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COVID-19 Support Package for FinTechs

MAS announced a $125 Million support package on 8 April 2020 for the financial and FinTech sectors to deal with the immediate challenges from COVID-19 and position strongly for the recovery and future growth. The measures will support our workers, enhance operational readiness and resilience, accelerate digitalisation and boost capabilities across the sectors. [Download infographic]

MAS jointly launched a S$6 million MAS-SFA-AMTD FinTech Solidarity Grant on 13 May 2020 to help Singapore-based FinTech firms maintain their operations and retain their employees, as well as enable them to continue to innovate in partnership with financial institutions and create opportunities for growth. [Download infographic (1.72 MB)]

We have compiled the list of initiatives for FinTechs below.

Support for Manpower Costs

Training Allowance Grant

S$15 allowance per hour of training for each local employee attending IBF courses. Find out more .

 

Wage Support for Local Employees

  • Jobs Support Scheme (JSS) provides 75% wage subsidy for the first $4,600 of April and May salaries (and 25% for subsequent months). Find out more .
  • MAS-SFA-AMTD FinTech Solidarity Grant - Business Sustenance Grant (BSG) provides wage support up to $2,000/month for every local employee including founders and directors, on top of the JSS, up to a total BSG grant cap of S$20,000. 

Salary Support for Recent Graduates

  • SGUnited Traineeships Programme provides 80% co-funding of training allowance for recent graduates from ITE, Polytechnics and Universities.
  • Startup Talent Factory offers up to $12,000 salary subsidy grant for new and existing poly grad hires. 

Support for Operational Costs

90% Course Fee Subsidy

For local employees attending accredited or recognised courses under the IBF-Standards Scheme (IBF-STS) and Financial Training Scheme (FTS).

 

Offset Rental Costs

  • $4,000 funding for up to 6 months of rent support under MAS-SFA-AMTD FinTech Solidarity Grant - Business Sustenance Grant.
  • 50% discount for new leases for FinTechs at Bridge+, valid till December 2020. Find out more .
  • Temporary rental relief for existing tenants at 80RR (on case-by-case basis).

Support for Access to Business Opportunities

APIX Cares

APIX is providing all Singapore-based FinTechs 6 months free access to APIX. APIX provides a digital platform for sales engagement with financial institutions globally. Find out more here.

FinTech Self-Assessment Tool

MAS will work with the Singapore FinTech Association (SFA) to set up a new digital self-assessment framework for MAS’ Outsourcing and TRM Guidelines hosted on APIX. Completing the self-assessment will help FinTech firms provide a first-level assurance to FIs about the quality of their solutions. More information will be out soon.

Support for Proof-of-Concept (POC)

Business Growth Grant (BGG)

As part of the MAS-SFA-AMTD FinTech Solidarity Grant, FinTechs can receive up to S$40,000 for their first POC with financial institutions on APIX, and S$10,000 for each subsequent POC, subject to a total cap of $80,000 per firm for the entire duration of the grant. 

BGG - Internship Funding

100% funding of salaries of Singaporean/PR undergraduate interns involved in the implementation of the POCs, capped at $1,000/month per intern. 

FSTI Proof-of-Concept Scheme

70% funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector. Find out more.

For enquiries, please write to fintech_office@mas.gov.sg .