MAS, SFA, AMTD Group and AMTD Foundation Launched S$6 Million Solidarity Grant to support Singapore FinTech ecosystem in view of COVID-19 Pandemic
Singapore, 13 May 2020…The Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA), AMTD Group and AMTD Foundation (collectively, AMTD) today announced the launch of a S$6 million MAS-SFA-AMTD FinTech Solidarity Grant (the Grant) to support Singapore-based FinTech firms amid the challenging business climate caused by the COVID19 pandemic
The Grant will help FinTech firms maintain their operations, and enable them to continue to innovate and grow. The Grant complements the S$125 million support package announced by MAS on 8 April 2020 to sustain and strengthen capabilities in the financial services and FinTech sectors.
AMTD has provided an initial S$2 million to support the Singapore FinTech ecosystem. MAS will provide an additional S$4 million from the Financial Sector Development Fund1 , taking the total grant amount to S$6 million. Applications for the Grant will open on 18 May 2020 and will be available until 31 December 2021.
The Grant comprises two components:
FinTech firms can apply for both BSG and BGG if they fulfil the eligibility criteria for both grants. SFA will administer and review the grant applications.
Mr Chia Hock Lai, President, SFA said, “FinTech firms are in a great position to seize opportunities presented by the accelerated trend towards digital financing induced by the COVID-19 pandemic. The Business Sustenance Grant helps FinTech firms to plug their short term financing gaps while Business Growth Grant enables them to grow and sell through the APIX platform. These will help save jobs while making our FinTech firms competitive for the post COVID-19 economic recovery world.”
Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “There is a surge in demand in the financial services industry around the region for solutions to address the need for remote digital services amidst the COVID-19 pandemic. FinTech firms have a great opportunity to step up actively during this period to provide these solutions. The Business Growth Grant will help FinTech firms offset their costs. By conducting their POCs on APIX, financial institutions and FinTech firms will not need to set up test infrastructure for integration. This will help accelerate project development while still working remotely.”
Mr Calvin Choi, Chairman and CEO of AMTD Group, and Founder and Chairman of AMTD Foundation, said, “As an active financial institution focusing in the Asian region, we see the immediate need for the private sector to foster closer partnership with FinTech firms to formulate tailor made solutions to cater for the increasing demand for digital services and greater opportunities to scale up. This is an important moment in time to overcome challenges while identifying every opportunity and client servicing angle through proactive collaboration with the APIX platform to achieve FinTech success and FI transformation. The Business Sustenance Grant and the Business Growth Grant provide a holistic solution to ensure sustainability and growth opportunities for FinTech firms during the COVID-19 pandemic.”
For more information about the Grant, please visit SFA’s website at https://singaporefintech.org/mas-sfa-amtd/ on the application process and criteria.