The Monetary Authority of Singapore (MAS) is pledging $42 million towards two schemes aimed at promoting the adoption of tech and digital solutions within the financial sector - a new Regulatory Technology (RegTech) grant scheme and the existing Digital Acceleration Grant (DAG) scheme.
The RegTech grant scheme is available to Singapore-based financial institutions (FIs), aims to promote the adoption and integration of technology solutions in the risk management and compliance functions of FIs.
The grant scheme has two tracks - the pilot track and the projection level project tract. 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 is capped at $75,000.
