The Monetary Authority of Singapore (MAS) announced on Monday the launch of a new S$30 million Cybersecurity Capabilities Grant to strengthen the cyber resilience of the financial sector in Singapore and help financial institutions develop local talent in cybersecurity.
According to MAS, the Grant was funded under the Financial Sector Technology and Innovation Scheme (FSTI), will support the development of advanced cybersecurity functions in Singapore-based financial institutions. The Grant will co-fund up to 50% of qualifying expenses, capped at S$3 million, for the following:
- Financial institutions to establish their global or regional cybersecurity centers 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.
MAS also reported that 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. Speaking about the Grant, Tan Yeow Seng, Chief Cyber Security Officer at MAS, added:
“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.”
MAS added that applications for the grant are now open for financial institutions.