Financial Sector Technology and Innovation Scheme
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 | |
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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
• 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.
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Funding support |
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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. |
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 | |
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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;
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, capped at S$1 million. Potential qualifying expenses include, but not limited to, the following:
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] |
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. |
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 | |
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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:
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. |
Funding support |
Up to 70% of level of funding support for qualifying expenses Potential qualifying expenses include, but not limited to, the following:
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] |
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. |