MAS Incentives
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Grants and Incentives
The MAS provides a wide variety of incentive schemes to support develop and attract top talent as well as working 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:
https://www.mas.gov.sg/development
https://www.mas.gov.sg/development/fintech/grants-for-innovation
https://www.mas.gov.sg/development/jobs-and-skills
Specific grants include:
- Support for Key Business Areas
- Support for Innovation and Technology
- Support for Skills and Career Development
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Support for Key Business Areas
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Investment Funds
Variable Capital Companies (VCC) Grant Scheme
As part of the FSDF, MAS launched a Variable Capital Companies Grant Scheme (VCCGS) to co-fund qualifying expenses paid to Singapore-based service providers for work done in Singapore, in relation to the incorporation or registration of a VCC. This scheme is valid till 15 January 2023.
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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 encourages the issuance of green, social, sustainability and sustainability-linked bonds in Singapore and is open to first-time and repeat issuers.
Insurance-linked Securities Grant Scheme
Supports issuers of ILS bonds in Singapore
SGD Credit Rating Grant Scheme
Supports issuers of SGD-denominated bonds in obtaining credit ratings
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Equity
Grant for Equity Market Singapore
Supports issuers in listing on the Singapore Exchange and financial institutions in developing equity research capabilities
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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
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Green Finance
Green and Sustainability-Linked Loans Grant Scheme
Supports corporates in obtaining sustainability-linked loans and incentivizes banks to develop green and sustainability-linked loan frameworks
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Support for Innovation and Technology
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Innovation Centres
Supports the set-up of innovation centres of excellence or labs in Singapore to test-bed innovative ideas and roll out market solutions
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Institution-level Projects
Supports Singapore-based financial institutions to catalyse innovative ideas and market solutions to advance the competitiveness of the financial institution and the sector
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Industry-wide Technological Infrastructure or Utility
Supports thematic industry-wide 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
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Artificial Intelligence (AI) and Data Analytics (DA)
Supports projects that demonstrate adoption of AI & DA techniques that achieve business objectives of strategy & decision making or insights generation with consideration of workforce impact, as well as applied research projects in AI and DA for Singapore and the Singapore financial sector
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Proof-Of-Concept
Supports early-stage development of novel solutions to problems in the financial sector
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Cybersecurity Capability
Supports Singapore-based financial institutions that intend to set up or expand cybersecurity operations capabilities in Singapore
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Digital Acceleration
Supports smaller Singapore-based financial institutions and FinTech firms in the adoption of digital solutions to improve productivity, increase efficiency, manage risks better, build up operational resilience, and serve customers better
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Productivity Solutions Grant (PSG)
Supports smaller financial institutions in the adoption of regulatory reporting solutions from pre-approved managed service providers
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Support for Skills and Career Development
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Schemes for Institutions & Individuals
Supports financial institutions in hiring, training and workforce transformation, and individuals in skills development and career mobility
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For Individuals
Professional Conversion Programme
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.
Multiple programs for individuals can be found in the Skill Development Initiatives section of the SINGAPORE FUNDS Website.
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For Institutions
Financial Specialist Scholarship (FSS)
A postgraduate scholarship programme that helps develop specialist leaders in a variety of fields in Singapore's financial services sector. It is open to financial institutions and individuals.
Multiple programs for institutions can be found in the Skill Development Initiatives section of the SINGAPORE FUNDS Website.
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