Singapore

MAS announces FinTech Support Package on the back of Covid-19

The Monetary Authority of Singapore (MAS) has announced a SNG125 million support package for the financial and FinTech sectors to support firms dealing with the immediate challenges from Covid-19 and position strongly for the recovery and future growth.

MAS also launched a SNG6 Million MAS-SFA-AMTD FinTech Solidarity Grant to help Singapore-based FinTechs sustain operations, retain staff, and offset POC costs, the regulator said in a press release.

Ravi Menon, Managing Director, MAS, said: “Singapore’s FinTech journey is about innovation, inclusion and inspiration. Everything we do in FinTech must always have a larger purpose – to improve the lives of individuals, to build a more dynamic economy, to promote a more inclusive society.”

The care package outlines the costs which will be supported by the Covid-19 FinTech Care Package, including helping firms save on manpower costs through wage support and wage subsidiary offerings.

The package will also help firms save on operational cost, offering a 90% course fee subsidy for each local employee attending IBF courses, and 80% funding support for digital solutions adopted to facilitate remote working and productivity.

MAS has also detailed support initiatives for firms’ sales efforts, offering free access to APIX and helping SME financial institutions to adopt FinTech solutions amid the economic downturn.

The package will also offer support in the form of bank credit and insurance, opportunities to join a number of APIX global digital hackathons which offer up to SNG110,000 in prize money, free self-assessment guidelines, discounts on cloud services, complimentary insurance top-up, and salary subsidiary grants for poly grad hire.

The full details of the Covid-19 FinTech Care Package can be found HERE.