Enabling Financial Institutions to Manage Pandemic Challenges and Build Long-Term Capabilities

Enabling Financial Sector to Better Focus on COVID-19

MAS has adjusted selected regulatory requirements and supervisory programmes to enable financial institutions to focus on dealing with issues related to the COVID-19 pandemic and supporting their customers during this difficult period.

MAS will:
  • adjust banks’ capital and liquidity requirements, to help sustain their lending activities
  • allow financial institutions to take into account the government’s fiscal assistance and banks’ relief measures in setting more realistic accounting loan loss allowances
  • defer financial institutions’ implementation of the final set of Basel III reforms, the final two phases of margin requirements for non-centrally cleared derivatives, and the final phase of reporting requirements for certain entities in relation to over-the-counter derivatives transactions, and other new regulations and policies, to ease operational burden
  • provide financial institutions more latitude on submission timelines for regulatory reports
  • defer non-urgent industry projects

Enhancing Long-Term Capabilities and Building Skills

MAS announced a $125 million support package for the financial services and FinTech sectors to sustain and strengthen capabilities. The package comprises enhanced support for workforce training and manpower costs (515.8 KB) to encourage financial institutions and FinTech firms to make use of the downtime in business activity, to train and deepen the capabilities of their employees. These include a new Training Allowance Grant (515.8 KB) of $15 per training hour for employers who send their employees for IBF-accredited or recognised courses. Self-sponsored training participants can receive training allowance of S$10 per training hour, for completing training in IBF-accredited courses.

To make course fees more affordable, MAS has also increased course fee subsidies of IBF-accredited or –recognised courses to 90% (from current range of 50% to 70%). For financial institutions who have the ability to hire, we have enhanced salary support to $2,000 per month for eligible Singaporeans hired and placed into talent development programmes.

The support package also includes a new Digital Acceleration Grant to support digitalisation in smaller financial institutions and FinTech firms. This will position financial institutions and FinTech firms for stronger growth when the threat of COVID-19 recedes and economic activity normalises.

For further information on the list of initiatives for FinTech firms, please click here.

For further information on the Training Allowance Grant and enhanced course fee subsidies, please click here . For queries on the Finance Associate Management Scheme, please email manpower@mas.gov.sg .

For more information on the Digital Acceleration Grant or to obtain the application form, please click here. You may submit the completed form to fintech_office@mas.gov.sg .

Queries and Contact Information

If you have further queries on MAS' and the financial industry's support measures, please email webmaster@mas.gov.sg .