Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 26 MAY 2020

Enhanced Schemes For Singapore's Financial Services Industry

Withers LLP
Withers LLP
Contributor
Withers LLP

Withers LLP

Withers is an international law firm focused on the personal, business and philanthropic interests...

View firm profile
Explore more from Withers LLP

To support financial institutions (FIs) amidst the economic slump stemming from the COVID-19 outbreak, the Monetary Authority of Singapore (MAS) and the financial industry have launched...

SingaporeFinance and Banking
Daniel Yong
Daniel Yong
Teng Si Ning
Teng Si Ning
Author LinkedIn connections

Click here for more insights on the Singapore Covid-19 (Temporary Measures) Act 2020.

To support financial institutions (FIs) amidst the economic slump stemming from the COVID-19 outbreak, the Monetary Authority of Singapore (MAS) and the financial industry have launched two packages for FIs and FinTech firms.

The First Industry Package announced on 31 March 2020 had three main goals:

  • to support workforce training and manpower costs
  • to strengthen digitalisation and operational resilience
  • to enhance FinTech firms' access to digital platforms and tools

This S$125 million support package is funded by the Financial Sector Development Fund.

A. Training

Aimed at allowing firms to enhance employees' skills and capabilities during this COVID-19 period, MAS launched a S$90 million training grant comprising the following components:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SGX Mainboard & Catalist Public Companies Report L H1 2026

Singapore's capital markets are experiencing a significant transformation driven by the MAS-led Equity Market Development Programme, which has injected S$6.5 billion in liquidity and sparked a revival in IPO activity. With over 20 companies preparing to go public and new cross-border listing infrastructure connecting SGX with Nasdaq, the market is showing signs of meaningful structural reform and growing institutional confidence.
SingaporeFinance and Banking
Conyers
Conyers
Article

Singapore Streamlines Framework For Single Family Offices

The Monetary Authority of Singapore (MAS) announced that the revised framework for Single Family Offices (SFOs), which provides a simple, streamlined process for SFOs to establish operations in Singapore, was brought into force on 15 June. The revised framework creates a straight through class exemption from licensing for all qualifying SFOs operating in Singapore, regardless of structure. SFOs that meet the requirements need only notify MAS of their operations and maintain an account with a MAS-licensed bank. They also have to file an annual return with information on the total assets under management and the name of their bank.
SingaporeFinance and Banking
The Sovereign Group
The Sovereign Group
Article

LegisWatch --> MAS Guidelines On AI Risk Management For Financial Institutions To Take Effect From 7 October 2027

WongPartnership's financial services and technology experts examine the Monetary Authority of Singapore's new Guidelines on AI Risk Management for Financial Institutions, which take effect from October 7, 2027. The analysis covers key regulatory requirements and compliance considerations for financial institutions implementing artificial intelligence systems.
SingaporeFinance and Banking
WongPartnership LLP
WongPartnership LLP
Article

A 5% Wealth Tax? Preparing Clients For California's Billionaire Tax Act

California's proposed Billionaire Tax Act would impose a onetime 5% excise tax on individuals and trusts with assets exceeding $1 billion, creating unprecedented challenges for estate planners. The retroactive application and anti-abuse provisions raise critical questions about the treatment of grantor trusts, non-grantor trusts, and beneficiary interests that deviate significantly from established federal wealth transfer tax principles.
United StatesTax
Withers LLP
Withers LLP
Article

Navigating Florida’s New Trust, Probate And Series LLC Statutes

Florida has enacted significant statutory changes affecting trust administration, probate procedures, and business entity formation. These reforms introduce streamlined nonjudicial processes for trustee discharge, expand access to simplified probate administration, and establish a new framework for protected series LLCs that offers enhanced asset protection and operational flexibility for estate planners and business owners.
United StatesWealth Management
Withers LLP
Withers LLP
Article

Major Overhaul Of F-1, J-1: End Of "Duration Of Status" Or "D/S" - Fixed Admission Periods And New Extension Of Stay Requirements

The Department of Homeland Security has published a final rule eliminating the long-standing "duration of status" framework for F-1 students, J-1 exchange visitors, and I foreign media representatives, replacing it with fixed admission periods capped at four years. Students and exchange visitors who need additional time will now be required to file Extension of Stay applications with USCIS or depart and re-enter the United States. The rule, effective September 15, 2026, introduces significant restrictions o
United StatesImmigration
Withers LLP
Withers LLP
Article

New Chinese Mainland Offshore Trust Tax Regime: Immediate Implications For Settlors, Beneficiaries And Trustees

China's Ministry of Finance and State Taxation Administration have issued comprehensive new regulations governing offshore trust taxation, creating a framework that applies throughout the entire lifecycle of offshore trusts from initial funding to succession. These sweeping changes, effective immediately with a 90-day compliance window, impose Chinese Mainland taxes at multiple points for residents who have established offshore trusts, while also extending reach to non-residents with Chinese Mainland-source
ChinaTax
Withers LLP
Withers LLP
Article

Navigating Japan's Foreign Investment Rules: Key Requirements And The 2026 Reform Update

Japan's Foreign Exchange and Foreign Trade Act amendments, promulgated in June 2026, introduce significant changes to foreign direct investment screening procedures. These modifications expand regulatory oversight to include indirect acquisitions, mandate reporting of risk mitigation measures, and grant authorities enhanced powers to address national security concerns even after transactions are completed.
JapanGovernment, Public Sector
Withers LLP
Withers LLP