Funding Support
Funding Amount
Up to 70% of qualifying costs and up to a cap of S$400,000, depending on the outcome of the panel evaluation
Funding Duration
Up to 18 months
Eligible Applicants
Qualifying Criteria
- 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
| Type of project | Project Details | Support |
|---|---|---|
| Investigative project | Projects which aim to develop a novel concept of resolving business use-case problems, using technology or business processes. |
The funding % and funding cap will be tiered according to the outcome of Stage 2 - Panel Evaluation. For applicants that received 3 favourable recommendations: The funding % will be 50%, and the funding cap will be $200,000. For applicants that received 4 favourable recommendations: The funding % will be 60%, and the funding cap will be $300,000. For applicants that received 5 favourable recommendations: The funding % will be 70%, and the funding cap will be $400,000. |
Qualifying Costs
| 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
| Quarter | Application Submission Period | Application Evaluation Period |
|---|---|---|
| Q1 | 1 to 31 March | 1 April to 30 June |
| Q2 | 1 to 30 June | 1 July to 30 September |
| Q3 | 1 to 30 September | 1 October to 31 December |
| Q4 | 1 to 31 December | 1 January to 31 March |
Evaluation Stages
Stage I: Eligibility screening
Proposals are assessed for eligibility based on the stated qualifying criteria.
Stage II: Panel Evaluation
Proposals are assessed by an external panel of practitioners for novelty, potential utility, and likelihood of success.
Stage III: MAS' Assessment
MAS will take into account the recommendation and comments from the evaluation panel, and assess if the POC grant should be awarded. You are strongly encouraged not to commence your project prior to the approval of the grant award. If you choose to do so before the approval of the grant award, you will bear the project costs that have already been incurred, should the proposal be rejected.