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.
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
FinTechs must register and complete their profile on APIX, as well as carry out their POCs with any Financial Institution or Technology company on APIX to be eligible for this grant
Only 1 application per POC is allowed per company or Group of related companies.
Each Company or Group of related companies is allowed to submit up to 5 BGG applications for 5 different POCs
Applicants must use the SFA Jobs Portal to advertise the internship opportunities, but are free to use other advertising channels as well
All Qualifying expenses for the application must be related to the POC on APIX.
Grants & Funding Level
BUSINESS GROWTH GRANT (BGG)
To foster the continued growth of Singapore-based FinTech companies and help the companies offset their POC costs.
FinTechs must register and complete their profile on APIX, 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
2nd to 5th Application: 70% of qualifying expenses, capped at S$10,000 per application
Qualifying Expenses Includes*
Professional Service related to the POC (incl. consultancy, cybersecurity testing, IT audit, training, change management)
Wage Support Incl. salaries of staff (Including Foreign Nationals) involved in the development and implementation of the project (excluding employer CPF and bonuses)
Hardware & Software Incl. licences, maintenance and subscription costs, related to the project
100% 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
Overall BGG Cap of up to S$100,000 Per FinTech
BGG Application Closing Date: 31st December 2021
Grant KPIs and Governance
12 months after disbursement of grant:
• Remain registered and operating in Singapore
• No reduction in headcount at the end of the project period, but if necessary and inevitable, not more than 20% headcount reduction (Excluding Interns)
• SFA member with a valid SFA Fintech Certification throughout the period
• POC must be successfully completed on the APIX platform and receive a certificate of completion from APIX
Utilisation and KPI Report
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.
SFA will take all legal actions to clawback the full grant amount from the Company, in any cases of misuse, fradulent or un-utilised grant amounts
Documents Required for Submission
1. Completed Grant Application Form signed on every page
2. Screenshot of 100% APIX Profile Completion
3. Screenshot of IDE on APIX
4. Signed POC agreement or email thread confirmation with Financial Institution (FI) or Technology Company stating the project title, dates [start & end] and scope of work.
5. ACRA Business Profile for applicant company and corporate shareholder (if applicable), dated within last 3 months.
6. For Wage Support
a. Payroll Listing for Full-time Staff and Intern (Last 3 Months) – Mandatory if you are claiming for Wage Support
b. Latest copy IRAS Notice of Assessment of the Full Time Staff claiming for Wage Support - Mandatory for non-Singapore Citizen/PR and for Singapore Citizen/PR claiming more than SGD 6000 per month.
c. CPF Employer Submission (Last 3 Months) – Mandatory for Singapore Citizen/PR claiming up to SGD 6000 per month.
d. Student Card – Mandatory if you are claiming for Wage Support for Intern
7. For Hardware & Software, Professional Services, and Other Expenses:
a. Invoices/Vendor Contracts for qualifying expenses (Dated from 1 Feb 2020 onwards)
b. Documents to show the actual payment made e.g. bank statements. Applicable only if payment has been made (Dated from 1 Feb 2020 onwards)
SFA may contact your company for additional supporting documents if we find your application lacking in details
Download the Grant Application Form* (Form Linked below), and ensure you fill out all required details
Submit the completed Form and all supporting Documents through the Button at the bottom of this webpage. Ensure all fields are filled
SFA will review your application, including all required Documents. If more information is required, you will be contacted directly
Successful applicants will receive further instructions from SFA
*You may need a printer and scanner to sign the Form, if you cannot do so digitally
Frequently Asked Questions
SFA FinTech Certification
You can apply for the Fintech Certification here: https://singaporefintech.org/fintech-certification/
For SFA members, your FinTech Certification will be renewed together with your SFA membership if you meet all the renewal criteria.
For non SFA-members, you are unfortunately not eligible for this grant.
No, as the application submission form will require your FinTech Certificate number, you are required to have received the Fintech Certificate first.
A core activity is an activity that is usually considered as required for the running of business e.g. Finance, Human Resources, Sales etc.
For e.g. your company should not just have a sales team in Singapore while other teams e.g. Finance and Human Resources located in other countries.
For the Business Growth Grant, you may apply up to 5 times during the application period. However, you can not claim for the same expenses for more than once and you will need to indicate the number of applications submitted for the Business Growth Grant.
SFA understands the difficulties faced by the companies in the industry during this period of time, and the documentations are required for SFA to prioritise and ensure that support is extended to the companies which most need it.
Please submit all relevant invoices and contracts with vendors for SFA to review. SFA reserves the rights to decide if the expense qualifies under the grant.
Post-Disbursement (KPI & Governance)
You are required to submit the report to SFA with supporting documents, to show that the project KPIs have been met.
SFA would review on a case-by-case basis at the end of the funding period. Depending on the outcome of the review, the grant disbursed could be rescinded.
SFA, being the administrator for the grant, is accountable to the sponsors. Random audits would be conducted to ensure there is no misuse of grant or fraudulent activities involved. Full grant amount will be rescinded and relevant authorities would be notified if there is misuse of grant or fraudulent activities involved.
SFA would review on a case-by-case basis. Do reach out to SFA immediately once it is known that the POC would be extended beyond the 12 months period.