Singapore’s financial sector is a dynamic hub of innovation and growth, and at its heart is the Financial Sector Development Fund (FSDF). This government initiative is a goldmine of opportunities for businesses looking to expand, innovate, and thrive in this exciting landscape.
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Whether you’re a FinTech startup disrupting traditional models, a bank embracing digital transformation, or an investment firm seeking to leverage cutting-edge technology, the FSDF has something to offer.
What exactly is the FSDF?
Simply put, it’s a fund managed by the Monetary Authority of Singapore (MAS) that offers grants to financial sector players for talent development, technology and innovation, and building asset class capabilities. It is not a single grant: MAS runs a number of separate schemes funded from the FSDF, each with its own eligibility rules, rates and application route. In broad terms, the FSDF supports projects that:
- Develop talent: Nurturing a skilled workforce through scholarships, training programs, and leadership development.
- Drive innovation: Fueling the creation and adoption of new technologies like AI, data analytics, and RegTech.
- Enhance infrastructure: Building a robust and secure foundation for the financial sector to operate and flourish.
Who can benefit?
The FSDF is designed to support a wide range of businesses, including:
- Financial institutions: Banks, insurance companies, asset management firms, and more.
- FinTech companies: Startups and established players developing innovative financial solutions.
- Companies raising capital in Singapore: Companies listing on SGX, or issuing bonds or taking sustainable loans arranged in Singapore, can benefit from issuer-facing grants such as GEMS, the Global-Asia Bond Grant Scheme and the sustainable loan and bond grants.
For an ordinary operating company outside the financial sector, the FSDF is relevant mainly when it raises capital through Singapore’s markets. Most other FSDF schemes are aimed at MAS-regulated financial institutions and, for some training and technology schemes, at eligible FinTech firms.
What kind of projects get funded?
The FSDF prioritizes projects that align with Singapore’s vision for a future-ready financial sector. Key areas include:
- FinTech: Developing and implementing new technologies like blockchain, digital payments, and robo-advisory services.
- Green Finance: Promoting sustainable finance solutions and supporting the transition to a low-carbon economy.
- Talent Development: Upskilling and reskilling the workforce to meet the evolving needs of the financial industry.
Recent Developments
In the 2024 Budget, the Singaporean government announced a $2 billion top-up to the FSDF, to strengthen banking, capital markets, asset management and insurance, as well as newer areas such as sustainability and AI.
Budget 2026 added a further S$1.5 billion top-up to the FSDF in FY2026, to develop Singapore’s fund management industry and expand the Equity Market Development Programme (EQDP), under which MAS places Singapore equity mandates with selected fund managers. Following the top-up, MAS announced in February 2026 that the EQDP would grow from S$5 billion to S$6.5 billion. MAS’s FSDF annual report for 2025/2026 records net assets of about S$3.3 billion and grant disbursements of S$122 million.
The scheme line-up has also been refreshed. FSTI 4.0 was published on 31 August 2026 with up to S$220 million over three years, GEMS and the ILS Grant Scheme have been extended to December 2028, and a Financial Sector Carbon Market Development Grant was introduced in October 2025.
Current FSDF Grant Schemes (2026)
These are the main schemes funded from the FSDF in 2026, with our guides where we have one:
| Scheme | Who it is for | What it supports |
|---|---|---|
| Financial Sector Technology and Innovation Scheme (FSTI 4.0) | Financial institutions and FinTech firms | Up to S$220 million over three years across six tracks: Centre of Excellence, Infrastructure & Platform, Institution Project, Global FinTech Hackcelerator Scale-Up Grant, Manpower and AI Pathfinder |
| IBF Financial Training Scheme (FTS) and IBF Standards Training Scheme | Employers in the financial sector sponsoring Singapore Citizen and PR staff | Course fees for accredited training, including sustainable finance and AI, administered by the Institute of Banking and Finance |
| Grant for Equity Market Singapore (GEMS) | Companies listing on SGX, product issuers and research providers | Listing costs, equity research and, from September 2026, a S$20 million market-making grant; extended to December 2028 |
| Sustainable Loan Grant Scheme and Sustainable Bond Grant Scheme | Borrowers and bond issuers | External review, framework and reporting costs for green, social, sustainability, sustainability-linked and transition loans and bonds |
| Global-Asia Bond Grant Scheme | First-time issuers of bonds arranged and listed in Singapore | A share of issuance costs such as arranger, legal and rating fees |
| Insurance-Linked Securities Grant Scheme | Sponsors of catastrophe bonds and other ILS | Upfront issuance costs, including non-APAC risks and renewals, to December 2028 |
| Financial Sector Carbon Market Development Grant | Financial institutions building carbon market capabilities | Manpower and transaction costs for carbon market activities |
| Talent schemes (FAMS, PTFS, iPOST, Asian Financial Leaders Scheme) | Financial institutions hiring and developing staff | Graduate and polytechnic hiring, overseas postings and leadership development |
Rates, caps and deadlines differ by scheme and change over time, so check the specific scheme page on the MAS or IBF website before you plan around a figure.
Benefits for Businesses
Financial institutions, including smaller firms and Singapore operations of foreign groups, can use FSDF grants to enhance their capabilities in areas like data analytics, AI, and risk management, and to train their staff. Companies outside the financial sector benefit mainly through the issuer-facing grants, which reduce the cost of listing, issuing bonds or arranging sustainable loans in Singapore.
The fund’s support for innovation and technology adoption helps businesses stay competitive in the rapidly evolving financial landscape.
How to apply?
Ready to unlock your growth potential? Here’s a quick guide to applying for FSDF funding:
- Visit the MAS website: Head over to the Monetary Authority of Singapore (MAS) website for detailed information on the FSDF, including eligibility criteria and funding guidelines.
- Identify a relevant grant scheme: There is no general FSDF application. Choose the specific scheme that fits your project from the table above.
- Check the timing rules: Several schemes have strict windows. For example, listing and bond grants generally must be claimed within about three months of listing or issuance, while project grants such as FSTI generally need approval before the project starts.
- Prepare your application: Gather all the necessary documents and information to support your application, such as cost breakdowns, invoices and evidence of the listing, issuance or training.
- Submit through the scheme’s channel: FSTI applications go to MAS under the relevant track; FTS course funding is claimed through IBF; GEMS and ILS enquiries go to MAS at the email address on the scheme page.
Take the Next Step!
The Financial Sector Development Fund (FSDF) is a valuable resource for businesses looking to thrive in Singapore’s dynamic financial sector. Don’t miss out on this opportunity to unlock your growth potential.
Visit the MAS website today to learn more and start your application, and see MAS’s FSDF Annual Report 2025/2026 for the current list of schemes.
Information checked against official sources on 6 November 2026.
For a related funding option, see our guide to MAS FSTI 4.0 fintech and AI innovation grants.
Free grant consultation with our certified consultants
Raffles Corporate Services has in-house certified grant consultants who are experienced with Singapore grant applications and the full grant process, from checking eligibility and preparing the proposal and quotations to submitting claims and meeting post-approval conditions. We can arrange a free consultation to review your company and identify the grants that may be applicable to it.
Email [email protected] or WhatsApp +65 8501 7133 to book a time. Grant decisions are made by the administering agency, and no consultant can guarantee approval.
How Raffles Corporate Services can help
If you would like to enquire about our corporate secretarial, accounting or tax services, email [email protected] or WhatsApp +65 8501 7133.
Our team and tax advisers can assist with your business requirements. Where legal advice is needed, advisers from our associated law firms can assist.
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