Singapore launches $30m cybersecurity capabilities grant

It will co-fund up to $3m to support cybersecurity advancement in the financial sector.

The Monetary Authority of Singapore (MAS) unveiled a new $30m cybersecurity capabilities grant as part of its efforts to beef up the cyber resilience of Singapore’s financial services sector.

The grant which is funded under the financial sector technology and innovations scheme (FSTI) will support the development of advanced cybersecurity functions in Singapore-based financial institutions.Specifically, it will co-fund up to 50% of qualifying expenses capped at $3m for financial institutions to establish and expand their global or regional cybersecurity functions and operations in Singapore, MAS said in a statement.

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“The Singapore financial sector has made significant progress in recent years in building up cyber resilience and managing cyber risk,” MAS chief cyber security officer Tan Yeow Seng said in a statement. “But the cyber threat landscape continues to evolve and we have to constantly strengthen our cyber capabilities.”

The grant aims to encourage Singapore-based financial firms to upskill their local workforce through cybersecurity-related training programmes in an effort to attract cybersecurity professionals and expand the local talent pool.

Applications for the grant are open for financial institutions on the MAS website.