Financial Sector Development Fund – The Treasury’s Technology and Innovation Scheme supports the creation of a vibrant ecosystem for innovation. The FSTI scheme is valid until March 2023.
The Innovation Center track seeks to attract financial institutions to set up centers of excellence or innovation labs in Singapore to test innovative ideas and disseminate market solutions.
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The applicant must be a financial institution (FI) or a corporate body engaged in establishing, expanding or transferring a designated innovation activity to Singapore.
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• A team of professionals are led by a head of technology/innovation to establish a leading in-house FI support in Singapore.
• Subject to the above requirements, FI can share plans on how to facilitate knowledge transfer to build local talent such as new Singaporean graduates and Singaporean professionals.
• An innovative FI COE / lab established in Singapore to be used as a test bed to roll out brand solutions for the Singapore market and beyond. Focus areas of the COE/innovation laboratory that support ‘financial sector development objectives’ will be favorably considered.
• COE/FI Innovation Lab must demonstrate how they intend to actively engage with local stakeholders within the FinTech ecosystem. This may take the form of collaboration with Singapore-based research institutes, government agencies or partnerships with Singapore-based FinTech players to create solutions.
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Applicants should submit their applications 3 months before the start of the project to facilitate project discussions and application processing.
The Institutional Level Projects track encourages financial institutions based in Singapore to promote innovative ideas and market solutions to improve the competitiveness of the financial institution and the sector.
In. Innovative technology ideas or offerings in Singapore that correspond to ‘focus areas; and/or financial sector strategy;
B. Competitive funding for first movers to encourage other industry players to scale up and develop/adopt similar innovative technology (eg first of its kind);
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C. Projects must have a significant impact on business operations (eg revenue and/or cost savings, productivity, improved customer experience etc.)
FIs can benefit from new generation technology/innovative solutions that are known and exist in Singapore, or develop transformative leaps in new technology, as well as create and/or explore new markets, through R&D and innovation efforts.
E. training costs related to the transfer of competence (for example costs of hiring experts to train local people, or sending local people for training abroad) where these training costs are not eligible for funding under grant schemes offered by IBF or government agencies. [new]
The industry-wide project track seeks to build technology/utility infrastructure in the sector and/or improve efficiency and increase productivity in the financial services sector.
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The scheme is open to Singapore-based financial institutions (FIs), market or professional organizations or associations, business consortia, and non-FI solution providers/companies.
In. results in productivity or efficiency gains for existing workflows and processes that result in significantly increased turnover for existing market segments, horizontal expansion into new customer markets or expansion directly into new product markets;
E. costs of hiring experts to train local people, or sending local people for training abroad) where these training costs are not eligible for funding under the existing grant scheme as already offered by IBF or government agencies. [new]
4. Proof-of-Concept 5. Artificial Intelligence and Data Analysis 6. Cybersecurity Capability Grant 7. Digital Acceleration Grant (only for FIs and FinTechs with less than 200 employees) Research and development (R&D) includes activities that companies undertake to to innovate and introduce new products and services. This is often the first phase of the development process. The goal is usually to bring new products and services to market and add to the company’s bottom line.
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The term R&D is widely associated with innovation in both the business and government sectors. R&D allows a company to stay ahead of its competition. Without an R&D program, a company cannot survive on its own and may have to rely on other means of innovation, such as engaging in mergers and acquisitions (M&A) or partnerships. Through R&D, companies can design new products and improve their current offerings.
R&D is distinct from most operational activities performed by a corporation. The research and/or development is usually not done with the expectation of immediate profit. Rather, it is expected to contribute to a company’s long-term profitability. R&D can lead to patents, copyrights and trademarks as discoveries are made and products are created.
Companies that establish and employ full R&D departments commit substantial capital to the effort. They must estimate the risk-based return on their R&D costs—which certainly includes capital risk—because there is no immediate payback, and the return on investment (ROI) is uncertain. As more money is invested in R&D, the level of capital risk increases. Other companies may choose to outsource their R&D for various reasons, including size and cost.
Companies in all sectors and industries undergo R&D activities. Companies grow through these developments and through the development of new products and services. Pharmaceuticals, semiconductors, and software/technology companies tend to spend the most on R&D. In Europe, R&D is known as technical or technological research and development (RTD).
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Many small and medium-sized companies may choose to outsource their R&D efforts because they do not have the right staff in-house to meet their needs.
R&D can benefit a company’s bottom line, but it is considered a cost. After all, companies spend a lot of money on research and try to develop new products and services. Therefore, these costs are often reported for accounting purposes on the income statement and have no long-term value.
There are special circumstances where R&D costs are capitalized and reported on the balance sheet. Some examples include, but are not limited to:
Companies spend billions of dollars on R&D to produce the latest and most popular products. According to public company filings, these companies provided the highest research and development expenditures in 2020:
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$42.7 billion in research and development costs later, Amazon received 2,244 new patents in 2020. Their patents included advances in artificial intelligence, machine learning and cloud computing.
One R&D model is a department staffed mostly by engineers who develop new products—a task that usually involves extensive research. There is no specific purpose or application in mind with this model. Rather, the research is done for the purpose of research.
The second model includes a department made up of industrial scientists or researchers, all of whom have the task of carrying out applied research in the technical, scientific or industrial field. This model facilitates the development of future products or the improvement of current products and/or operating procedures.
There are also business incubators and accelerators, where companies invest in start-ups and provide funding support and guidance to entrepreneurs in the hope that innovations will emerge that they can use to their advantage.
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Also, M&A and joint ventures are forms of R&D, as firms come together to benefit from other firms’ institutional knowledge and talent.
Basic research aims at a fuller and more complete understanding of the fundamental aspects of a concept or phenomenon. This understanding is generally the first step in R&D. These activities provide an information base without direct applications to products, policies or operational processes.
Applied research includes the activities used to acquire knowledge with a specific goal in mind. The activities may include testing and developing new products, policies or operational processes. While basic research takes time, applied research is intensive and more expensive due to its accuracy.
Research and development activities focus on the innovation of new products or services in a company. Among the main goals of R&D activities is for a company to remain competitive by producing products that enhance and improve its current product line. Because R&D usually operates on a long-term horizon, its activities are not expected to produce immediate results. However, over time, R&D projects can lead to patents, trademarks, or breakthrough discoveries with lasting benefits for the company.
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Consider the example of Alphabet, which allocated more than $16 billion annually to R&D in 2018. Under its R&D arm X, the moonshot factory, Waymo has developed self-driving cars. At the same time, Amazon has spent even more on R&D projects, with major improvements to cloud computing and its Amazon Go cashless store. At the same time, R&D can take a merger and acquisition approach, where a company uses the talent and intelligence of another company to create a competitive advantage. The same can be said with the investment of companies in accelerators and incubators, and their developments can be accelerated later.
Given the rapid rate of technological advancement, R&D is important for companies to remain competitive. In particular, R&D allows companies to create products that are difficult for their competitors to replicate. At the same time, R&D efforts can lead to improved productivity that helps to increase margins, creating a further edge in overcoming competitors. From a broader perspective, R&D can allow a company to stay ahead of the curve, anticipating customer demands or trends.
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