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 ]
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 (1.72 MB)]
We have compiled the list of initiatives for FinTechs below.
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). .
- 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. .
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 . For Life Insurance and General Insurance agencies, find out more .
Offset Rental Costs
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.