Financial Sector Development Fund Annual Report
Published Date: 16 July 2020

FSDF Annual Report 2019/2020

MAS offers funding support to firms and individuals participating in the financial services sector through the Financial Sector Development Fund (FSDF).

Key Initiatives

The grant supports a wide range of initiatives across talent development, technology and innovation, financial sector activities and consumer education.

Talent Development

MAS partners the Institute of Banking and Finance Singapore (IBF) to support financial institutions in hiring, training and workforce transformation, and individuals in skills development and career mobility.

MAS also works closely with the industry to build a strong pipeline of Singaporean leaders in the financial services sector.

  • Supported IBF as the one-stop industry platform for skills, careers and jobs

In April 2019, IBF and MAS launched a study that sets out the impact of data analytics and automation on job tasks and skills needs of 121 job roles in Singapore’s financial services sector over the next 3 to 5 years. In partnership with SkillsFuture Singapore, IBF also launched the Skills Framework for Financial Services in September 2019 which sets out the progression pathways and skills required for a career in the industry.

We have since observed an increase in take-up of training courses, with around 22,000 trainees supported by FSDF in the past year under the Financial Training Scheme and IBF Standards Training Scheme. We expect this strong take-up rate to continue.

  • Building a strong pipeline of Singaporean financial services sector leaders

To develop a strong pool of Singaporean leaders in the financial services sector, FSDF, through the Finance Associate Management Scheme and International Postings Programme, provided over 250 Singaporeans in the past year with opportunities for cross-functional and overseas exposure. FSDF also supported the building of the talent pipeline in specialist areas such as quantitative finance and data science, through 20 scholarships awarded under the Financial Specialist Scholarship.

To build a pipeline of Singaporean finance leaders for regional and global roles, FSDF supported 42 promising finance professionals under the Asian Financial Leaders Scheme, to go through curated programmes that provided opportunities to engage regional policymakers and corporate leaders, and to develop deeper insights into Asian markets.

Technology and Innovation

MAS supports the development of a vibrant ecosystem for innovation through the Financial Sector Technology and Innovation (FSTI) Scheme, which was launched in 2015.

In the past year alone, FSDF funded more than 40 projects under the FSTI to support financial institutions and FinTechs’ innovation projects, as well as the development of industry utilities.

Significant projects supported by the FSTI last year include:

Financial Sector Activites

MAS partners the industry to anchor and grow strategic capabilities in the financial services sector that are aligned with our Industry Transformation Map (ITM). FSDF has continued to support a wide range of initiatives across the debt and equity capital markets and funds ecosystem over the past year.
  • Debt capital market: MAS supported 19 new bond and insurance-linked securities issuances through schemes such as the Global-Asia Bond Grant SchemeIn January 2020, MAS announced the expansion of the Asian Bond Grant Scheme to cover all issuers with an Asian nexus, and renamed the scheme as the Global-Asia Bond Grant scheme., Sustainability Bond Grant Scheme, SGD Credit Rating Grant Scheme, and the Insurance-Linked Securities Grant Scheme.
  • Equity capital market: The Grant for Equity Market Singapore was launched in February 2019 to enhance Singapore’s role as an enterprise financing hub. Since then, the scheme has supported nine listings on SGX and eleven research houses in enhancing research capabilities and developing research talent.
  • Foreign exchange market: The Foreign Exchange E-Trading Ecosystem Grant Scheme supported four liquidity providers to set up pricing and trading engines during the year. The scheme aims to build an FX e-trading ecosystem in Singapore through anchoring primary inter-dealer platforms and multi-dealer platforms to set up matching engines, as well as liquidity providers and liquidity takers to generate flows.
  • Fund Domiciliation: MAS launched the Variable Capital Companies (VCC) Grant Scheme in January 2020 to encourage early adoption by fund managers to incorporate or re-domicile their investment funds in Singapore. A critical mass of early adopters will help entrench Singapore’s status as a global fund management hub. As of 31 March 2020, 36 VCCs have been registered with the Accounting and Corporate Regulatory Authority.

Consumer Education

FSDF continued to support MoneySENSE’s consumer education initiatives, which included 13 financial literacy workshops in primary and secondary schools and the My Money Series’ campus events and public seminars, to help equip Singaporeans with financial knowledge and capabilities to make informed financial decisions in their daily lives.

Financial Statement Highlights