Innovation Centre

The Innovation Centre track seeks to attract financial institutions to set up innovation centres of excellence or labs in Singapore to test-bed innovative ideas and roll out market solutions.

Funding

• For new FI’s Innovation COE/lab: 50% co-funding on qualifying roles for a period of 24 months for each qualifying professional headcount’s basic monthly salary

• For existing FI’s Innovation COE/lab: 50% co-funding on new Singaporean hires for qualifying roles for a period of 24 months for each qualifying professional headcount’s basic monthly salary. Existing FI’s Innovation COE/lab include entities which either (i) have not been funded by FSTI, or (ii) have been funded by FSTI but funding support has been expired. [New]

• Qualifying professional headcount include head of technology/ innovation, business-centric lead, technical lead, design architect, etc, excluding general IT staff e.g. programmers.

Eligibility

The applicant should be a financial institution (FI) or a corporate entity involved in either establishing, expanding or relocating an identified innovation function to Singapore.

Assessment Criteria:

a. Team composition

Team of professionals to be led by head of technology/innovation to anchor FI’s senior internal sponsor in Singapore. Subject to the above requirements, FI may share plans on how knowledge transfer can be facilitated to groom local talent such as fresh Singaporean graduates and Singaporean professionals.

b. Innovation focus

FI’s innovation COE/lab set up in Singapore to be used as a test-bed to rollout market solutions for the Singapore market and beyond. Focus areas of the innovation COE/lab that are in support of MAS’ development objectives for the financial sector will be considered favourably.

c. Active engagement with local stakeholders

FI’s Innovation COE/lab should demonstrate how they intend to actively engage local stakeholders within the FinTech ecosystem. This could take the form of collaborations with Singapore-based research institutions, government entities or partnerships with Singapore-based FinTech players to jointly co-create solutions.

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