Schemes and Initiatives
Published Date: 18 February 2022

Financial Sector Development Fund

Establishment and Objects of the Fund

The Financial Sector Development Fund (FSDF) provides grants to firms and individuals in the financial services sector.

The FSDF is established under the Monetary Authority of Singapore Act to:

  • Promote Singapore as a financial centre
  • Develop and upgrade skills and expertise required by the financial services sector
  • Develop and support educational and research institutions, research and development programmes and projects relating to the financial services sector
  • Develop infrastructure to support the financial services sector in Singapore. 

Available Grants

Depending on your needs, you can tap on the following grants under the FSDF:

Support for Key Business Areas
 Fixed Income

Global-Asia Bond Grant Scheme

Supports first-time issuers with an Asian nexus in issuing bonds from Singapore

Sustainable Bond Grant Scheme  Supports issuers in issuing green, social and sustainability bonds in Singapore
Insurance-linked Securities Grant Scheme Supports issuers of ILS bonds in Singapore 
SGD Credit Rating Grant Scheme Supports issuers of SGD-denominated bonds in obtaining credit ratings
Grant for Equity Market Singapore Supports issuers in listing on the Singapore Exchange and financial institutions in developing equity research capabilities
Foreign Exchange & Derivatives
Foreign Exchange E-trading Ecosystem Grant Scheme Supports first movers in primary inter-dealer platforms, multi-dealer platforms and liquidity providers to set up matching and pricing/ trading engines in Singapore
Investment Funds
Variable Capital Companies (VCC) Grant Scheme Supports fund managers in their set up of new investment funds as VCCs and in re-domiciling their existing overseas investment funds to Singapore as VCCs
Green Finance
Green and Sustainability-Linked Loan Grant Scheme   Supports corporates in obtaining sustainability-linked loans and incentivizes banks to develop green and sustainability-linked loan frameworks
Investor Education & Outreach
 Investor Education Scheme Supports any parties, including public or community, industry, market or professional bodies, to organise investor education programmes leading to the development of the investor base in Singapore
Support for Innovation & Technology
Innovation Centres Supports the set-up of innovation centres of excellence or labs in Singapore to test-bed innovative ideas and roll out market solutions
Institution-level Projects Supports Singapore-based financial institutions to catalyse innovative ideas and market solutions to advance the competitiveness of the financial institution and the sector
Industry-wide Technological Infrastructure or Utility Supports thematic industry-wide or nation-wide utility projects, for wider adoption of technological/utility infrastructure which would improve market efficiency, boost productivity, and strengthen risk management capabilities in the financial services sector
Artificial Intelligence (AI) and Data Analytics (DA) Supports projects that demonstrate adoption of AI & DA techniques that achieve business objectives of strategy & decision making or insights generation with consideration of workforce impact, as well as applied research projects in AI and DA for Singapore and the Singapore financial sector
Proof-Of-Concept Supports early stage development of novel solutions to problems in the financial sector
Cybersecurity Capability Supports Singapore-based financial institutions that intend to set up or expand cybersecurity operations capabilities in Singapore
Productivity Solutions Grant (PSG)  Supports smaller financial institutions in the adoption of regulatory reporting solutions from pre-approved managed service providers. 
Regulatory Technology Supports Singapore-based financial institutions to enhance their risk management and compliance functions through the use of technological solutions. 
Support for Skills and Career Development
Schemes for Institutions & Individuals Supports financial institutions in hiring, training and workforce transformation, and individuals in skills development and career mobility 

Find Out More

Interested applicants can write to for more information.

FSDF Annual Reports

View current and all past FSDF Annual Reports here .