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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