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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.


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