Covid-19: New S$6 million MAS-SFA-AMTD FinTech Solidarity Grant launched in support of Singapore FinTech firms
28 May 2020
On 13 May 2020, the Monetary Authority of Singapore (“MAS”), Singapore FinTech Association (“SFA”), AMTD Group and AMTD Foundation (collectively, “AMTD”) announced the launch of a S$6 million MAS-SFA-AMTD FinTech Solidarity Grant (“Grant”) to support Singapore-based FinTech firms amid the challenging business climate caused by the Covid-19 pandemic.
The Grant complements the S$125 million support package announced by MAS on 8 April 2020 to sustain and strengthen capabilities in the financial services and FinTech sectors. It is hoped that the Grant will help FinTech firms maintain their operations and enable them to continue to innovate and grow.
The Grant comprises two components, the S$1.5 million Business Sustenance Grant (“BSG”) and the S$4.5 million Business Growth Grant (“BGG”). The BSG aims to help Singapore FinTech firms during Covid-19 and save jobs. The BGG aims to foster the continued growth of Singapore-based FinTech companies and help companies offset their Proof of Concept (“POC”) costs.
Eligibility for the Grant
To be eligible for the Grant, FinTech firms must be registered and in operation in Singapore for at least three months before Grant application. The firm must have at least two or more of its core activities in Singapore and be a member of the SFA with valid SFA FinTech Certification. Only one application is allowed per company or group of related companies.
Under the BSG, eligible Singapore-based FinTech firms can receive a one-time grant for up to S$20,000 to cover day-to-day working capital expenditures, such as salaries and rental costs. This short-term assistance will help FinTech firms sustain their operations and retain their employees.
Under the BGG, eligible Singapore-based FinTech firms can receive up to S$40,000 for their first POC with financial institutions on the API Exchange (APIX) platform, and S$10,000 for each subsequent POC, subject to a total cap of S$80,000 per firm for the entire duration of the Grant. The BGG enables these companies to continue to innovate in partnership with financial institutions and create opportunities for growth.
FinTech firms can apply for both the BSG and BGG if they fulfil the eligibility criteria for both grants. SFA will administer and review the grant applications.
Applications for the Grant can be submitted from 18 May 2020 to 31 December 2021.
The following materials are available from the MAS website www.mas.gov.sg:
- Press release: New S$6 million grant scheme to support Singapore FinTech firms
- Infographic: MAS-SFA-AMTD FinTech Solidarity Grant