The Cybersecurity Capability Grant (CCG) is launched as part of the Financial Sector Technology and Innovation (FSTI) scheme under the Financial Sector Development Fund (FSDF) to deepen cybersecurity capabilities in Singapore’s Financial Services sector. MAS has earmarked to commit $30 million until March 2020 under CCG.

Objective:

CCG seeks to attract global and regional Financial Institutes (FIs) to anchor or expand key cybersecurity functions and operations in Singapore. It also helps FIs deepen and enhance their cybersecurity capabilities in key functions already anchored and operating in Singapore, beyond basic regulatory requirements. To ensure sustainability, CCG seeks to incentivise FIs to develop local talent in cybersecurity.

Criteria:

Applicant Eligibility

Applicants should be Singapore-based financial institutions (FIs)

Project Eligibility

This grant is open to FIs that intend to set up or expand cybersecurity operations capabilities in Singapore. The following conditions apply:

a) The applicant should be an FI involved in either establishing, expanding or relocating cybersecurity functions to Singapore;

b) The project cannot be simultaneously funded by other government grants/ incentives with respect to the same set of qualifying costs and commitments;

c) The employed professionals can be of any nationality but must be based in the applicant’s Singapore office;

d) The employed professionals should possess acceptable degrees, diplomas, professional qualifications or specialist skills relating to the cybersecurity function, unless specified otherwise by the sponsoring department; Applications should also include a roadmap to build up infrastructure capabilities and talent pipeline in cybersecurity in the financial services sector:

e) Key cybersecurity functions to be expanded or created within the Singapore office and how it will help to foster a more cyber resilient organisation. Key cybersecurity functions include:

• Cyber fusion team and centre
• Cyber threat intelligence team
• Malware analysis team
• Cyber threat hunting teams
• Cyber forensics
• Security operations centre (SOC)

f) Plan to deepen cybersecurity skillsets of local employees including Singaporeans; and

g) Plan to facilitate transfer of cybersecurity skillsets from overseas offices (if applicable)

Funding 

• Up to 50% co-funding of qualifying expenses, capped at $3 million per project. Each FI will also be subject to a FI-level cap of $3 million.
• Funding period capped at 3 years

Contact Us

Interested parties may further engage MAS to discuss their proposed project ideas.

Applicants should formally submit their applications 3 months before the commencement of the cybersecurity operations in Singapore to facilitate project discussions and processing of application.

Applicants are required to use the prescribed forms available from:

Financial Sector Development Fund Secretariat
Financial Centre Development Department
Monetary Authority of Singapore
10 Shenton Way MAS Building
Singapore 079117
E-mail: fsdf@mas.gov.sg