Financial Sector Development Fund Annual Report
Key Initiatives
FSDF grants support a wide range of initiatives across talent development, technology and innovation, financial sector activities and consumer education.
Talent Development
The financial sector continued to provide good job opportunities in the past year, with 3,500 net jobs created
- Build Capabilities, Strengthen Employability
MAS extended the enhanced training support measures to encourage financial institutions to continue to build capabilities and strengthen employability of their workforce. Firms and individuals in the sector continued to actively pursue training and upskilling, with close to 75,000 trainees supported by FSDF in the past year under the Financial Training Scheme (FTS) and IBF Standards Training Scheme (IBF-STS).
- Build Pipeline for Entry-level, Leadership, and Specialist Talent
To enhance the job-readiness of graduates, FSDF launched the Work-Study Support Programme (WSSP) in May 2021, to encourage FIs to hire and train students through internships. More than 80 students were supported through the WSSP during the year.
For entry-level and other financial sector professionals, the Finance Associate Management Scheme (FAMS) and International Postings Programme (iPOST) provided opportunities to close to 200 professionals to be trained through financial institutions’ structured talent development programmes and to gain overseas exposure. These schemes were enhanced in September 2021, to expand opportunities for professionals to be equipped with international capabilities and be trained in priority areas, such as portfolio management, green finance, and technology.
At the more senior level, the Asian Financial Leaders Scheme (AFLS) supported the development of promising professionals, currently one or two levels below C-suite, to take on future leadership roles. In addition, to build expertise in specialised fields, the Financial Specialist Scholarship (FSS) continued to support professionals in completing top post-graduate programmes.
Technology and Innovation
FSDF funds the development of a vibrant ecosystem for innovation through the Financial Sector Technology and Innovation (FSTI) Scheme, which aims to accelerate innovation and technology adoption in the financial sector.
More than 80 projects to facilitate innovation and the development of industry utilities have been supported under FSTI 2.0 in 2021.
Significant projects supported by the FSTI last year include:
- Singapore Financial Data Exchange (SGFinDex), which is the world’s first public digital infrastructure to use a national digital identity and centrally managed online consent system to enable individuals to seamlessly consolidate their personal financial data from multiple institutions for financial planning;
- Project Dunbar, which aims to enable cheaper, faster and safer cross-border payments using a common platform for multiple central bank digital currencies (CBDCs);
- Set-up of innovation labs by financial institutions, FinTechs and technology companies, as well as regional cybersecurity hubs under the Cybersecurity Capability Grant;
- Proof-of-Concept projects to experiment, develop and deploy innovative solutions using emerging technologies;
- Artificial Intelligence and Data Analytics (AIDA) projects to promote AIDA adoption amongst financial institutions and FinTech firms; and
- Industry pilot projects under the Digital Acceleration Grant which supports smaller financial and FinTech firms in adopting and collaborating on digital solutions, in order to enhance their process efficiency and risk management.
Financial Sector Activities
FSDF has continued to support a wide range of initiatives across key areas of the financial sector over the past year.
- Debt capital market: MAS supported new bond and insurance-linked securities issuances through the Global-Asia Bond Grant Scheme
In 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. , the Sustainable Bond Grant Scheme, and the Insurance-Linked Securities (ILS) Grant Scheme. - Equity capital market: The Grant for Equity Market Singapore (GEMS), first launched in 2019 to support listings on the Singapore Exchange as well as training and research initiatives that enrich our public equity research ecosystem, was enhanced in September 2021 to expand the scope of support provided for listings and research talent development.
- Foreign exchange market: More liquidity takers and multi-dealer platforms were supported under the Foreign Exchange E-Trading Ecosystem Grant Scheme, which aims to build an FX e-trading ecosystem in Singapore.
- Fund Domiciliation: Take up for the Variable Capital Companies (VCC) Grant Scheme, which promotes the incorporation or re-domiciliation of investment funds in Singapore, remained strong in 2021.
- Green Finance: The Green and Sustainability-Linked Loan Grant Scheme supported corporates, particularly small and medium-sized enterprises, in accessing green financing. FSDF also supported the establishment of the National University of Singapore Sustainable and Green Finance Centre (SGFIN), a green finance centre of excellence, to deepen sustainable finance knowledge and capabilities in Singapore.
Consumer Education
FSDF continued to support MoneySENSE’s consumer education initiatives. In the past year, 23 financial literacy workshops in primary and secondary schools, campus events and public seminars were organised to equip Singaporeans with financial knowledge and capabilities to make informed financial decisions in their daily lives.
Financial Statement Highlights
$64 million
Total Income
Mainly from interest and dividend income, partially offset by losses from financial instruments measured at fair value
$351 million
Grant Disbursements
Grant disbursements have increased 45% (or $109m) from FY20, due mainly to the strong take-up for the enhanced training support measures, as well as increased support for innovation projects and financial sector activities
$1,317 million