MAS unveils S$30m grant to boost Singapore financial sector's cybersecurity capabilities

THE Monetary Authority of Singapore (MAS) on Monday launched a S$30 million Cybersecurity Capabilities Grant to raise the cybersecurity capabilities of the financial sector and help financial institutions develop local talent in cybersecurity.

Funded under the Financial Sector Technology and Innovation Scheme (FSTI), the grant will support the development of advanced cybersecurity functions within financial institutions. The MAS will co-fund up to 50 per cent of qualifying expenses, capped at S$3 million, for financial institutions to establish their global or regional cybersecurity centres of excellence in Singapore, and financial institutions with key global or regional cybersecurity functions and operations in the Republic to expand and deepen their cybersecurity capabilities locally.

It 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.

Tan Yeow Seng, MAS's chief cybersecurity officer, said: "The Singapore financial sector has made significant progress in recent years in building up cyber resilience and managing cyber risk. But the cyberthreat landscape continues to evolve and we have to constantly strengthen our cyber capabilities."

Interested financial institutions can write to fsdf@mas.gov.sg for more information.