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MAS launches $35 mil grant to help financial institutions adopt digital solutions for data reporting

Felicia Tan
Felicia Tan11/9/2020 09:22 PM GMT+08  • 2 min read
MAS launches $35 mil grant to help financial institutions adopt digital solutions for data reporting
The grant is currently applicable to banks, and will subsequently include insurers and capital market intermediaries.
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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.

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