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Singapore's support to the FinTech sector

16 April 2020
A summary of the support announced by the Monetary Authority of Singapore to the local financial and FinTech sectors, in light of the challenges COVID-19 has presented.

The Monetary Authority of Singapore recently announced a $125 Million support package for the local financial and FinTech sectors to address short-term challenges from COVID-19. While not all of these schemes are exclusively available to FinTechs, local FinTech companies are potentially able to avail of:

  • a S$15 allowance per hour of training for each local employee attending courses held by the Singapore Institute of Banking & Finance

  • 75% wage subsidy for local employees in April (the circuit breaker period) followed by 25% subsidy per month for a period of 8 months following on from that

  • a salary subsidy grant of up to S$12k for new and existing polytechnic graduate hires

  • a Digital Acceleration Grant of up to 80% funding support for FinTech firms with not more than 200 employees to adopt digital solutions to improve productivity, increase efficiency, enhance operational resilience, manage risks better, and/or serve customers better (capped at $120,000)

  • a 90% course subsidy for local employees attending courses accredited under the Institute of Banking & Finance Standards Training Scheme

  • a 50% discount for new leases for FinTechs at Bridge+

  • temporary relief for FinTechs at 80RR on a case by case basis

  • six months free access to APIX for Singapore-based FinTechs. APIX provides a digital platform for sales engagement with financial institutions globally

  • a FinTech self assessment tool to provide first-level assurance to potential financial institution clients regarding the quality of the solutions of the FinTech firm concerned

  • the option for smaller financial institutions to tap into the Digital Acceleration Grant to adopt FinTech solutions through the Institution Projects Track and Industry Pilots Track.

The measures above demonstrate Singapore’s intent to strongly support its role as a regional hub for the FinTech sector whilst nurturing SMEs and businesses that will support the advancement of digital strategies for the economy at large.

*Additional information available here >

From it’s regional hub in Singapore, DWF supports regional FinTech businesses in all forms of market entry, regional expansion, capital raising, mergers & acquisitions and regulatory activities across Asia. We have extensive on-the-ground experience in corporate and regulatory matters across Asia Pacific and focus on providing sound commercial legal solutions to FinTech and technology companies more widely. For further information please contact:

Babita Ambekar
Partner, Singapore
babita.ambekar@dwf.law 

Further Reading