The track is open to financial institutions, FinTech scale-ups and global technology companies with a strong nexus to financial services, which intend to establish, expand or relocate an innovation function to Singapore. The CoE should be focused on specific emerging technologies such as Artificial Intelligence, Distributed Ledger Technology, and Quantum Technology.

Team composition 

• 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. business-centric lead, technical lead, design architect, etc., excluding general administrative and IT staff such as programmers).

Innovation focus/Novelty of solutions

• CoE set up in Singapore should lead the rollout of innovative market solutions (in the specific emerging technologies listed above) for the Singapore market and beyond. Applicants should demonstrate that their solutions have clear potential to scale beyond a Minimum Viable Product (MVP) towards broader deployment across the organisation.
• Proposed focus areas of innovation should also be consistent and aligned with MAS’ developmental strategy and objectives for the financial sector. 

• Applicants should demonstrate credible long-term plans for the CoE beyond the funding period, to minimise the risks of applicants’ closure of the CoE soon after FSDF funding ceases.

Workforce impact assessment

• If the project is expected to result in potential disruption to the existing workforce, the applicant should also provide a preliminary assessment on the broad nature and scale of such disruption.

• Up to 50% and 25% funding support level on manpower expenses for qualifying roles for SCs and non-SCs (including Permanent Residents (PRs)) respectively, for a period of 24 months. 
• Up to 50% funding support level on non-manpower expense. Funding for rental of office space will only be extended to non-FI CoEs that do not have a presence in Singapore. For avoidance of doubt, FI-run CoEs are not eligible for rental expense even if they do not have a presence in Singapore. 

Interested parties may engage MAS to discuss their proposed project ideas at fintech_office@mas.gov.sg . Applicants should submit their applications three months before the commencement of the project to facilitate project discussions and processing.