FSTI Innovation Acceleration - Early Innovation

This funding program by the Monetary Authority of Singapore (MAS) under the Financial Sector Technology and Innovation (FSTI) scheme, valid until March 2026. It supports experimentation, development, and dissemination of nascent innovative technologies in Singapore's financial services sector.

Objectives:

• Accelerate early-stage innovation in financial services technology.
• Support development and testing of novel solutions that improve efficiency or productivity in the financial sector.

Target Beneficiaries:

• MAS-regulated financial institutions.
• Technology or solution providers collaborating with MAS-regulated financial institutions.
• Technology or solution providers developing novel technologies for the financial services sector in Singapore.

Funding Details:

• Covers up to 50% of qualifying project costs.
• Funding cap of S$400,000 per project.
• Funding duration up to 18 months.
• Funding is reimbursed based on qualifying expenses including:
  • Basic manpower costs (basic salaries plus CPF contributions, excluding bonuses and allowances).
  • Professional services costs (consultancy, subcontracting, prototyping by local vendors).
  • Equipment, hardware, data, or software costs related to the project.

Application Process:

• Applications are accepted quarterly with fixed submission and evaluation periods.
• Three evaluation stages:
  1. Eligibility screening based on criteria.
  2. Panel evaluation by external practitioners assessing novelty, utility, and success likelihood.
  3. MAS assessment considering panel recommendations.
• Applicants are advised to submit applications at least 3 months before project start.
• Projects should not commence before grant approval to avoid bearing costs if rejected.
• Application requires submission of an application form and project proposal via an online link.

Key Features:

• Encourages innovation in financial technology with significant financial support.
• Structured evaluation ensures quality and relevance of projects.
• Supports a broad range of technology providers and financial institutions.
• Funding covers a wide range of project-related costs to facilitate development.

This program aims to foster a vibrant fintech ecosystem in Singapore by enabling early innovation projects to develop and scale effectively.