The Monetary Authority of Singapore (MAS) announced yesterday a $ 125 million support package to strengthen the capabilities of financial institutions and fintech companies in the face of the current economic downturn.
This package will provide $ 90 million to help banks and fintech companies hire and train workers.
Companies receive $ 2,000 per month for each new graduate or worker from a different sector in Singapore that they hire and include in talent development programs, doubling current salary support.
Companies can also take advantage of a new training grant (TAG) for Singaporeans and permanent residents (PRs).
In addition to the job support program announced in the budget for resilience and solidarity, training courses that have been accredited by the Institute for Banking and Finance (IBF) can be completed.
Individuals get $ 10 an hour when they pay for their own training, while banks and fintech companies get $ 15 an hour when they sponsor their employees' training.
Subsidies for relevant courses are also increased from the current 50 to 70 percent to 90 percent.
According to the MAS, more than 400 IBF-accredited courses have already been moved to e-learning channels to meet training needs as part of safe distance measures.
A further $ 35 million is expected to help smaller businesses roll out digital solutions and strengthen their operational resilience through a Digital Acceleration Grant (DAG).
Banks and fintech companies with no more than 200 employees can use this grant to finance their expenses for digital tools such as cloud services, productivity platforms and security solutions.
You can participate in one of two tracks, the Institution Project Track or the Industry Pilot Track.
As part of the institutional project, MAS will fund 80 percent of eligible expenses up to a limit of $ 120,000 per company.
The Industry Pilot Track will support collaboration between at least three companies to adapt and implement digital solutions in their institutions.
MAS will fund 80 percent of eligible expenses, which are limited to $ 100,000 for each participating company in each project.
Finally, all Singapore-based fintech companies have six months of free access to API Exchange (APIX), a global online marketplace, and a sandbox where they can collaborate and test solutions through a cloud-based architecture.
Selected image source: Bangkok Post