The Monetary Authority of Singapore (MAS) announced yesterday a $125 million support package to strengthen the capabilities of financial institutions and fintech firms amid the current economic slump.
Of this package, $90 million will be allocated to helping banks and fintech companies hire and train workers.
Firms will be given $2,000 every month for each Singaporean fresh graduate or worker from another sector that they hire and place in talent development programmes, doubling the current salary support.
Companies can also tap on a new Training Allowance Grant (TAG) for Singaporeans and Permanent Residents (PRs).
Supplementing the Jobs Support Scheme announced in the Resilience and Solidarity Budgets, it provides allowance for completing training courses accredited by the Institute of Banking and Finance (IBF).
Individuals will receive $10 per hour if they pay for their own training, while banks and fintech firms will receive $15 per hour if they sponsor their staff’s training.
Subsidies for relevant courses will also be raised to 90 per cent, up from the current range of 50 to 70 per cent.
According to MAS, more than 400 IBF-accredited courses have already been shifted to e-learning channels to meet training needs under safe distancing measures.
Another $35 million will go towards helping smaller firms adopt digital solutions and strengthen their operational resilience through a Digital Acceleration Grant (DAG).
Banks and fintech firms with no more than 200 staff can use this grant to fund their expenses on digital tools like cloud services, productivity platforms and security solutions.
They can take part in one of two tracks, the Institution Project track or the Industry Pilot track.
Under the Institution Project track, MAS will fund 80 per cent of qualifying expenses up to a cap of $120,000 per company.
The Industry Pilot track will support collaborations between at least three firms to customise digital solutions and implement them within their institutions.
MAS will fund 80 per cent of qualifying expenses, capped at $100,000 for each participating firm in each project.
Finally, all Singapore-based fintech firms will receive six months of free access to API Exchange (APIX), an online global marketplace and sandbox where they can collaborate and test solutions via a cloud-based architecture.
Featured Image Credit: Bangkok Post