The Monetary Authority of Singapore rolled out $88M support package - Business Insider

This story was delivered to Business Insider Intelligence Fintech Briefing subscribers earlier this morning.To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.Stay up-to-date with our latest coverage on the impacts of coronavirus on technology, marketing, and the digital economy here.The SG$125 million ($87.8 million) funding package aims to not only help banks and fintechs navigate current market conditions, but also drive growth within financial services. The support package is funded by the Financial Sector Development (FSD) Fund and focuses on encouraging companies to upskill their employees as well as accelerating the digitalization and operational resilience of fintechs and smaller firms, as reported by the Monetary Authority of Singapore (MAS).

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This funding is in addition to the SG$5.6 billion ($4.02 billion) set aside in the 2020 Budget to help businesses overcome the coronavirus pandemic. MAS' ability to roll out this supplementary support package is likely possible due to the country's speedy response to the pandemic.The package's aim to support fintechs is in line with MAS' longstanding efforts to develop Singapore's fintech ecosystem — and should help it maintain its status as one of the most attractive fintech hubs globally.The initiatives within the support package are the most recent in a long list of efforts to support fintech innovation. For example, MAS launched the Financial Sector Technology and Innovation (FSTI) scheme in 2015 to promote more innovation in the financial services sector as part of its broader fintech agenda. Additionally, the Intellectual Property Office of Singapore (IPOS) launched the Fintech Fast Track initiative to speed the approval of fintech patents in 2018, and MAS recently announced plans to issue five digital banking licenses.Fintech competition in Asia Pacific is fierce, but this continued support for fintechs should help Singapore remain an attractive fintech hub. The region enjoyed strong fintech investment in the second half of 2019, with the investment spread across countries. Fintech investment in Singapore remained strong as well last year: The total 2019 figure of $861 million doubled from 2018. Singapore's status as a leading fintech hub can be attributed to sustained government investment and initiatives, low fees, and the fact that it is home to over 20 fintech accelerators, possesses a vibrant fintech community, and hosts various fintech events, such as the Singapore Fintech Festival. Thanks to these efforts, combined with MAS' new support package, we expect to see the country maintain its status as one of the most attractive fintech hubs globally.Want to read more stories like this one？ Here's how to get access:Business Insider Intelligence analyzes the fintech industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. /> /> Check if your company has BII Enterprise membership access.Sign up for the Fintech Briefing, Business Insider Intelligence's expert email newsletter tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. /> /> Get StartedExplore related topics in more depth. /> /> Visit Our Report StoreCurrent subscribers can log in to read the briefing here.