The National
Trade Platform
will also support the nationwide e-invoicing framework as
one of the key international standards for trade documents accepted on the
platform.

According to Mr Evan Law, Chief Executive of the Singapore Accountancy Commission, “with
e-invoicing, accounting and finance departments can expect productivity gains
from the automation of invoice generation and processing, as well as better
data-driven insights into the business”.

IMDA has received interest from 45 government
agencies, large private sector entities, associations and technology solution
providers to integrate or be part of the nationwide e-invoicing framework.
Government agencies who will explore connecting their systems and processes
into the framework include the Government Technology Agency (GovTech) and the
Maritime and Port Authority of Singapore (MPA).

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

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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 business services provider. We help 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 3,000 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.

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