MAS launches S$125 million package for financial institutions and fintech firms

Financial institutions and fintech companies are getting a S$125-million boost from Singapore's central bank. The initiative is funded by the Financial Sector Development Fund. The support package aims to help companies strengthen their capabilities during the slower economic climate. S$90 million will go towards training and managing manpower costs. The Monetary Authority of Singapore (MAS) is also doubling the salary grant to S$2,000 a month when firms hire new graduates or workers from other sectors. S$35 million has been set aside for smaller firms to digitalise -- the grant supports 80% of expenses when they adopt digital solutions.

Subscribe to our channel here:

Subscribe to our news service on Telegram:

Follow us:
CNA:
CNA Lifestyle:
Facebook:
Instagram:
Twitter:

CNA,Channel NewsAsia,MAS,fintech,financial institutions,Financial Sector Development Fund,Training Allowance Grant,Monetary Authority of Singapore,COVID-19,support package,digitalisation,digital solutions,