Fund Administrator Goals of the Scheme
To encourage and support Singapore originated technology startups to build and enhance the business capabilities and sustainability under challenging economic situation, empowering the companies to stay competitive and equipped for continuous growth and development.
Innovation & Connectivity:
To empower FinTech startups, especially cash strapped pioneers, to enhance innovation and connectivity within the financial industry, upgrade capability developments, support productivity, and design innovative solutions or products.
To support FinTech companies in recruiting, training, nurturing and retaining young talents, especially the Singapore local PMETs (Professionals, Managers, Executives, and Technicians), to help enterprises retain talents.
Details of the Scheme
S$1.5 million Business Sustenance Grant (BSG):
Eligible Singapore-based FinTech firms can receive a one-time grant for up to S$20,000 to cover day-to-day working capital expenditures, such as salaries and rental costs. The short-term assistance will help FinTech firms sustain their operations and retain their employees. The BSG is fully funded by AMTD’s contribution.
BSG Application Closing Date: 7th, June, 2020 (Application is Closed)
S$4.5 million Business Growth Grant (BGG):
Eligible Singapore-based FinTech firms can receive up to S$40,000 for their first Proof of Concept (POC) with financial institutions on the API Exchange (APIX)2 platform, and S$10,000 for each subsequent POC, subject to a total cap of $80,000 per firm for the entire duration of the grant. The BGG enables these companies to continue to innovate in partnership with financial institutions and create opportunities for growth. The BGG is jointly supported by AMTD and MAS.
In addition, the BGG will provide funding for the salaries of undergraduate interns, capped at S$1,000/month per intern. This grant will support around 120 interns in the FinTech sector, assuming an average internship duration of 3 to 5 months. We hope to encourage FinTech firms to continue to offer internships and develop the local FinTech talent pipeline.
BGG Application Closing Date: 31st, December, 2021