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MAS to subsidize Singapore's FinTech projects

Xinhua, November 18, 2016 Adjust font size:

Monetary Authority of Singapore (MAS) will subsidize half of the cost, up to a maximum of 200,000 Singapore dollars (141,020 U.S. dollars) per project for Singapore-based trials of promising FinTech ideas, said Deputy Prime Minister and Chairman of MAS Tharman Shanmugaratnam on Thursday.

Tharman announced the news in his speech at the FinTech Awards prize presentation ceremony, in which 10 FinTech companies were awarded.

The deputy prime minister stressed that the grant scheme of MAS is aimed at ideas that can benefit not just an individual financial institution or start-up, but the financial system at large, in Singapore or abroad.

"We are already seeing successes, and we want to provide a fertile ground for more new ideas and solutions to keep cropping up," said Tharman.

He added that the grant scheme of MAS is in addition to other government support schemes that FinTech players can benefit from.

Tharman also underscored the skills and expertise necessary to power the digital economy, saying the financial sector needs to build new capabilities.

"Many jobs will remain but most jobs will be transformed, requiring new skills and capabilities to make the most of new technologies," said Tharman. Endit