Joseph Schooling, Singapore’s first Olympic Games gold medallist, has received a financial reward as part of the SNOC multi-million dollar awards programme ©Getty Images

Joseph Schooling, Singapore’s first Olympic Games gold medallist, has received SGD1 million (£560,000/$700,000/€661,000) as part of the Singapore National Olympic Council’s (SNOC) multi-million dollar awards programme (MAP).

The swimmer was presented with the cheque by Moses Lee, chairman of the Tote Board, the company which sponsors the incentive programme, together with SNOC President Tan Chuan-Jin.

Grace Fu, the Minister for Culture, Community and Youth, was also present at a ceremony held at the Mandarin Oriental Hotel.

The MAP scheme started in the 1990s to reward medal-winning athletes.

It provides cash payouts to athletes who win medals at the Commonwealth, Asian and Olympic Games.

Athletes are required to contribute a minimum of 20 per cent of their award to their respective National Sports Associations for youth development.

At Rio 2016, 21-year-old Schooling broke the Olympic record when he clocked 50.39sec in the final of the men’s 100 metres butterfly event, beating American swimming legend Michael Phelps, South African Chad le Clos and Laszlo Cseh of Hungary.

"Winning a gold medal at the Olympic Games is something I've dreamt of and worked towards since I was a kid," said Schooling, who was in Singapore while taking a short break from his studies at the University of Texas.

"It was my dream, but ultimately one that was made only possible with the support of my parents, coaches, team-mates and friends.

"To be rewarded for doing something I love - swimming and racing - is a huge bonus."

Joseph Schooling (black cap) won gold in the men’s 100 metres butterfly event at Rio 2016 ©Getty Images
Joseph Schooling (black cap) won gold in the men’s 100 metres butterfly event at Rio 2016 ©Getty Images

Schooling’s achievement meant Rio was the third consecutive Summer Games where Singapore made the podium of an event at the Olympics.

Li Jiawei, Wang Yuegu and Feng Tianwei broke a 48-year medal drought when they won a silver medal in the table tennis team event at the Beijing 2008 Olympics.

The country's last medallist before then was weightlifter Tan Howe Liang, who won silver at Rome 1960.

At London 2012, the table tennis trio earned a bronze medal in the same event while Feng won another bronze in the women’s singles event.

Tan paid tribute to the entire Singapore team at Rio 2016.

"I had the privilege to be in Rio to support our athletes and officials and to witness the tenacity of our athletes as they put in their best efforts to compete against the best in the world," he said.

"I witnessed the camaraderie of Team Singapore, displayed when athletes of different sports came together to form friendships, cheer each other on and encourage one another when times were tough.

"What I witnessed truly exemplifies the spirit of Team Singapore."