MAS announces $30 million Cybersecurity Capabilities Grant

The Monetary Authority of Singapore (MAS) announced the launch of a new Cybersecurity Capabilities Grant worth $30 million. This grant is aimed at strengthening the “cyber resilience of the financial sector” in Singapore.

The cybersecurity grant will also help recruit the local talent in cybersecurity. The grant will also help the Singapore-based financial institutions to upgrade their workforce through dedicated cybersecurity training programmes. The grant will co-fund up to 50% of expenses for financial institutions who set up their international or regional cybersecurity centers in Singapore. The fund is capped at $3 million at maximum per institution.

The grant is funded under the Financial Sector Technology and Innovation Scheme (FSTI). The Chief Cybersecurity Officer of MAS, Mr. Tan Yeow Seng said: “The cyber threat landscape continues to evolve and we have to constantly strengthen our cyber capabilities. The Cybersecurity Capabilities Grant will support financial institutions in advancing their cybersecurity technology and manpower needs.”

The grant is an attractive proposition for cybersecurity and financial institutions in Singapore. MAS in its media release said that it was now accepting applications for the grant. Interested financial institutions can write to fsdf@mas.gov.sg for more information.