The Institution-level Projects track encourages Singapore-based financial institutions to catalyse innovative ideas and market solutions to advance the competitiveness of the financial institution and the sector.
Up to 50% of level of funding support, capped at S$1 million.
Potential qualifying expenses include, but not limited to, the following:
a. manpower expenses (e.g. base salaries excluding bonuses and allowances);
b. professional services (e.g. consultancy expenses);
c. hard/software infrastructure and licences;
d. equipment and IP rights; and
e. capability transfer-related training cost (e.g. costs for engaging specialists to train locals, or sending locals for overseas training) where such training costs are not eligible for funding under existing grant schemes offered by IBF or government agencies. [New]
The scheme is open to Singapore-based financial institutions (FIs), market or professional organisations or associations.
a. Innovative technology ideas or offerings in Singapore that are aligned to MAS’ areas of focus; and/or MAS’ financial sector strategy;
b. Competitive funding for first-mover(s) to encourage other industry players to level up and develop/adopt similar cutting-edge technology (e.g. first-of-its-kind);
c. Projects should demonstrate significant impact to business operations (e.g. revenue and or cost savings, productivity, improved customer experiences etc) and are deployed/implemented in regional/global operations.
FIs may leverage on new generation technology/ innovative solutions which are known and exist in Singapore, or develop transformational leaps in new technology, as well as creation and/or exploration into new markets, through R&D efforts and innovation.