Financial Sector Development Fund Annual Report
Financial Statement Highlights
$3.3 billion
Total net assets of the fund
$122 million
Grant disbursements
$302 million
Total investment income
As announced in Budget 2026, the FSDF will receive a $1.5 billion top-up in FY26. This will enable FSDF to develop Singapore’s fund management industry and increase investor participation in the Singapore equity market, through an expansion of the Equity Market Development Programme.
Key Initiatives
Talent Development
To foster a skilled and adaptable workforce, FSDF supports the Talent and Leaders in Finance Programme to develop early career and mid-career professionals, as well as specialists and leaders for the financial sector.
- Encourage Continuous Upskilling and Reskilling
Through the Financial Training Scheme (FTS) and IBF Standards Training Scheme (IBF-STS) , the FSDF has provided training support to enable financial institutions and individuals to pursue continuous upskilling and reskilling. This ensures that the financial sector workforce is equipped with capabilities in key growth areas such as sustainable finance and artificial intelligence, and remains responsive to the evolving needs of the financial sector.
The Institute of Banking & Finance (IBF), as the appointed Jobs Development Partner for the financial services sector, will work with training providers to accredit new training courses and expand training capacity in emerging areas.
- Upbuild Young Talent
The Finance Associate Management Scheme (FAMS) and the Polytechnic Talent for Finance Scheme (PTFS) have supported the hiring and training of fresh graduates and polytechnic students through structured programmes within financial institutions. The PTFS has been extended to April 2027 to support the financial sector’s hiring and training of more polytechnic talent.
To strengthen the education-to-work bridge and support young graduates’ transition to employment, IBF will work with Institutes of Higher Learning (IHLs) and the industry to co-create pre-employment training curriculums, and launch new internship and traineeship programmes.- Strengthen Leadership Capabilities & Develop Leadership Pipeline
The International Postings Programme (iPOST) has increased opportunities for professionals to gain international exposure and develop capabilities for future global and regional leadership roles. New leadership training programmes under the Asian Financial Leaders Scheme (AFLS) for mid- and senior-level leaders will commence in 2026, to support the development of professionals to take on future senior leadership roles.
Technology and Innovation
FSDF supports the development of a vibrant ecosystem for innovation through the Financial Sector Technology and Innovation (FSTI) Scheme.
Significant projects supported by the FSTI last year include:
- Industry-wide technological or utility infrastructure projects, including to enhance functionalities and resilience of our national payments infrastructures;
- Set-up of Technology Centres of Excellence by financial institutions to test-bed innovative ideas and market solutions; and
- Cyber security pilots under the Quantum Track, to support advancement of quantum innovation.
Asset Class Capabilities
FSDF continued to support a wide range of initiatives across key areas of the financial sector over the past year.
- Debt capital market: FSDF supported new bond and insurance-linked securities issuances through the Global-Asia Bond Grant Scheme (G-ABGS), the Sustainable Bond Grant Scheme (SBGS), and the Insurance-Linked Securities (ILS) Grant Scheme. The ILS scheme has been extended to December 2028, and expanded to cover non-APAC risks and renewals, to support growing demand for risk transfer solutions.
- Equity capital market: Under the Equity Market Development Programme, MAS has awarded Singapore equity investment mandates to selected fund managers, as part of an overall suite of measures to strengthen Singapore’s equity market. The Grant for Equity Market Singapore (GEMS) has been extended to December 2028, with enhanced support to strengthen the equity research ecosystem and grow the listed product suite on the Singapore Exchange.
- Sustainable finance: The Financial Sector Carbon Market Development (FSCM) Grant Scheme was introduced in October 2025 to support the development of financial institutions’ carbon market capabilities, whilst the Sustainable Loan Grant Scheme (SLGS) continued to support corporates in accessing sustainable and transition financing.
Consumer Education
FSDF continued to support MoneySense’s consumer education initiatives. Campus events and public seminars were organised to equip Singaporeans with financial knowledge and capabilities to make informed financial decisions in their daily lives.
