Overview

The Financial Sector Technology and Innovation (FSTI) scheme is launched under the Financial Sector Development Fund (FSDF) to provide support for the creation of a vibrant ecosystem for innovation. MAS has earmarked to commit $225 million over the next five years, for the following three purposes:

a) Innovation centres: To attract FIs to set up their innovation labs in Singapore;
b) Institution-level projects: To catalyse the development of innovative solutions that have the potential to promote growth, efficiency or competitiveness; and
c) Industry-wide projects: To support the building of industry-wide technology infrastructure or utility that is required for the delivery of new, integrated services.

(A) Anchor Innovation Centres in Singapore

Objective

This initiative seeks to attract financial institutions to set up innovation centres of excellence or labs in Singapore to test-bed innovative ideas and roll out market solutions. The objective is to nurture a culture of innovation in Singapore’s financial services sector and strengthen market leadership position in Asia.

Criteria

a) Team composition

• The team of professionals to be led by head of technology/innovation to anchor FI’s senior internal sponsor in Singapore. Qualifying professionals include business-centric lead, technical lead, design architect, etc., and exclude general IT staff e.g. programmers.
• Subject to the above requirements, FI may share plans on how knowledge transfer can be facilitated to groom local talent such as fresh Singaporean graduates and Singaporean professionals.

b) Innovation focus


• FI's innovation COE/lab set up in Singapore to be used as a test-bed to rollout market solutions for the Singapore market and beyond. Focus areas of the innovation COE/lab that are in support of MAS’ development objectives for the financial sector will be considered favourably.

c) Active engagement with local stakeholders

• FI’s Innovation COE/lab should demonstrate how they intend to actively engage local stakeholders within the FinTech ecosystem. This could take the form of collaborations with Singapore-based research institutions, government entities or partnerships with Singapore-based FinTech players to jointly co-create solutions.

(B) Institution-level Projects

Objective

This initiative seeks to encourage Singapore-based financial institutions to catalyse innovative
ideas and market solutions to advance the competitiveness of the financial institution and the
sector.

Criteria

a) Innovative technology ideas or offerings in Singapore that are aligned to MAS’ areas of focus; and/or MAS’ financial sector strategy;
b) Competitive funding for first-mover(s) to encourage other industry players to level up and develop/adopt similar cutting-edge technology (e.g. first-of-its-kind);
c) Projects should demonstrate significant impact to business operations (e.g. revenue and or cost savings, productivity, improved customer experiences, etc) and are deployed/implemented in regional/global operations.

Financial institutions may leverage on new generation technology/innovative solutions which are known and exist in Singapore, or develop transformational leaps in new technology, as well as creation and/or exploration into new markets, through R&D efforts and innovation.

(C) Industry-wide Technological Infrastructure or Utility

MAS seeks to partner financial institutions and/or solution providers on thematic industrywide or nation-wide utility projects, for wider adoption of technological/utility infrastructure which would improve market efficiency, boost productivity, and strengthen risk management capabilities in the financial services sector.

Proposed industry-wide projects should have at least one of the following attributes:

a) result in productivity gains or efficiencies to existing workflow and processes that results in either significantly greater turnover for existing market segments, horizontal expansion into new customer markets or vertical expansion into new product markets;
b) build technology or infrastructure necessary to develop Singapore as a forwardlooking international financial centre;
c) address best practices or international benchmarks to advance Singapore's competitive and leadership position over other jurisdictions;
d) Address any other industry-wide or national interest, in the area of technology and/or innovation.

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

Contact Us

Applicants should formally submit their applications 3 months before the commencement of the innovation activity 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
Website: www.mas.gov.sg
E-mail: fsdf@mas.gov.sg