The measures are a boost for smaller financial institutions in Singapore, in particular boutique asset managers and fintechs that are struggling with raising capital for digital upgrades and strengthening operational resilience.
The Monetary Authority of Singapore (MAS) has announced a S$125 million ($87.7 million) support package to sustain and strengthen capabilities in the financial services and fintech sectors amid the current economic slump.
The grants aim to support workforce training and manpower costs (S$90 million), digitalization and operational resilience (S$35 million), and access to digital platforms and tools through partnerships with APIX and Singapore Fintech Association.
These measures will help to position these firms for stronger growth when the threat of Covid-19 recedes and economic activity normalizes, the regulator said in a statement on Thursday.
Boosting Financial Hub Status
Jacqueline Loh, MAS deputy managing director (markets and development), said the funding will help build deeper competencies, skills, and networks so the sector can emerge stronger in the longer term.
«The current slowdown in economic activity provides financial institutions a window to accelerate workforce transformation and upskill their staff. It is also an opportunity to leverage technology to impart learning,» said Ng Nam Sin, CEO of the Institute of Banking & Finance Singapore, which is working with industry partners to support the sector’s training needs.
