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MAS launches Support Package for financial institutions & fintech firms to emerge stronger post COVID-19

The Monetary Authority of Singapore announced yesterday -8 April 2020, a S$125 million support package to sustain and strengthen capabilities in the financial services and FinTech sectors amid the current economic slump.

The support package will help to position financial institutions and FinTech firms for stronger growth when the threat of COVID-19 decreases and economic activity normalises.

The support package, funded by the Financial Sector Development Fund, has three main components: supporting workforce training and manpower costs, strengthening digitalisation and operational resilience, and enhancing FinTech firms’ access to digital platforms and tools. The support package will take effect today.

Ms Jacqueline Loh, Deputy Managing Director (Markets & Development), MAS, said, “We have significantly enhanced existing initiatives and introduced new schemes to help our FIs and FinTech firms not only navigate the current headwinds but at the same time build deeper competencies, skills, and networks, so that we can emerge stronger for the longer term. We encourage FIs, FinTech firms and financial sector professionals to actively tap on these opportunities.”

Supporting Workforce Training and Manpower Costs Worth S$90 million

MAS will launch a new Training Allowance Grant to encourage FIs and FinTech firms to make use of the downtime in business activity, to train and expand their employees’ skill set.

This grant will supplement the Jobs Support Scheme announced in the Resilience and Solidarity Budgets, by providing training allowances for completing training in courses accredited by the Institute of Banking and Finance.

More than 400 IBF accredited courses are available on e-learning channels and plans are underway to increase the number of online courses available due to the recent laws on safe social distancing.

Mr Ng Nam Sin, CEO of IBF, said, “The current slowdown in economic activity provides financial institutions a window to accelerate workforce transformation and upskill their staff. It is also an opportunity to leverage technology to impart learning. IBF will continue to work closely with industry partners to support the sector’s training needs through this period, and stands ready to help professionals with career advice and job placement opportunities.”

MAS will double the salary support for Financial Institutions to hire fresh graduates or workers from other sectors and place them in talent development programmes under the Finance Associate Management Scheme.

The scheme is a talent development tool to help prepare Singaporeans for future specialist and management roles in the financial services industry through structured programmes offered by Financial Institutions.

Digital Acceleration Grant to Support Financial Institutions and FinTech Companies

MAS will set up a new Digital Acceleration Grant worth S$35 million to support digitalisation in smaller Financial Institutions and FinTech firms. The grant will help these firms adopt digital solutions to strengthen operational resilience, process efficiency, risk management and customer service.

This will include the adoption of digital tools and upgrading of systems that facilitate business continuity such as document collaboration solutions and virtual conferencing systems.

FinTech Organisations Granted Free Access to Digital Platforms and Tools

MAS will provide all Singapore-based FinTech firms six months’ free access to API Exchange, an online global marketplace and sandbox for collaboration and sales. This will enable FinTech firms and Financial Institutions to integrate and test solutions via a cloud-based architecture.

MAS will work with the Singapore FinTech Association to set up a new digital self-assessment framework for MAS’ Outsourcing and TRM Guidelines hosted on the API Exchange. Completing the self-assessment will help FinTech firms provide first-level assurance to Financial Institutions about the quality of their solutions.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.