• Led by an individual of sufficient seniority (e.g. head of technology/innovation/venture) to anchor senior internal sponsor in Singapore.
• The COE team should also consist minimally of 2 senior professionals (e.g. for non-CVCs: business-centric lead, technical lead, design architect, etc, excluding general administrative and IT staff e.g. programmers. For CVCs: venture partner/lead, venture researcher/analyst, advisor etc., excluding general administrative and IT staff)

• COE set up in Singapore should lead the rollout of innovative market solutions for the Singapore market and beyond. 
• Proposed focus areas of innovation should also be consistent and aligned with MAS' developmental strategy and objectives for the financial sector, including ITM 2025 targets.  

• Up to 50% and 25% co-funding on manpower expenses for qualifying roles for Singapore Citizens (SCs) and non-SCs (including Permanent Residents (PRs)) respectively, for a period of 24 months.
• Up to 50% co-funding on rental expense for office space to be capped at $250,000 per application, for a period of 24 months. Funding for rental of office space will only be extended to non-FI CVCs and COEs that do not have a presence in Singapore. For avoidance of doubt, FI-run CVCs/COEs are not eligible for rental expense even if they do not have a presence in Singapore. 

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; and

d. equipment and IP rights

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