The Monetary Authority of Singapore (MAS) announced on 30 April 2021, a new Regulatory Technology (RegTech) grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme, to accelerate technology adoption in the financial sector. MAS will commit S$42 million for both schemes.
The RegTech grant scheme, which is available to Singapore-based financial institutions (FIs), aims to promote the adoption and integration of technology solutions in the risk management and compliance functions of FIs. This will help FIs enhance processes and capabilities in these domains, and encourage a vibrant RegTech ecosystem in Singapore.
The grant scheme will cover two tracks:
- Under the pilot track, FIs can seek funding to pilot potential RegTech solutions before embarking on full-scale integration of the product into its operating environment. Funding for this track will be capped at S$75,000.
- Through the production level project track, FIs can seek funding to develop larger scale customised projects that can be fully integrated into the FI’s systems. Funding for such projects will be capped at S$300,000.
Both tracks can be used to support either in-house development or commercial partnerships with RegTech firms based in Singapore.
The DAG was launched in April 2020 to help smaller FIs and FinTech firms adopt digital solutions to better cope with the impact of COVID-19, and to position themselves for subsequent recovery and growth. MAS will commit an additional S$30 million to the DAG till 31 December 2021, to encourage the industry to adopt digital solutions that enhance productivity, cybersecurity and operational efficiency. Eligibility for the DAG will be extended to life insurance and general insurance agencies that employ not more than 200 agents and employees.
Applications are now open for both grants. For more information on the RegTech Grant and the Enhanced DAG, please click here.
Source: Monetary Authority of Singapore