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S$125 Million support package for Financial Institutions (FIs) and FinTech firms

On 8 April 2020, the Monetary Authority of Singapore announced a $125 Million support package to assist and boost capabilities of Financial Institutions (FIs) and FinTech firms, in the current pandemic situation.

As part of the package, a new Training Allowance Grant (TAG) was initiated to provide (1) S$10 per training hour for self-sponsored individuals; and (2) S$15 per training hour for employees sponsored by FIs and FinTech firms, for courses accredited by the Institute of Banking and Finance (IBF).

MAS and IBF will also increase the course fee subsidies to 90% for the relevant IBF courses.

Only Singaporean Citizens and Permanent Residents are eligible.

Additionally, the salary support offered to FIs to hire Singaporean fresh graduates or workers from other sectors under the Finance Associate Management Scheme (FAMS) will be doubled.

Strengthening Digitalisation and Operational Resilience

There will also be a new Digital Acceleration Grant (DAG) to support digitalisation in FIs and FinTech firms with not more than 200 employees.
There are two tracks under the DAG:

1. Institution Project Tract

  • Support for adoption of digital solutions
  • Co-funding of 80% of qualifying expenses
  • Cap of S$120,000 per entity throughout the scheme

2. Industry Pilot Tract

  • Support for collaborations among at least 3 FIs to customise digital solutions for implementation within their institutions
  • Co-funding of 80% of qualifying expenses
  • Cap of S$100,000 per participating FI per project

Enhancing FinTech Firms’ Access to Digital Platforms and Tools

All Singapore-based FinTech firms will receive six months’ free access to API Exchange (APIX) worth more than S$17,000.

FIs and FinTech firms should take advantage of the financial support scheme to support training and manpower costs, in order to strengthen their operations resilience and efficiency.

Should you need assistance, please contact:

RHT Compliance Solutions

RHT Compliance Solutions is a premier Compliance Service Advisory firm based in Singapore.
Our team comprises experienced and certified professionals with extensive regulatory, compliance and risk management experience from Singapore, Indonesia, Hong Kong and the broader region. The team is well equipped to provide clients with intelligent, risk-focused and cost-effective solutions.

Full text can be found here.

For further information, contact:

Tony Yeow
Associate Director

RHT Compliance Solutions Pte Ltd
1 Paya Lebar Link #06-08
PLQ 2 Paya Lebar Quarter
Singapore 408533

Reach out to us for more information.

RHT GOC’s COVID-19 Response Team will continue to bring you further updates, please reach out to the team for assistance.
Check out other COVID19 related updates and resources, HERE.

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