Singapore is offering fintech firms more grants to help them ride out the storm of COVID-19 pandemic as well as to ensure that they continue with their innovations and developments alongside financial institutions. A new grant of SG$6 million ($3.44 million) can now be tapped by fintechs for covering their day-to-day expenses and fund proof of concepts.
The new fintech solidarity grant is put together by the MAS (Monetary Authority of Singapore), AMTD Foundation, AMTD Group, and SFA (Singapore Fintech Association), in addition to the SG $125 million ($71.62 million) support package that was announced in the previous month for helping the industry of local financial services and fintech organizations in accelerating their digital capabilities.Fintech News
Under this new grant, a one-time SG$20,000 grant can be applied by fintech firms for covering their everyday working capital expenses like the salaries of their employees and the rental fees. The establishment of this grant was for helping these organizations sustain their activities and operations while retaining their employees.
The fintech firms based out of Singapore that are eligible for the grant will also be able to receive up to $SG40,000 for funding the first proof of concept that is built with financial institutions on the APIX (API Exchange) platform of the MAS. More SG$10,000 will also be made available for every subsequent proof of concept, capped at SG$80,000 per organization for the duration of the grant.
This grant will also offer funding for offsetting the salaries of undergraduate interns, which is capped at SG$1,000 per intern per month. This grant will be seen supporting around 120 interns in the fintech industry, according to MAS, based on the average internship period of between 3 and 5 months.
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Chandrima Samanta, Content-Editor, FintecBuzz
Chandrima is a Content management executive with a flair for creating high quality content irrespective of genre. She believes in crafting stories irrespective of genre and bringing them to a creative form. Prior to working for Hrtech Cube she was a Business Analyst with Capgemini.
