The grant provides funding support for smaller FIs to adopt regulatory reporting solutions from pre-approved providers – AxiomSL, KPMG Services and Wolters Kluwer.
MAS (Monetary Authority of Singapore) has announced the launch of a SGD 35 million (USD 26 million) Productivity Solutions Grant (PSG) to help smaller FIs adopt digital solutions for more streamlined regulatory reporting.
The grant is currently applicable to banks with not more than 200 employees and will be subsequently expanded to include insurers and capital market intermediaries.
The PSG provides funding support for smaller FIs to adopt regulatory reporting solutions from pre-approved managed service providers, a list which currently includes AxiomSL, KPMG Services and Wolters Kluwer.
Between the three service providers, 11 solution packages were selected, following a comprehensive evaluation under the IMDA (Infocomm Media Development Authority)’s SMEs Go Digital programme, in partnership with MAS.
“These technologies will facilitate more efficient processes for the preparation and submission of data, in line with regulatory requirements,” MAS said.
The PSG will co-fund up to 30 percent of qualifying expenses for the adoption of digital solutions from the pre-approved managed service solution providers, capped at SGD 250,000 per project for banks.
The grant is part of MAS’ recent initiatives to support smaller FIs in their efforts to improve productivity.
Firms that wish to adopt digital solutions outside of regulatory reporting can consider the Digital Acceleration Grant (DAG), which was launched in April to help smaller FIs and fintech firms adopt digital solutions to strengthen operational resilience, business continuity, process efficiency, risk management and customer service.