Previously, it was said that KWSP will launch the second phase of FSA2 in August, but it is already the third week of September and KWSP has not yet announced the details.
FSA2 is also known as Fasiliti Sokongan Akaun 2 or the Chinese name for the Provident Fund Supported Bank Loan Program. The program is divided into 2 phases, allowing CPF members to use their CPF second account savings to apply for bank loans.
The first phase of FSA2 will be open for application from April 7, 2023 and will remain open for up to 1 year. The first phase of FSA2 is open for application by people aged 40 or above. As of June 11, 2023, a total of 168,925 people have applied, of which 88,414 are eligible and 47,696 have agreed to and accepted the loan.
There is no timetable yet for the second phase, FSA2, to open for applications. The CPF Board has previously revealed that it is still exploring the best option to implement the second phase of FSA2 so that it can better assist members in need.
According to KWSP’s Facebook post, the second phase of FSA2 has not yet been finalized and KWSP will announce the details only after all the terms and conditions have been finalized.
Currently, members can only participate in FSA2 through 2 banks, namely BSN and MBSB, and we do not rule out adding more banks in the future.