Grants and Incentives
The MAS provides a wide variety of incentive schemes to support develop and attract top talent to support the growth of a highly skilled local workforce, relevant in today’s global workplace.
Financial Sector Development Fund Support Initiative
One of the MAS’s key initiatives is offering funding support to companies and individuals in the financial services sector, through the Financial Sector Development Fund (“FSDF”). The full range of initiatives can be found at:
Support for Key Business Areas
Fixed Income
Global-Asia Bond Grant Scheme
Supports first-time issuers with an Asian nexus in issuing bonds from Singapore
Sustainable Bond Grant Scheme
MAS' Sustainable Bond Grant Scheme (SBGS) offsets up to S$125,000 for eligible green, social, sustainability, sustainability-linked, sustainability-linked loan, and transition bonds. The grant is valid till 31 December 2028.
Equity
Grant for Equity Market Singapore
Supports issuers in listing on the Singapore Exchange and financial institutions in developing equity research capabilities
Foreign Exchange Derivatives
Foreign Exchange E-trading Ecosystem Grant Scheme
Supports first movers in primary inter-dealer platforms, multi-dealer platforms and liquidity providers to set up matching and pricing/ trading engines in Singapore
Green Finance
Sustainable Loan Grant Scheme
Supports corporates in obtaining sustainable and transition financing
Support for Innovation and Technology
Industry-wide Technological Infrastructure or Utility
Supports industry-wide projects that seeks to build industry-wide technological/utility infrastructure and/or improve efficiency and boost productivity in the financial services sector
Artificial Intelligence (AI) and Data Analytics (DA)
Supports projects that are focused on AIDA adoption with the objectives to improve decision making and/or generate better insights
Key Skill Development Initiatives for Financial Services
Schemes for Institutions & Individuals
Supports financial institutions in hiring, training and workforce transformation, and individuals in skills development and career mobility
MAS
Centre of Excellence
Supports the set-up of centres of excellence in Singapore to test-bed innovative ideas and roll out market solutions
Innovation Acceleration – Early Innovation
Supports experimentation, development and dissemination of nascent innovative technologies in the financial services sector
ESG FinTech
Supports the mobilising of capital towards sustainable activities and tracking of net zero transition plans and programmes
Regulatory Technology
Supports Singapore-based financial institutions to enhance the efficiency of their risk management and compliance functions through the use of technological solutions
Quantum Technology
Supports establishment of quantum computing and security innovation functions, strategic endeavours that explore the leveraging of quantum technology to enable institutional and industry use cases, pilots that enhance cyber resilience, and talent development initiatives.
IBF
IBF Standards Training Scheme
The IBF Standards Training Scheme ("IBF-STS") provides funding for training and assessment programmes accredited under the Skills Framework for Financial Services.
The Technology in Finance Immersion Programme
The Technology in Finance Immersion Programme (TFIP) aims to help individuals gain experience in key technology areas, such as Artificial Intelligence, Cloud Computing, Cybersecurity, Data Analytics and Full Stack Development, within the financial services sector.
Finance Associate Management Scheme
The Finance Associate Management Scheme (FAMS) is a talent development initiative supported by the Financial Sector Development Fund (FSDF). Its objective is to increase opportunities for Singaporeans to be groomed through structured programmes that can lead on to future specialist and management leadership roles in various segments of the industry. The FAMS helps financial institutions defray part of the costs incurred in the hiring of Singaporean staff who would be trained under their structured management/functional programmes.
International Postings Programme
The International Postings Programme (iPOST) initiative helps financial institutions defray part of the costs incurred in sending Singaporean staff on global and regional attachments or postings. Its objective is to increase opportunities for Singaporeans to be groomed through international exposure to build capabilities for future global and regional leadership roles.
Career Conversion Programme
The Career Conversion Programme (CCP) is part of Workforce Singapore's (WSG) Adapt and Grow Initiative which provides mid-career Professionals, Managers, Executives and Technicians (PMETs) with the opportunity to be re-skilled and take on new careers in growth areas.
Financial Training Scheme
The Financial Training Scheme ("FTS") provides funding for financial sector-specific training programmes which are recognized under FTS. In light of the economic challenges arising from COVID-19, MAS announced support of up to S$90 million, to encourage financial institutions and individuals to make use of the downtime for training and deepening of skills.
Asian Financial Leaders Scheme
The Asian Financial Leaders Scheme (AFLS) initiative helps financial institutions defray part of the costs incurred in sending promising C-1/C-2 Singaporean finance professionals on eligible leadership programmes. Its objective is to encourage the financial industry to develop its pool of future leaders, by sending them on eligible leadership programmes that would provide the knowledge to navigate the diverse business, regulatory, and legal environment in the region.