MAS FSTI Proof-of-Concept Grant

The MAS Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) scheme provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector. The FSTI scheme is valid till March 2020. 

Funding Support

Qualifying Criteria

Your company must be either:
  • A financial institution that is licensed, regulated, supervised or registered by MAS; or
  • A technology or solution provider (including start-ups, professional services and consultancy firms) with at least one financial institution that is licensed, regulated, supervised or registered by MAS sponsoring the project. Project sponsors need not have a direct financial stake in the project, but must exhibit active engagement and commitment to see the project to completion.

Applicants may submit multiple proposals if there are multiple distinct components within a project that fit the qualifying criteria. Each proposal will be treated as a separate project, and will be evaluated and funded separately.

Qualifying Projects

Proposed projects may be of the following two types, with varying levels of support:
Type of project Project Details Support
Investigative project Projects which aim to develop a novel concept of resolving industry-wide problems, using technology or business processes. Up to 50% of qualifying costs for each project will be supported, up to a maximum of $200,000.

Note: Some projects may qualify for up to 70% reimbursement.

Technical equivalence trial Trials which aim to definitively answer regulatory uncertainty about risks and benefits from replacing legacy processes with innovative ones. These trials should be rigorously designed and conducted without bias. Up to 70% of qualifying costs for each project will be supported, up to a maximum of $200,000.

Qualifying Costs

Funding support will be on a reimbursement basis, for the following expense items:
Funding Categories Funding scope
Basic manpower costs Basic salaries plus employee's CPF contribution, excluding:
Employer's CPF contribution, annual wage supplements, bonuses, allowances (fixed and variable) and overtime. The salaries of founders and direct owners of the applicants are specifically excluded.
Professional services costs Includes consultancy, sub-contracting, prototyping costs by third-party locally-based companies/vendors.
Equipment or software costs Includes purchase price and costs related to commissioning and operation (e.g. delivery, installation, handling). Only project-related technical software costs are supported.
IP rights Includes licensing and technology acquisition costs from non-related parties.
Other Expenses Includes project-related training by external parties, patent-related costs, and rental of specialised equipment or facilities.

Evaluation Cycle

The application submission dates for the respective evaluation cycles are:
Evaluation Cycle Application Submission Period
Q1 (April to June) 1 to 31 March
Q2 (July to September) 1 to 30 June
Q3 (October to December) 1 to 30 September
Q4 (January to March) 1 to 31 December

Evaluation Stages

Proposals are accepted and evaluated on fixed quarterly cycles, and go through three evaluation stages:

How to Apply

Submit your application form (89.8 KB) and proposal (34.5 KB) to fintech_office@mas.gov.sg . For more information, refer to this FAQ (278.7 KB).