MAS commits $42m for tech adoption schemes

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Frances Gagua
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Financial Services
Information Technology

An additional $30m is set aside for the Digital Acceleration Grant scheme, also targeting financial institutions.

The Monetary Authority of Singapore (MAS) is committing $42m to two schemes to promote the adoption of technology solutions in the financial sector.

Under the Regulatory Technology (RegTech) grant scheme, which aims to promote the adoption of tech solutions in risk management and compliance functions, Singapore-based financial institutions (FIs) can seek funding for either a pilot track or a production level track.

Through the pilot track, FIs may secure up to $75,000 in order to pilot potential RegTech solutions before embarking on full-scale integration of the product.

Meanwhile, through the production level project track, FIs can seek funding of up to $300,000 to develop larger scale customized projects that can be fully integrated in the FIs systems.

MAS is also committing an additional S$30m for the Digital Acceleration Grant (DAG) scheme, bringing its total grants under the scheme to $65m.

Launched in April 2020, the scheme aims to help smaller FIs and fintech firms adopt digital solutions to better cope with the impact of COVID-19 and position themselves for recovery and growth.

As of 31 March, the regulator had reportedly received over 1,100 applications for DAG. Due to strong demand MAS has decided to extend the deadline to 31 December 2021, and is expanding eligibility to life insurance and general insurance agencies that employ not more than 200 agents and employees.