In times of Covid-19 period, the Monetary of Singapore (MAS) rolled out a $125 million support package for the FinTech and Financial sectors earlier this year. Three quarters of the funds, $90 million, was allocated for workforce training and manpower costs, while the remaining $35 million will go towards strengthening digitalisation and operational efforts.
We are glad to be part of the support packages where we receive S$120,000 digital acceleration grants as well as subsidies to send over half of our staff for training. Working together with the Institute of Banking and Finance (IBF) and MAS, we are honoured to be featured on The Business Times to showcase how the support packages help to value-add our business and upgrade our human capital.
We view this crucial period as an opportunity to send our employees for training and upgrading of their skills and for us to promote our digital AML/KYC solutions in the FinTech and Financial sectors. These support packages come in handy for many companies in the FinTech and Financial industries that desire to transform digitally.
Firms that have applied for the Digital Acceleration Grant (DAG) scheme by MAS have done so to mainly provide financial support for companies to increase office productivity and customer engagement. Particularly, with the help and support of this grant, Cynopsis Solutions is better able to help our clients adopt digital solutions that streamline their compliance processes.
Many firms in the FinTech and Financial Industries have also tapped on the IBF-accredited courses by MAS, to specially train and equip their staff with the relevant skills needed for their job in the finance industry. We have also taken the opportunity to tap on the training subsidies to upgrade our workforce skills, enabling us to improve clients' outreach, enhance core values of our solutions and stay relevant in the compliance space to better serve our global clients who are looking for an end-to-end KYC/AML solution to solve their compliance pain points.
Check out our feature on the Business Times now:
About Cynopsis Solutions
Founded in 2014 and headquartered in Singapore, Cynopsis Solutions offers RegTech solutions designed to digitise and automate Compliance and regulatory processes, in particular know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards (2018), RegTech100 (2018, 2019) and Financial Times Top 50 High Growth Companies in Asia-Pacific.
Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations, applicable to more than 180 jurisdictions and is already helping more than a thousand B2B customers in the Banking, Financial Services, FinTech and Cryptocurrency, Professional Services and Gaming sectors globally.