• Team of professionals to be led by head of technology/innovation to anchor FI’s senior internal sponsor in Singapore.
• Subject to the above requirements, FI may share plans on how knowledge transfer can be facilitated to groom local talent such as fresh Singaporean graduates and Singaporean professionals.

• FI’s innovation COE/lab set up in Singapore to be used as a test-bed to rollout market solutions for the Singapore market and beyond. Focus areas of the innovation COE/lab that are in support of MAS’ development objectives for the financial sector will be considered favourably.

• FI’s Innovation COE/lab should demonstrate how they intend to actively engage local stakeholders within the FinTech ecosystem. This could take the form of collaborations with Singapore-based research institutions, government entities or partnerships with Singapore-based FinTech players to jointly co-create solutions.

• For new FI's Innovation COE/lab: 50% co-funding on qualifying roles for a period of 24 months for each qualifying professional headcount’s basic monthly salary
• For existing FI's Innovation COE/lab: 50% co-funding on new Singaporean hires for qualifying roles for a period of 24 months for each qualifying professional headcount's basic monthly salary. Existing FI's Innovation COE/lab include entities which either (i) have not been funded by FSTI, or (ii) have been funded by FSTI but funding support has been expired. [New]
• Qualifying professional headcount include head of technology/ innovation, business-centric lead, technical lead, design architect, etc, excluding general IT staff e.g. programmers.

Applicants should submit their applications 3 months before the commencement of the project to facilitate project discussions and processing of application. 

a. Innovative technology ideas or offerings in Singapore that are aligned to MAS’ areas of focus; and/or MAS’ financial sector strategy;

b. Competitive funding for first-mover(s) to encourage other industry players to level up and develop/adopt similar cutting-edge technology (e.g. first-of-its-kind);

c. Projects should demonstrate significant impact to business operations (e.g. revenue and or cost savings, productivity, improved customer experiences etc) and are deployed/implemented in regional/global operations.

FIs may leverage on new generation technology/ innovative solutions which are known and exist in Singapore, or develop transformational leaps in new technology, as well as creation and/or exploration into new markets, through R&D efforts and innovation.

a. manpower expenses (e.g. base salaries excluding bonuses and allowances); 

b. professional services (e.g. consultancy expenses); 

c. hard/software infrastructure and licences;

d. equipment and IP rights; and

e. capability transfer-related training cost (e.g. costs for engaging specialists to train locals, or sending locals for overseas training) where such training costs are not eligible for funding under existing grant schemes offered by IBF or government agencies. [New]

Applicants should submit their applications 3 months before the commencement of the project to facilitate project discussions and processing of application.  

Proposed project should have at least one of the following attributes:

a. result in productivity gains or efficiencies to existing workflow and processes that results in either significantly greater turnover for existing market segments, horizontal expansion into new customer markets or vertical expansion into new product markets;

b. build technology or infrastructure necessary to develop Singapore as a forward-looking international financial centre;

c. address best practices or international benchmarks to advance Singapore’s competitive and leadership position; or

d. address any other industry-wide or national interest, in the area of technology and/or innovation.

a. manpower expenses (e.g. base salaries excluding bonuses and allowances); 

b. professional services (e.g. consultancy expenses); 

c. hard/software infrastructure and licences;

d. equipment and IP rights; and

e. capability transfer-related training costs (e.g. costs for engaging specialists to train locals, or sending locals for overseas training) where such training costs are not eligible for funding under existing grant scheme offered by IBF or government agencies. [New]

Applicants should submit their applications 3 months before the commencement of the project to facilitate project discussions and processing of application.