Enabling Financial Sector to Manage Pandemic Challenges and Build Long-Term Capabilities and Skills

MAS launched a support package for financial institutions (FIs) and FinTech firms to strengthen long-term capabilities 

8 April 2020

MAS launched a Training Allowance Grant (TAG) to encourage FIs and FinTech firms to make use of the downtime in business activity to train and deepen the capabilities of employees by providing training allowances for completing training in courses accredited by the Institute of Banking and Finance (IBF). MAS and IBF increased course fee subsidies for Singaporeans and Permanent Residents attending relevant IBF courses to 90% (from the usual range of 50% to 70%) and extended subsidies to include employees of FinTech firms. MAS also set up a new Digital Acceleration Grant (DAG) to support digitalisation in smaller FIs and FinTech firms. As of June 2021, about 800 firms have applied for the grant.

MAS enhanced FinTech firms’ access to API Exchange (APIX) Platform 

8 April 2020

As part of a package to strengthen capabilities of the financial industry amid the challenging conditions brought forth by the pandemic, MAS announced that all Singapore-based FinTech firms would be provided six months free access to APIX. Through APIX, an online global marketplace and sandbox for collaboration and sales, FinTech firms and FIs could engage one another, as well as integrate and test solutions via a cloud-based architecture.