The regulator is has announced a new Regulatory Technology (Regtech) Grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme.
The Monetary Authority of Singapore (MAS) said on Friday that it is committing S$42 million to spur the financial sector to accelerate technology adoption.
Under the Regtech Grant scheme, Singapore-based financial institutions can apply for up to $75,000 to pilot potential regtech solutions, and up to $300,000 to develop larger-scale customized projects that can be fully integrated into their systems.
More DAG Funding
Some S$30 million will be available under an enhanced DAG till 31 December 2021 to encourage the industry to adopt digital solutions that boost productivity, cybersecurity and operational efficiency. Eligibility for the grant will also be extended to life insurance and general insurance agencies that employ not more than 200 agents and employees.
MAS said it has received some 1,100 applications from financial institutions and fintech firms since the DAG was launched in April 2020, using the funds to adopt cloud solutions and services, online communication and collaboration tools, data-analytics solutions, compliance solutions, and office productivity tools.
«MAS remains committed to the digital transformation of the Singapore financial sector. We expect the RegTech ecosystem to flourish with widespread use of innovative solutions to aid risk management and compliance,» Sopnendu Mohanty, MAS chief fintech officer, said in the announcment said.
