Governments around the world are rapidly recognising the importance of nurturing RegTech solutions and the Monetary Authority of Singapore (MAS) is no different, having just rolled out a $26m productivity solutions grant to do so.
The new grant is aimed at helping smaller financial services firms embrace and adopt digital solutions aimed at streamlining their data reporting to the regulator.
Currently, the PSG is only available to banks, but the MAS said it is looking to include insurers and capital market intermediaries as well.
“The co-funding support for the adoption of regulatory reporting solutions will help smaller financial institutions leverage technology to better meet regulatory obligations,” said Sopnendu Mohanty, chief FinTech officer at the MAS.
“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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