Schemes and Initiatives

Financial Sector Technology and Innovation Scheme

The Financial Sector Technology and Innovation scheme provides support for the creation of a vibrant ecosystem for innovation. The scheme is valid till March 2020.

1. Innovation Centre

The Innovation Centre track seeks to attract financial institutions to set up innovation centres of excellence or labs in Singapore to test-bed innovative ideas and roll out market solutions.

Grant Details

The details of the scheme are as follows:

   Details
Applicant Eligibility  The applicant should be a financial institution (FI) or a corporate entity involved in either establishing, expanding or relocating an identified innovation function to Singapore.
Assessment Criteria a. Team composition
    • 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.
b. Innovation focus
    • 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.
c. Active engagement with local stakeholders
    • 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.
Funding support   • 50% co-funding on qualifying roles for a period of 24 months for each qualifying professional headcount’s basic monthly salary 
  • Qualifying professional headcount include head of technology/ innovation, business-centric lead, technical lead, design architect, etc, excluding general IT staff e.g. programmers.

2. Institution-level Projects

The Institution-level Projects track encourages Singapore-based financial institutions to catalyse innovative ideas and market solutions to advance the competitiveness of the financial institution and the sector.

Grant Details

The details of the scheme are as follows:

   Details
Applicant Eligibility The scheme is open to Singapore-based financial institutions (FIs), market or professional organisations or associations.
Assessment Criteria

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.

Funding support • Up to 50% of level of funding support for qualifying expenses
• Potential qualifying expenses include, but not limited to, the following:
    a. manpower expenses; 
    b. professional services (e.g. consultancy expenses); 
    c. hard/software infrastructure and licences; and
    d. equipment and IP rights

3. Industry-wide Technological Infrastructure or Utility

The Industry-wide Projects track seeks to build industry-wide technological/ utility infrastructure and/or improve efficiency and boost productivity in the financial services sector.

Grant Details

The details of the scheme are as follows:

  Details 
Applicant Eligibility
The scheme is open to Singapore-based financial institutions (FIs), market or professional organisations or associations, industry consortiums, and non-FI solution providers/companies
Assessment Criteria

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;
    d. address any other industry-wide or national interest, in the area of technology and/or innovation.
Funding support
• Up to 70% of level of funding support for qualifying expenses 
• Potential qualifying expenses include, but not limited to, the following:
    a. manpower expenses; 
    b. professional services (e.g. consultancy expenses); 
    c. hard/software infrastructure and licences; and
    d. equipment and IP rights

4. Proof-of-Concept

5. Artificial Intelligence and Data Analytics

6. Cybersecurity Capability Grant

How to Apply

Interested parties may further engage MAS to discuss their proposed project ideas at fsdf@mas.gov.sg .

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