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. Find out more .

Salary Support for Recent Graduates

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

Support for Operational Costs

Digital Acceleration Grant (For FinTechs) 

80% funding support for FinTechs to adopt digital solutions to improve productivity, increase efficiency, enhance operational resilience, manage risks better, and/or serve customers better (capped at $120,000). For Financial Institutions and FinTechs, find out more here. For Life Insurance and General Insurance agencies, find out more here.

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. Find out more .
  • 50% discount for new leases for FinTechs at Bridge+. 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.

Digital Acceleration Grant (For Financial Institutions)

Smaller FIs can tap on the Digital Acceleration Grant to adopt FinTech solutions through the Institution Projects Track and Industry Pilots Track. Find out more.

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. Find out more .

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. Find out more .

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 .