The Monetary Authority of Singapore has launched a package to help FinTech firms withstand the Covid-19 crisis.
The package is worth S$125mn (US$88mn).
This includes S$90mn for workforce training and manpower.
The city state is also offering reduced interest SME loans.
What does this mean?
Singapore’s lockdown is expected to shrink its economy by 8.5% this year, which is steeper than previously predicted. As such it has announced a number of measures to support businesses, especially its leading FinTech sector.