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