Enabling Financial Institutions to Manage Pandemic Challenges and Build Long-Term Capabilities
- 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
MAS announced a for the financial services and FinTech sectors to sustain and strengthen capabilities. The package comprises enhanced 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 (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. (515.8 KB)
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 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.