The grant will support Singapore-based fintech firms to weather business challenges caused by the Covid-19 pandemic, and help them maintain operations, and enable them to continue to innovate and grow.
The Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA), AMTD Group and AMTD Foundation (collectively, AMTD) have launched a S$6 million «solidarity grant» for fintech firms based in Singapore, a joint statement announced on Wednesday.
The grant, which comprises S$2 million from AMTD and S$4 million from MAS' Financial Sector Development Fund, compliments the S$125 million ($87.7 million) support package rolled out by MAS in April to sustain and strengthen capabilities in the financial services and fintech sectors amid the current economic slump.
There are two components, and eligible firms can apply for both: the Business Sustenance Grant offers an injection of up to S$20,000 to cover day-to-day working capital expenditures, while the Business Growth Grant offers firms up to S$80,000 for proof-of-concepts on the API Exchange (APIX) platform, as well as funding for the salaries of undergraduate interns, capped at S$1,000/month per intern.
Surge in Demand
MAS chief fintech officer Sopnendu Mohanty. called it «a great opportunity to step up actively during this period to provide [fintech] solutions,» given the surge in demand in the financial services industry around the region for solutions to address the need for remote digital services amid the Covid-19 pandemic.
By putting proof-of-concepts on the APIX platform, fintech firms will not need to set up test infrastructure for integration, he said.
«We see the immediate need for the private sector to foster closer partnership with fintech firms to formulate tailor-made solutions to cater for the increasing demand for digital services and greater opportunities to scale up,» Calvin Choi, chairman and CEO of AMTD, said about the firm's involvement.
