Financial Sector Technology and Innovation (FSTI) Proof-of-Concept (POC) Scheme

The MAS Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) scheme provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector. The FSTI Scheme is valid until March 2023.

Funding

Funding Amount: Up to 70% of qualifying costs and up to a cap of S$400,000, depending on the outcome of the panel evaluation

Funding Duration: Up to 18 months

Eligibility

Eligible Applicants: MAS-regulated financial institutions or technology /solution providers working with MAS-regulated financial institutions for the early stage development of novel solutions to problems in the financial industry.

Qualifying Criteria:

An applicant must be either:

• A financial institution that is licensed, regulated, supervised or registered by MAS; or

• A technology or solution provider (including start-ups, professional services and consultancy firms) with at least one financial institution that is licensed, regulated, supervised or registered by MAS sponsoring the project. Project sponsors need not have a direct financial stake in the project, but must exhibit active engagement and commitment to see the project to completion.

Applicants may submit multiple proposals if there are multiple distinct components within a project that fit the qualifying criteria. Each proposal will be treated as a separate project, and will be evaluated and funded separately.

Qualifying Projects

Type of project:

Investigative project

Project Details:

Projects which aim to develop a novel concept of resolving business use-case problems, using technology or business processes.

Support:

The funding % and funding cap will be tiered according to the outcome of Stage 2 – Panel Evaluation.

For applicants that received 3 favourable recommendations: The funding % will be 50%, and the funding cap will be $200,000.

For applicants that received 4 favourable recommendations: The funding % will be 60%, and the funding cap will be $300,000.

For applicants that received 5 favourable recommendations: The funding % will be 70%, and the funding cap will be $400,000.

Qualifying Costs

Funding support will be on a reimbursement basis, for the following expense items:

Funding Categories

Basic manpower costs

Professional services costs

Equipment or software costs

IP rights

Other Expenses

Funding scope

Basic salaries plus employee’s CPF contribution, excluding:
Employer’s CPF contribution, annual wage supplements, bonuses, allowances (fixed and variable) and overtime. The salaries of founders and direct owners of the applicants are specifically excluded.

Includes consultancy, sub-contracting, prototyping costs by third-party locally-based companies/vendors.

Includes purchase price and costs related to commissioning and operation (e.g. delivery, installation, handling). Only project-related technical software costs are supported.

Includes licensing and technology acquisition costs from non-related parties.

Includes project-related training by external parties, patent-related costs, and rental of specialised equipment or facilities.

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