Institution Project

To support individual smaller FIs and FinTechs to adopt digital solutions.

Funding

80% co-funding of qualifying expenses listed below, capped at $120,000 per entity, for the duration of the scheme:

• Hardware and software, including licences, maintenance and subscription costs; and

• Professional services tied to the adoption of the digital solution (e.g. consultancy, cybersecurity testing, IT audit, training, change management).

Eligible entities can claim for expenses incurred from 1 February 2020. The funding period is capped at 1 year.

Eligibility

• Singapore-based FIs regulated by MAS (licensed or exempted from licensing), with not more than 200 employees

• Singapore-based FinTech firms certified by the Singapore FinTech Association , with not more than 200 employees

Project Eligibility

Qualifying solutions must:

• Be deployed and used for at least 6 months in Singapore;

• contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service;

• Belong to any of the categories listed below;

• and not be built from scratch nor require investment in heavy infrastructure e.g. servers.

The categories of solutions supported are:

• Cloud services

• Communication and collaboration tools

• Compliance & KYC tools (including transaction monitoring tools)

• Customer relationship and engagement tools (including digital customer onboarding)

• Data-related services (including data warehousing, data automation, data analytics)

• Enterprise services (including HR and accounting systems)

• Marketing productivity tools (including customer sensing tools, insights generation)

• Office productivity tools

• Project management, software development and testing tools

• Security-related solutions; and

• Solutions to support alternative working arrangements, operational resilience, and BCP.

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