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.<\/p>\n
The adoption of digital solutions will facilitate more efficient processes for the preparation and submission of data, in line with regulatory requirements.<\/p>\n
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.<\/p>\n
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS<\/strong>, 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."<\/p>\n","protected":false},"excerpt":{"rendered":" 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 … <\/p>\n