Frequently Asked Questions

 

What is this certification?
This certification is for companies looking to be certified as a “FinTech” under the Singapore FinTech Association (SFA). It is recognised by the Monetary Authority of Singapore (MAS) and the benchmark qualification needed to receive some of the support from the COVID-19 Support Package. For more details on the COVID-19 Support Package for FinTechs, please visit https://www.mas.gov.sg/development/fintech/covid-19-support-package-for-fintechs.

Who can apply?
Any company that is registered and operating in Singapore, and providing technology-focused financial services or technology solutions for the financial sector.

My company has just registered this year in Singapore, can my company apply for certification?
Your company can apply as long as it has a Singapore Registration Unique Entity No. and meet the certification criteria.

Is there anything I should prepare before I apply?
The company should fulfil the following criteria:
1. The company must be a Singapore-registered company.
2. The company must provide technology-focused financial services or technology solutions for the financial sector.
Before you start applying, we recommend preparing a short description of your current FinTech solution, for an easier application.

What is the cost of certification?
FinTech Certification costs S$654 for Members and S$3,379 for Non-Members (inclusive of 9% GST and S$109 admin fee).

How do I apply?
Please complete the form here.

How long does it take to certify?
It may take up to 1 month for your application to be reviewed. Upon successful review and approval from the Approving Committee, you will receive an e-copy of the certificate. This will take about 2 to 3 weeks after the demonstration session is conducted.

What do I get for certification?
You will receive an e-certificate.

I am an SFA corporate member. Do I have to apply to be certified?
Yes, you will still need to apply for the certification. You can complete the same form here.

Can I get a refund if I decide to terminate the certification during the year?
No, refunds are strictly not allowed or entertained once the certification has been granted. You may choose not to renew the certification after it has lapsed.

How much does it cost to renew the certification?
The renewal cost for the certification is S$545 for Members and S$3,270 for Non-Members
(inclusive of 9% GST).

Do I need to terminate my certification if my company’s business model has changed and no longer provides any fintech solutions or services?
Please inform SFA directly of the change in business model, and we can best advise on the best way to move forward regarding the certification.

Is there any logo that I can use on my company website to show that it has been fintech certified?
There is no logo associated with the certification. SFA recommends uploading the full Fintech Certificate to your website, as the certificate provides information as to why your company is certified.

What is the mode of payment for certification?
Currently, the Payment Link that will be sent to you allows you to pay via Credit and Debit Cards.

When do I need to pay for the Certification Fee?
You will be required to pay for the certification fee via a Payment Link that will be sent to you through email within 5 minutes of submission. Once your payment has been received, your application will be processed.

What will happen in the event my application is withdrawn or rejected? Will the full amount be refunded to me?
Please note that in the event your application is withdrawn or rejected, the 9% GST charged and the Administrative Fee of S$109 will not be refunded and only the Certification Fee will be refunded to you.

My membership with SFA has expired. Can I renew the FinTech certification?
In the event your membership expires, you will be a Non-Member and hence you are required to pay the Non-Member price of S$3,270 (inclusive of 9% GST).

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