FinTech Certification 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.
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 fulfill the following criteria:
- Company is registered and operating in Singapore.
- Company is providing a technology solution for the financial sector as their core business. This excludes companies with core business that are outside of the financial sector but implemented a wallet or payment solution to call themselves a Fintech.
- Company must have a working product1 that is ready for use.
1 Defined as a product that is ready for release / already released. The product should have enough value that people are willing to use it or buy it. It should be fully tested, demonstrate enough benefits and features to retain users and be available for use.
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?
Certification is complimentary to SFA members and S$199 per annum for non-members. Credit card payments are subject to an additional 3.5% surcharge.
How do I apply?
Please complete the form here.
How long does it take to certify?
It may take up to 7 working days for your application to be reviewed. Upon successful review, you will be informed of the application outcome. An invoice may be sent to you for payment if you are not a SFA Corporate Member. After the payment, you can expect to receive the FinTech Certificate via email within 3 working days.
If we require additional documents for verification, the process may be lengthened, depending on when you provide the relevant documents.
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$199 per annum. Credit card payments are subject to an additional 3.5% surcharge.
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.
When do I need to pay the S$199 certification fee? I have completed the form and did not receive any instructions for payment.
We will review your application within 7 working days and if successful, we will send you the invoice for payment. Once payment is received, we will email you the e-certificate within 3 working days. Only successful applications will receive an invoice for payment.
What is the mode of payment for certification?
The following are accepted modes of payment for certification:
a. Bank transfer
c. Credit card, subject to additional 3.5% surcharge
Cheques are not allowed at this moment.
My membership with SFA has expired. Can I renew to enjoy the complimentary certification?
You can renew your membership if your membership has been expired for less than 3 months. If your membership has been expired for more than 3 months, you will need to apply as a new member.
How do I renew my expired membership?
You may write to [email protected] regarding your membership.
Where can I find the Q&A questions of the 1st MAS Webinar?
You can find it here
Where can I find the MAS Presentation of the 2nd MAS Webinar?
You can find it here
Where can I find the Q&A questions of the 2nd MAS Webinar?
You can find it here