S$6 Million Grant Scheme Available to Singapore FinTech Firms



S$6 Million Grant Scheme Available to Singapore FinTech Firms

A photo of the Monetary Authority of Singapore

Date Published: 21 July 2020 

Authors: Quek Li Fei and Sean Tan. 



On 13 May 2020, the Monetary Authority of Singapore (“MAS”), the Singapore FinTech Association (“SFA”) and the AMTD Group and AMTD Foundation (collectively, “AMTD”) jointly launched the MAS-SFA-AMTD FinTech Solidarity Grant (“Grant”) catered towards Singapore-based FinTech firms during this period of uncertain business landscape consequent upon the COVID-19 pandemic.

Valued at S$6 million, the Grant aims not just to help FinTech firms maintain their operations, but also to enable them to continue innovating and pursuing growth strategies. The Grant complements a S$125 million support package announced by the MAS on 8 April 2020 aimed at sustaining and strengthening capabilities in financial services and FinTech sectors in Singapore. The Grant comprises two components:

  • The Business Sustenance Grant (“BSG”), under which eligible Singapore-based FinTech firms can receive a one-time grant of up to S$20,000 to cover daily operating and working capital expenses. This is intended to help firms maintain operations and retain employees.
  • The Business Growth Grant (“BGG”), under which eligible Singapore-based FinTech firms can receive up to 70% of its qualifying expenses such as professional services, wage support and hardware and software expenditure, capped at S$40,000, on its first application. For its second to fifth application, the cap is lowered to S$10,000 per application.

The SFA is the grant administrator and will review and assess applications.

The qualifying criteria are as follows: the FinTech firm must (a) be registered and in operation in Singapore for at least 3 months before grant application; (b) have at least 2 or more core activities in Singapore; (c) be an SFA member with a valid SFA FinTech Certification; and (d) only 1 application is allowed per company or Group of related companies.

A Fin Tech firm will be required to meet certain requirements after receiving the Grant, failing which the Grant may  be clawed back by the SFA. These requirements, dubbed key performance indicators, are the following: for a period of 12 months after receiving the Grant, the FinTech firm must (a) remain registered and operating in Singapore; (b) not have any reduction in headcount at the end of a project period, but if necessary and inevitable, not more than a 20% headcount reduction (excluding interns); (c) remain an SFA member with a valid SFA Fintech Certification throughout the period. For the BGG, there is an additional requirement that a Proof of Concept must be successfully completed on the API Exchange (“APIX”) platform which results in a certificate of completion from APIX.

Interested applicants may fill up an application form available here, to be submitted together with their ACRA business profile, on the SFA’s submission portal here.

Disclaimer: This update is provided to you for general information and should not be relied upon as legal advice.


CNPLaw’s Blockchain, Cryptocurrency and Initial Coin Offerings (ICOs) Lawyer

Quek Li Fei Legal Partner at CNPLaw LLP image


    In addition to Li Fei’s experience in acting for banks on varied transactions and in general corporate law, he also helps individuals in estate planning, including the legal aspects of wealth management, advising on and setting up trusts and off-shore structures to secure their future and the future of their families. Li Fei is also recognised as a Recommended Lawyer for Banking and Finance and Financial Services Regulatory by The Legal 500 Asia Pacific 2021.

    Sean Tan Associate at CNPLaw

      Sean is an Associate in the Corporate Finance practice group. His main areas of practice include corporate finance, equity capital markets, and general corporate advisory. He has been involved in preparing commercial agreements and general corporate contracts.

      We have a particular passion and interest in blockchain technology applications, cryptocurrencies and ICOs. We currently advise issuers of tokens, ICO advisors, venture capital firms and entrepreneurs involved in this space on Singapore legal issues and regulatory compliance for a range of planned business activities, ranging from utilization of blockchain to enable business applications in diverse fields (including money remittance, solar energy, consumer rewards, structured social interaction; music and entertainment industry; holiday & leisure industry; employment marketplace, consumer rewards, crypto-asset security applications); to setting up cryptocurrency exchanges and issue of tokens on proprietary platforms.

      The lawyers from the Banking & Finance Practice Group (BFPG) have always taken pride in providing a comprehensive range of banking and finance services to our clients, including domestic and foreign international banks, other financial institutions as well as non-bank lenders and borrowers, and foreign legal firms acting for parties outside Singapore.

      Our banking & finance practice covers the whole spectrum of domestic and international banking & financing work, including restructurings, financings and financial institutions advisory work. We can draw upon a broad base of partners, senior, mid-level and junior associates, all with strong and varied banking & finance product line and country experience.

      Our reach is further widened and enhanced by our ability to draw upon the resources of our network of correspondent firms in the region and globally.

      At CNPLaw, we understand that the current rapid advances in technology are significantly disrupting the way businesses operate and forcing them to evolve to stay relevant. In this fast-changing world, our clients will need lawyers that they can rely on to help them navigate the challenges and stay ahead of the technology game.

      Our technology law team constantly monitors the latest technological developments and assesses how they might impact our clients’ businesses. Our mission is to help our clients respond to and embrace these changes to enable them to thrive in this new environment.

      We provide our clients with end-to-end, intuitive advice on all forms of technology and e-commerce related transactions.