To accelerate technology adoption in financial services, the Monetary Authority of Singapore (MAS) has committed SGD 42 million to a new RegTech grant scheme and to enhance its existing DAG (Digital Acceleration Grant) scheme.
The new RegTech grant scheme is available to Singapore-based financial institutions and aims to promote further adoption and integration of technology solutions in the areas of risk management and compliance.
As reported on MAS’s website, 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.
In view of the strong response, MAS has announced that it will also commit an additional S$30 million to the DAG till 31 December 2021, bringing the total grants available under the DAG scheme to S$65 million.
The DAG was first launched as part of MAS’s Covid-19 support package in April 2020. This second round of funding also extends eligibility to life insurance and general insurance agencies that employ less than 200 agents and employees.
Key areas covered by the MAS schemes are digital solutions for regulatory compliance, KYC/KYB and remote customer onboarding.
Applications are now open for both grants. If you have been thinking about implementing a digital KYC solution, this might be the perfect time to do so.
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