The RegTech grant scheme is available to Singapore-based FIs to help them enhance processes and capabilities in their risk management and compliance functions.
MAS (Monetary Authority of Singapore) has committed SGD 42 million to a new RegTech grant scheme and to enhance the existing DAG (Digital Acceleration Grant) scheme, in a bid to accelerate technology adoption in the financial sector.
The RegTech grant scheme aims to promote the adoption and integration of technology solutions in the risk management and compliance functions of FIs. The scheme is available to Singapore-based FIs, to help them enhance processes and capabilities in these domains.
The scheme will cover two tracks, where each can be used to support either in-house development or commercial partnerships with RegTech firms based in Singapore.
Under the pilot track, FIs can seek funding to pilot potential RegTech solutions before embarking on full-scale integration into their operating environment. Funding for this track will be capped at SGD 75,000.
Under the production level project track, FIs can seek funding to develop larger scale customised projects that can be fully integrated into their systems. Funding for such projects will be capped at SGD 300,000.
To request an application form for the RegTech Grant, FIs need to email [email protected].
The DAG scheme was launched with SGD 35 million 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.
As of 31 March 2021, MAS received over 1,100 applications from both FIs and FinTech firms, who have tapped the DAG scheme to adopt cloud solutions and services, online communication and collaboration tools, data-analytics solutions, compliance solutions, and office productivity tools.
In view of the strong response, MAS will commit an additional SGD 30 million to the DAG until 31 December 2021 to encourage the industry to adopt digital solutions that enhance productivity, cyber security, and operational efficiency.
Funding will no longer be available for hardware and equipment that supports alternative work arrangements and basic digital solutions such as email services and office productivity tools.
Eligibility for the DAG will also be extended to life insurance and general insurance agencies that employ not more than 200 agents and employees. They will be able to submit claims for expenses incurred after 1 April 2021.
More information and the application form for the DAG is available here.