MAS, SFA, AMTD hand out $6m grant for fintechs

The grant aims to help fintech firms maintain their operations and enable them to innovate further.

The Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA), and AMTD Group has launched the $6m FinTech Solidarity Grant to support Singapore-based fintech firms amidst the challenging business climate caused by the COVID19 pandemic, a press release revealed.

The grant aims to help fintech firms maintain their operations and enable them to innovate further. It is said to complement the $125m support package announced by MAS on 8 April to sustain and strengthen capabilities in the financial services and fintech sectors.

AMTD has provided an initial $2m for the grant, whilst the remaining $4m will come from MAS' Financial Sector Development Fund. Applications for the grant will open on 18 May and will be available until 31 December 2021.

Further, the FinTech Solidarity Grant comprises two components. First is the AMTD-funded $1.5m Business Sustenance Grant (BSG), where eligible companies can receive a one-time grant for up to $20,000 to cover day-to-day working capital expenditures, such as salaries and rental costs. 

Second is the $4.5m Business Growth Grant (BGG), where firms can receive up to $40,000 for their first proof of Cconcept (POC) with financial institutions on the API Exchange (APIX) platform. They will also get up to $10,000 for each subsequent POC, subject to a total cap of $80,000 per firm for the entire duration of the grant.

In addition, the BGG also pledged to provide funding for the salaries of undergraduate interns, capped at $1,000/month per intern. This grant will support around 120 interns in the fintech sector, assuming an average internship duration of 3 to 5 months. The move aims to further boost the local fintech talent pipeline..

Fintech companies can apply for both BSG and BGG if they fulfil the eligibility criteria for both grants, which is administered and reviewed by SFA.