The co-funding support for the adoption of regulatory reporting solutions will help smaller financial institutions leverage technology to better meet regulatory obligations, MAS said.
The Monetary Authority of Singapore (MAS) has allocated S$35 million ($26 million) to help financial firms with less than 200 employees adopt digital solutions for more streamlined data reporting, it announced on Monday.
The Productivity Solutions Grant will co-fund up to 30 percent of qualifying expenses for the adoption of regulatory reporting solutions from pre-approved managed service providers, capped at S$250,000 per project for banks
The grant is currently applicable to banks and will be subsequently expanded to include insurers and capital market intermediaries, the announcement said.
Improving Productivity
MAS also offers the Digital Acceleration Grant, announced in April, for financial institutions to adopt digital solutions outside regulatory reporting.
«Together, these schemes provide strong support for these financial institutions to adopt solutions that improve their operational capabilities in various domains,» Sopnendu Mohanty, MAS chief fintech officer, said.
