$35 Million Grant to Help Small Financial Institutions Adopt Digital Solutions for Data Reporting

Singapore, 9 November 2020… The Monetary Authority of Singapore (MAS) announced today the launch of a S$35 million [1] Productivity Solutions Grant (PSG) for the financial services sector to help smaller financial institutions [2] adopt digital solutions for more streamlined data reporting to MAS. The grant is currently applicable to banks and will be subsequently expanded to include insurers and capital market intermediaries.

2     The PSG provides funding support for smaller financial institutions to adopt regulatory reporting solutions from pre-approved managed service providers. These technologies will facilitate more efficient processes for the preparation and submission of data, in line with regulatory requirements. Please refer to the Annex for the list of pre-approved managed service provider solutions.

3     The PSG will co-fund up to 30% of qualifying expenses for the adoption of digital solutions from the pre-approved managed service solution providers, capped at $250,000 per project for banks. Eligible banks can now apply for funding via the Business Grants Portal . [3]  

4     This grant is part of MAS’ recent initiatives to support smaller financial institutions in their efforts to improve productivity. Smaller financial institutions that wish to adopt digital solutions outside of regulatory reporting can consider the Digital Acceleration Grant (DAG). [4] Please refer to the MAS website for more information about the DAG.

5     Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, 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 capabilities in various domains.”

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1. [1] The PSG for the financial services sector will be supported by the Financial Sector Development Fund. Please refer to the Annex for more information about FSDF.

1. [2] Financial institutions with not more than 200 employees.

1. [3] Centralised portal for businesses to apply for government grants.

1. [4] The Digital Acceleration Grant was launched in April 2020 to support the adoption of digital solutions to improve productivity, strengthen operational resilience, manage risks and serve customers better.