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FinTech, Monetary Authority of Singapore (MAS), Grant
#1
All businesses must be registered with the Accounting and Corporate Regulatory Authority. This includes any individual, firm or corporation that carries out business for a foreign company.

A foreign company that wants to set up a branch for its business in Singapore will need to appoint two local agents to act on its behalf. These agents must be Singapore residents, that is, either citizens or permanent residents, or foreigners with employment or dependant passes. Information on registering a branch of a foreign company is available here.

Special licenses are needed for some businesses such as banking, insurance and stock broking. Businesses should seek their own legal advice on how to ensure that their proposed activities are in compliance with all applicable Singapore laws, rules and regulations.

Grants supporting FinTech

ACE Startups Grant
The ACE Startups Grant provides funding support to entrepreneurial Singaporeans who want to take their first step in starting up differentiated businesses. Applications will be shortlisted on a competitive basis based on the 4 key evaluation criteria of differentiation, business model feasibility, potential market opportunity and management team.

SPRING will match S$7 to every S$3 raised by the entrepreneur for up to S$50,000, i.e. For you to receive a grant of $50,000, you will need to raise $21,429 for co-matching upon acceptance of the Letter of Offer.

SPRING does not take equity in your company. The grant will be disbursed over 2 – 3 tranches when you hit pre-determined milestones. In addition, SPRING will also match you with a mentor, who will support the sustainable growth of your start-up in its first year.

SPRING Startup Enterprise Development Scheme (SPRING SEEDS)
This is an equity-based co-financing option for Singapore-based start-ups with innovative products and/or processes with intellectual content and strong growth potential across international markets.

Technology Enterprise Commercialisation Scheme (TECS)
TECS aims to catalyse the formation and growth of such start-ups based on strong technology Intellectual Property (IP) and a scalable business model.

There are risks involved in the development of entirely new, innovative and potentially market-changing technology IP. Hence, through the TECS, SPRING provides early-stage funding to successful applicants to fund such developmental efforts towards the commercialisation of proprietary technology solutions.

The TECS is a competitive grant in which proposals are evaluated based on both technical and commercial merits by a team of reviewers, and the best are funded. Applicants may apply for either the Proof Of Concept grant or the Proof Of Value grant, depending on the stage of development of the technology or solution/concept.

Capabilities Development Grant – Technology Innovation (CDG-TI)
The Capability Development Grant (CDG) is a financial assistance programme designed to help SMEs build their capabilities across 10 key business areas. SMEs can use the CDG to defray up to 70 per cent of qualifying project costs (e.g. consultancy, training, certification, equipment and software costs) for upgrading initiatives in areas like increasing productivity, process improvement, product development and market access.

Interactive and Digital Media (IDM) Jump-start and Mentor (i.JAM)
i.JAM aims to drive innovation and entrepreneurship by creating in Singapore a capacity for continuous and self-sustaining grassroots innovation.

Under this programme, the i.JAM scheme will support start-ups and individuals with breakthrough ideas that can be developed into innovative products and services. The i.JAM initiative marshals support from industry players, business mentors and technology suppliers to provide bottom-up support to the transforming of innovative ideas into useful applications and breakthroughs.

Technology Incubation Scheme (TIS)
Under the TIS scheme, the NRF could co-invest up to 85% of investment (up to S$500,000 per company) into a Singapore-based start-up, on recommendation from the Technology Incubator.

The Technology Incubator will be required to co-invest the remaining 15% of investment into the start-up. In addition to funding, the Technology Incubator will be required to provide active mentorship and guidance to the start-up.

As an incentive, the Technology Incubator will be given an option to buy over NRF's stake in the start-up within three years by repaying the capital plus interest. This will align the interests of all parties towards the success of the start-up companies, and help to develop the entrepreneurial ecosystem in Singapore.

Financial Sector Technology and Innovation (FSTI)
The FSTI scheme is launched to provide support for the creation of a vibrant ecosystem for innovation. MAS has committed S$225 million over the next five years, for the following three purposes:

(a) Innovation Centres: To attract financial institutions to set up their innovation labs in Singapore;

(b) Institution-level projects: To catalyse the development of innovation solutions that have the potential to promote growth efficiency or competitiveness; and

© Industry-wide projects: To support the building of industry-wide technology infrastructure or utility that is required for the delivery of new, integrated services.
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#2
Is it easy to get grant for your baby infant (another name for business)?
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#3
Fintech is already been around like crowd computing. It is however they do not know how to name it and utilise it
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#4
Why does people protect sharks' fin but not tech's fin?

How bias and one-sided. Wake up people. FinTech is going to be extinct soon!
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#5
Trends come and go and Singapore never failed to amuse the world how much money we spent of each hype and all went down the drain. We are constantly trying out new things but never persevere. A is the new trend now, invest $x in A and expect $y returns. No? Switch to B. We can continue to be loser and sucker if we continue to have incompetent people sitting in the office.
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#6
FinTech week is over, and nothing changes..
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