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MAS, SFA and AMTD launch S$6 Million Grant Scheme for FinTechs to combat COVID-19

MAS, Monetary Authority of Singapore, central bankThe 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 to support the FinTech firms in the country amid the challenging business climate caused by the Coronavirus (COVID-19) pandemic.

The grant will help FinTech firms maintain their operations, and enable them to continue to innovate and grow. The grant complements the S$125 million support package announced by MAS on April 8, 2020, to sustain and strengthen capabilities in the financial services and FinTech sectors.

S$1.5 million Business Sustenance Grant (BSG) is a component of the grant where eligible 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. The short-term assistance will help the firms to sustain their operations and retain employees. The BSG is fully funded by AMTD’s contribution.

The S$4.5 million Business Growth Grant (BGG) is another component where the firms can receive up to S$40,000 for their first Proof of Concept (POC) with financial institutions on the API Exchange (APIX) platform, and S$10,000 for each subsequent POC, subject to a total cap of $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. The BGG is jointly supported by AMTD and MAS.

Sopnendu Mohanty, Chief FinTech Officer, MAS elucidated, “There is a surge in demand in the financial services industry around the region for solutions to address the need for remote digital services amidst the COVID-19 pandemic. FinTech firms have a great opportunity to step up actively during this period to provide these solutions. The Business Growth Grant will help FinTech firms offset their costs. By conducting their POCs on APIX, financial institutions and FinTech firms will not need to set up test infrastructure for integration. This will help accelerate project development while still working remotely.”

AMTD has provided an initial S$2 million to support the Singapore FinTech ecosystem. The central bank will provide an additional S$4 million from the Financial Sector Development Fund, taking the total grant amount to S$6 million. Applications for the Grant will open on May 18, 2020, and will be available until December 31, 2021.

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