The Monetary Authority of Singapore has unveiled a Cybersecurity Capabilities Grant to strengthen the cyber resilience of the financial sector in Singapore.
The new S$30 million grant will enhance cybersecurity capabilities in financial sector and help financial institutions develop local talent in cybersecurity, the Monetary Authority of Singapore (MAS) announced in a media release on Monday.
The Grant, funded under the Financial Sector Technology and Innovation Scheme (FSTI), will support the development of advanced cybersecurity functions2 in Singapore-based financial institutions. The Grant will co-fund up to 50 percent of qualifying expenses, capped at S$3 million, for:
- financial institutions to establish their global or regional cybersecurity centres of excellence in Singapore; and
- financial institutions with key global or regional cybersecurity functions and operations in Singapore to expand and deepen their cybersecurity capabilities locally.
The Grant will also encourage Singapore-based financial institutions to upskill their local workforce through cybersecurity-related training programmes. This will help attract more cybersecurity professionals and expand the local talent pool in the financial sector.
- Applications for the grant are now open for financial institutions. Interested financial institutions can write to This email address is being protected from spambots. You need JavaScript enabled to view it. for more information.
