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SINGAPORE – Financial technology companies in Singapore can draw on a $ 6 million fund to help pay for their daily expenses, including the salaries of undergraduate interns.
Established to foster innovation as well, the FinTech Solidarity Grant aims to be an opportunity for the industry during the current public health crisis.
It complements the $ 125 million support package for the financial services and fintech sectors announced by the Singapore Monetary Authority (MAS) in April.
A survey by the Singapore FinTech Association (SFA), released in April, found that half of the 67 respondents have been significantly affected by the economic consequences of Covid-19.
The grant, announced Wednesday (May 13), is intended to help ease your pain.
Its financing is MAS and the investment banking firm AMTD Group and its foundation.
There are two components and applications for both open May 18 through December 31, 2021, according to a statement from MAS, SFA, and AMTD.
The first is a business support subsidy for eligible companies to raise up to $ 20,000 to pay wages, rent, and daily short-term capital expenses.
The second is a business growth grant that will provide $ 40,000 to companies that show proof of concept, demonstrating that a plan is viable, with financial institutions on the API Exchange platform.
The platform was launched in 2018 to help groups connect with each other and design collaborative experiments.
With each subsequent proof of concept, a business will earn $ 10,000, capped at $ 80,000.
It also provides up to $ 1,000 a month for undergraduate intern salaries, an offer organizers hope will convince firms to “continue to offer internships and develop the local portfolio of fintech talent.”
Assuming an average internship duration of three to five months, the grant will support some 120 interns in the sector.
Economists have said that internships may be deferred or terminated in the current crisis, as the immediate focus of most companies is to reduce losses and stay in business. The job search for recent graduates this year is also expected to take longer than before
SFA President Chia Hock Lai said the grant “will help save jobs while making our fintech companies competitive for the post-Covid-19 world of economic recovery.”
MAS fintech director Sopnendu Mohanty said Covid-19 has generated great interest in the region in financial technology, with more people needing remote digital services.
“Financial technology companies have a great opportunity to actively step up during this period to provide these solutions … By conducting their proof of concept on the API Exchange, financial institutions and financial technology companies will not need to establish a test infrastructure to the integration.
“This will help speed up project development while working remotely.”
AMTD President and CEO Calvin Choi said his company sees a need for the private sector to partner with fintech companies in this period.
“This is an important moment in time to overcome challenges and identify every opportunity and angle of customer service,” he said.
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