The Monetary Authority of Singapore (MAS) has rolled out an S$30 million Cybersecurity Capabilities Grant to boost the cybersecurity capabilities in the financial sector and helping financial institutions to develop local cybersecurity talent.

It is reported that the grant will support the development of advanced cybersecurity functions within financial institutions. The MAS will co-fund up to 50 percent of qualifying expenses, capped at S$3 million, for financial institutions to establish their global or regional cybersecurity centers 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.

The grant is expected to assist Singapore-based financial institutions to upskill their local workforce through cybersecurity-related training programmes. This will further help in attracting skilled cybersecurity professionals and hence, expanding the local talent pool in the financial sector.

Tan Yeow Seng, MAS's chief cybersecurity officer, stated in media that the Singapore financial sector has made notable advancement in recent years in building up cyber resilience and managing cyber risk. However, the cyber threat landscape continues to evolve and we have to constantly strengthen our cyber capabilities.”

Recently, the Singapore government has taken various steps to build the capabilities of the local talent in an attempt to provide employment among local talent. For example, the National Trades Union Congress has launched out a training initiative to aid workers in the marine sector to develop digital skills.