The Monetary Authority of Singapore (MAS) has once again promoted the adoption of FinTech by financial institutions, most recently announcing the launch of a S$35 million (US$ 26 m) grant to help smaller financial institutions adopt digital solutions for more streamlined reporting to MAS.

The adoption of digital solutions will facilitate more efficient processes for the preparation and submission of data, in line with regulatory requirements.

The grant is currently applicable to banks and will be subsequently expanded to include insurers and capital market intermediaries. It 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 S$250,000 per project for banks.

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."