SINGAPORE: The Monetary Authority of Singapore (MAS) today announced a S$125 mil (RM380 mil) support package to sustain and strengthen capabilities in the financial services and financial technology (fintech) sectors amid the current economic slump.
The support package will help to position financial institutions (FIs) and fintech firms for stronger growth when the threat of Covid-19 recedes and economic activity normalises.
“We have significantly enhanced existing initiatives and introduced new schemes to help our FIs and fintech firms not only navigate the current headwinds but at the same time build deeper competencies, skills, and networks, so that we can emerge stronger for the longer term,” MAS deputy managing director (markets & development) Jacqueline Loh said in a statement.
“We encourage FIs, fintech firms and financial sector professionals to actively tap these opportunities,” she added.
The support package, funded by the Financial Sector Development Fund, takes effect today.
It has three main components – supporting workforce training and manpower costs; strengthening digitalisation and operational resilience; and enhancing fintech firms’ access to digital platforms and tools. – April 8, 2020, Bernama
