Singapore-based fintech companies have been handed a lift after a S$6 million (US$4.2 million) grant was launched to assist companies “maintain their operations and enable them to continue to innovate and grow”, the Financial Authority of Singapore (MAS) mentioned.
The Fintech Solidarity Grant was launched by the MAS, Singapore Fintech Affiliation (SFA) and AMTD Group and AMTD Basis (AMTD).
The grant enhances a S$125 million assist package deal for monetary establishments and fintech companies amid the Covid-19 pandemic, which was introduced by the MAS final month. In accordance with the central bank, the assist package deal “will help to position financial institutions and fintech firms for stronger growth when the threat of Covid-19 recedes and economic activity normalises.”
For the most recent tranche of assist for Singapore’s fintech ecosystem, AMTD has dedicated an preliminary S$2 million whereas the MAS has supplied $S4 million, bringing the overall grant quantity to S$6 million.
Purposes for the grant opened on Might 18, 2020 and can stay open till December 31, 2021. It’s made up of two parts together with a Enterprise Sustenance Grant (BSG) which might permit eligible companies to obtain a one-time grant for as much as S$20,000 to cowl day-to-day working capital expenditures, resembling salaries and rental prices.
The second element is a Enterprise Progress Grant (BGG) the place companies can obtain as much as S$40,000 for his or her first Proof of Idea (POC) with monetary establishments on the API Alternate (APIX) platform, and S$10,000 for every subsequent POC, topic to a complete cap of $80,000 per agency for the complete length of the grant, the MAS mentioned in an announcement.
“There is a surge in demand in the financial services industry around the region for solutions to address the need for remote digital services amidst the COVID-19 pandemic,” mentioned Sopnendu Mohanty, chief fintech officer on the MAS. “Fintech firms have a great opportunity to step up actively during this period to provide these solutions,” he added.
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