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.

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.

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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.