Additional S$6 million MAS-SFA-AMTD FinTech Solidary Grant to support FinTech Firms in Singapore

POSTED ON: Monday 15 Jun 2020 BY: RHTGOC

The Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA), AMTD Group, and AMTD Foundation launched a S$6 million MAS-SFA-AMTD FinTech Solidary Grant to complement earlier S$125 million support package by MAS.

 

This grant comprises of the S$1.5 million Business Sustenance Grant (BSG) and the S$4.5 million Business Growth Grant (BGG).

S$1.5 million BSG

  • One-time grant of S$20,000
  • Grant meant to cover day-to-day working capital expenditures (e.g. salaries, rental costs, etc.)
  • For Singapore-based FinTech firms

S$4.5 million BGG

  • S$40,000 for first Proof of Concept (POC) with financial institutions on the APIX; S$10,000 for each subsequent POC; total cap of S$80,000 per firm throughout the grant period
  • Funding for salaries of undergraduate interns provided; capped at S$1,000/ month per intern
  • Overall cap of up to S$100,000 per FinTech
  • For Singapore-based FinTech firms

 

The BSG will assist Singapore-based FinTech firms in retaining their employees and sustaining their operations during this unprecedented pandemic period while the BGG is intended at grooming talents for Singapore-based FinTech firms through internship programmes, in order to boost long-term growth for the industry.

 

Eligibility criteria:

  • Be registered and in operation in Singapore for at least 3 months before grant application
  • Have at least 2 or more core activities in Singapore
  • Be an SFA member with a valid SFA Fintech Certification
  • Only 1 application is allowed per company or Group of related companies

Eligible FinTech firms have until 31 December 2021 to apply for the funding.

 

Should you need assistance, please contact:

RHT Compliance Solutions

RHT Compliance Solutions is a premier Compliance Service Advisory firm based in Singapore.
Our team comprises experienced and certified professionals with extensive regulatory, compliance and risk management experience from Singapore, Indonesia, Hong Kong and the broader region. The team is well equipped to provide clients with intelligent, risk-focused and cost-effective solutions.

Full text can be found here.

 

 

For further information, contact:


Tony Yeow
Associate Director
tony.yeow@rhtgoc.com

RHT Compliance Solutions Pte Ltd
1 Paya Lebar Link #06-08
PLQ 2 Paya Lebar Quarter
Singapore 408533
cs@rhtgoc.com

 

Reach out to us for more information.

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