Taking our financial services sector forward
Streamlined enterprise financing; extended working capital loan scheme
Budget 2019 proposes to increase the Government’s risk-sharing with the Enterprise Financing Scheme (EFS) for enterprises less than five years old from 50% to 70%. The EFS streamlines the various existing financing schemes into a single scheme.
The Government will also extend the existing SME Working Capital Loan scheme for two more years till 31 March 2021.
Help ease the tensions for enterprises
The EFS will better meet the financing needs of enterprises, including local fintech startups, across different stages of maturity. These include growth financing needs and short-term liquidity needs.
Risk is not so risky
Singapore has developed a vibrant
Extending the EFS to non-local fintechs
Growing human capital
Additionally, Singapore’s progress towards a Smart Nation cannot be achieved without access to skilled human capital. Fintechs at the leading edge of emerging technologies – the likes of Artificial Intelligence, blockchain and cloud computing – will need to attract the best global talents into Singapore. The Government could allow for a more open foreign employment policy for skilled resources in areas of new