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MAS commits $42 mil towards tech grants for financial sector

Atiqah Mokhtar
Atiqah Mokhtar4/30/2021 10:26 AM GMT+08  • 2 min read
MAS commits $42 mil towards tech grants for financial sector
The funds will go towards a new RegTech grant scheme and the existing Digital Acceleration Grant (DAG) scheme.
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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.

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