On 8 April 2020, the Monetary Authority of Singapore announced a $125 Million support package to assist and boost capabilities of Financial Institutions (FIs) and FinTech firms, in the current pandemic situation.
As part of the package, a new Training Allowance Grant (TAG) was initiated to provide (1) S$10 per training hour for self-sponsored individuals; and (2) S$15 per training hour for employees sponsored by FIs and FinTech firms, for courses accredited by the Institute of Banking and Finance (IBF).
MAS and IBF will also increase the course fee subsidies to 90% for the relevant IBF courses.
Only Singaporean Citizens and Permanent Residents are eligible.
Additionally, the salary support offered to FIs to hire Singaporean fresh graduates or workers from other sectors under the Finance Associate Management Scheme (FAMS) will be doubled.
There will also be a new Digital Acceleration Grant (DAG) to support digitalisation in FIs and FinTech firms with not more than 200 employees.
There are two tracks under the DAG:
1. Institution Project Tract
2. Industry Pilot Tract
All Singapore-based FinTech firms will receive six months’ free access to API Exchange (APIX) worth more than S$17,000.
FIs and FinTech firms should take advantage of the financial support scheme to support training and manpower costs, in order to strengthen their operations resilience and efficiency.
Should you need assistance, please contact:
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.
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