FINTECH SOLIDARITY GRANT
FINTECH SOLIDARITY GRANT
The Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA) and AMTD Foundation (AMTD) have established a S$6 million MAS-SFA-AMTD FinTech Solidarity Grant to support Singapore-based FinTech companies amid the challenging business climate caused by the COVID-19 pandemic. The Grant will help the FinTechs manage their cashflow better, support them in generating new businesses, and provide greater support for FinTechs to pursue growth strategies.
SFA is the grant administrator and will review and assess the applications.
Grant Objectives: To provide support for FinTech projects / proof-of-concepts (“POCs”) on the APIX Platform, and subsequent commercialisation of successful projects / POCs.
To provide support for FinTech projects / proof-of-concepts (POCs) on the APIX platform, and subsequent commercialisation of successful projects / POCS.
FinTechs must register and complete their profile on APIX platform and ChekFIN account, as well as carry out their POCs with any Financial Institution or Technology Company on APIX to be eligible for this grant.
1st Application: 70% of qualifying expenses, capped at S$40,000 per FinTech firm
Subsequent applications (maximum of 2 subsequent applications in total, and firms can only apply for commercialisation support once for each successfully completed POC on APIX)
2nd to 3rd Application: 70% of qualifying expenses, capped at S$25,000 and S$15,000 for the 1st and 2nd subsequent applications respective per FinTech firm per application
The grant is on a reimbursement basis (proof of payment must be submitted)
Related to the POC (including consultancy, cybersecurity testing, IT audit, training, change management)
Including salaries of staff (including Foreign Nationals) and Singaporean/PR undergraduate interns involved in the development and implementation of the project (excluding employer CPF and bonuses)
Including licences, maintenance and subscription costs, related to the project
70% of Internship Funding for Salaries of Singaporean/PR Undergraduate Interns (capped at S$1,000/month per intern)
Overall internship salary cap of S$20,000 for FinTechs with more than 30 staff
Overall internship salary cap of S$10,000 for FinTechs with 30 staff or less
Applicant to submit their utilisation report to SFA, including supporting documents for proof of payment (e.g. invoices, pay slips to interns) and to show that project KPIs have been met, at the end of the funding period. Un-utilised grant amounts on the qualifying expenses categories and internship salaries will be clawed back by SFA. Applicants that do not meet KPI would have their grant clawed back
Random audits would be conducted by SFA or their appointed external auditor on applicants' use of the grant. If the audit report indicates misuse of Grants or fraudulent activities, the full grant amount will be clawed back and reported to the authorities
No duplicate funding between the MAS-SFA-AMTD FinTech Solidarity Grant programme and other Government Grants.
* If the necessary documents are not submitted, the processing of your application may be delayed, or your application may be refused.
Download the infographic and the ChekFin Brochure before you fill up the Grant Application Form* (Form Linked below), and ensure you fill out all the required details. The grant is on a reimbursement basis (proof of payment must be submitted in order for the grant to be approved and disbursed).
Submit the completed Google Form and all supporting Documents through the Google Form Submit Button and ensure all required fields are filled. If you encounter error 502, please press F5 to refresh your page and re-submit again. If the error message persists, please contact the SFA grant team immediately via the email address below.
SFA will review your application, including all required Documents. If more information is required, you will be contacted directly.
Please note that your application will take more than 6 weeks to process. For companies with multiple applications, processing time may take longer.
Successful applicants will receive further instructions from SFA.
For further enquires on the MAS-SFA-AMTD FinTech Solidarity Grant, please email [email protected].