The Monetary Authority of Singapore (MAS) announced the launch of a $35 million grant to help smaller financial institutions to adopt digital solutions for more streamlined data reporting to MAS.
The grant, named the Productivity Solutions Grant (PSG), provides funding support for smaller financial institutions to adopt regulatory reporting solutions from pre-approved managed service providers.
The technologies will facilitate more efficient processes for the preparation and submission of data, in line with regulatory requirements, says MAS.
The grant is currently applicable to banks, and will subsequently include insurers and capital market intermediaries.
Under the terms of the grant, the PSG will co-fund up to 30% of qualifying expenses for the adoption of digital solutions from pre-approved providers, capped at $250,000 per project for banks.
Smaller financial institutions that wish to adopt digital solutions outside of regulatory reporting can consider the Digital Acceleration Grant (DAG).
“The co-funding support for the adoption of regulatory reporting solutions will help smaller financial institutions leverage technology to better meet regulatory obligations. There are now a range of grant schemes specific to smaller financial institutions,” says Sopnendu Mohanty, Chief FinTech Officer at MAS.
“Together, these schemes provide strong support for these financial institutions to adopt solutions that improve their operational capabilities in various domains,” he adds.
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