Singapore is offering SG$35 million ($25.95 million) to help smaller financial institutions adopt digital tools, so they can be more efficient in submitting data reports to the industry regulator. The funds can be used to support up to 30% of eligible expenses for digital tools purchased from a list of pre-approved service providers.
In launching the SG$35 million Productivity Solutions Grant, the Monetary Authority of Singapore (MAS) said in a statement Monday that the funds currently were available to banks with no more than 200 employees and registered or licensed to operate locally. It also would be subsequently expanded to include insurers and capital market intermediaries, the regulator said.
The move aimed to help these financial institutions tap digital tools to facilitate more streamlined regulatory data reporting to MAS, making processes for the preparation and submission of such data more efficient.
The grant can be used to fund up to 30% of expenses such as the purchase, lease, or subscription of IT services or equipment used in Singapore, capped at SG$250,000 ($185,342) per project. These must be provided by a list of pre-approved managed service providers that currently include 11 digital offerings from three vendors, including AxiomSL's SaaS data loading packages and KPMG's Regulatory Integrated Solution service packages.
MAS added that smaller financial institutions that need financial support to adopt digital tools outside the realm of regulatory data reporting could turn to the Digital Acceleration Grant[1].
The regulator's chief fintech officer Sopnendu Mohanty said: "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. Together, these schemes provide strong support for these financial institutions to adopt solutions that improve their operational