The Monetary Authority of Singapore (MAS) has announced a new grant of S$30m ($22m) to bolster cybersecurity of the financial sector in the country.

The new Cybersecurity Capabilities Grant was awarded under the Financial Sector Technology and Innovation Scheme.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

MAS chief cyber security officer Tan Yeow Seng said: “The Singapore financial sector has made significant progress in recent years in building up cyber resilience and managing cyber risk.

“But 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.”

How the new funding will be used?

The new funding will be utilised to support the development of advanced cybersecurity functions in Singapore-based financial institutions.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, it will support the financial institutions to establish their global or regional cybersecurity centres of excellence in Singapore.

The fund can also be availed by firms to expand and strengthen their cybersecurity functions and operations in the country.

Such initiatives will receive up to 50% of qualifying expenses limited to S$3m, the regulator said.

MAS also aims help the institutions in the development of local talent to tackle cybersecurity issues.

It will support the firms to train their local workforce with specific cybersecurity-related programmes.

In July, MAS directed all banks in Singapore to tighten their customer verification processes to ensure safety and thwart any potential risks.

Recently, the authority also entered into fintech cooperation agreements with Bahrain, Indonesia and Dubai.