Grants for Smaller Financial Institutions

Tap on grants for different stages of your companies'Smaller FIs refer to those with employment size of not more than 200 employees. growth and development - from digitalisation and hiring to overseas expansion and innovation.

Depending on your needs, you can tap on the following grants and services:

Adopt Digital Solutions
Digital Acceleration Grant  Support smaller Singapore-based financial institutions (FIs) and FinTech firms in the adoption of digital solutions (Institution Project track) or customisation of an existing solution with a solution provider and other FIs (Industry Pilot track). 
IMDA SMEs Go Digital

Help SMEs use digital technologies to build stronger digital capabilities to seize growth opportunities. 

The support includes IT solution recommendations and other services:

  • Pre-Approved Solutions
  • Start Digital Pack
  • Consultancy Services
  • Digital Project Management Services
Singapore FinTech Association (SFA) Singapore FinTech Directory
Explore potential FinTech solution providers that can address your business needs.
SFA Digital Self-Assessment Framework and Toolkit

Find out how SFA’s Digital Self-Assessment Framework and Toolkit can help you to expedite the onboarding process of your FinTech solution providers.
Get Business Development Support
ESG Enterprise Development Grant Help SMEs undertake deeper transformation in business upgrading, innovation and internationalisation.
Hire and Train Talent
Finance Associate Management Scheme  Defray costs incurred in the hiring of Singaporean fresh graduates and cross-sector convertees who are under a financial insitution’s structured training programme.
International Postings Programme
Defray costs incurred in sending Singaporean staff on global and regional attachments or postings.
IBF Standards Training Scheme
Receive funding support for training and assessment programmes accredited under the Skills Framework for Financial Services.
IBF Financial Training Scheme
Receive funding support for financial sector-specific training programmes under this scheme.
IBF Careers Connect Support FIs when they help their employees acquire relevant skills and transition to new job roles.
Innovate
FSTI Proof-of-Concept (POC) Grant
Receive funding support for projects to conduct early stage development of nascent, novel technologies in the financial services sector.
FSTI Artificial Intelligence and Data Analytics (AIDA) Grant
Receive funding support for projects that adopt artificial intelligence and data analytics to generate insights, formulate strategy and assist in decision making.
FSTI Institution-level Projects Grant
Receive funding support for innovative ideas and market solutions that advance the competitiveness of the financial institution and the sector.
Expand Overseas
ESG Market Readiness Assistance Grant Receive support for companies looking to expand their business overseas. Includes support for overseas market set-up, identification of overseas business partners and overseas market promotion.
LEAD International Fairs & Missions (LEAD IFM) Defray costs incurred when SMEs join overseas missions and trade fairs.

Tax Benefits

Besides grants, smaller financial institutions can also tap on IRAS’ tax exemption schemes and other tax reliefs that can help reduce their tax bills in a particular Year of Assessment (YA). 

Tax Schemes to Lower Tax Payable

Start-up companies are given tax exemption for the first three consecutive YAs which includes:

  • 75% exemption for the first $100,000 of normal chargeable income
  • A further 50% exemption on the next $100,000 of normal chargeable income

All companies Companies who claimed tax exemption for new start-up companies are not eligible for partial tax exemption. are given partial tax exemption for subsequent YAs which includes:

  • 75% exemption for first $10,000 of normal chargeable income
  • A further 50% exemption on the next $190,000 of normal chargeable income

For more information on the tax schemes and the qualifying conditions, please refer to IRAS’ website

All companies are also given corporate income tax rebate which includes 25% corporate income tax rebate on final tax payable for YA 2020 (capped at $15,000).

For more information on the corporate income tax rebate, please refer to IRAS’ website

Carry Forward Losses to Reduce Tax Payable

Unutilised trade losses can be carried forward indefinitely for set-off against future years’ taxable income which reduces tax payable.

For more information on the qualifying conditions, please refer to IRAS’ website .

Financial Sector Tax Incentive Schemes

Additional tax incentives are available for financial institutions with plans to establish or expand their operations in Singapore.

For more information on the qualifying conditions, please refer to the scheme webpage.

Find Out More

For more information, contact MAS at fsdf@mas.gov.sg .