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

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Monetary Authority Singapore

The Monetary Authority of Singapore (MAS) announced today the launch of a S$35 million Productivity Solutions Grant (PSG) for the financial services sector to help smaller financial institutions 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.

Support for smaller financial institutions to adopt regulatory reporting solutions

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.

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.”

Productivity Solutions Grant to co-fund 30% of cost of digital solutions

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.

Smaller financial institutions that wish to adopt digital solutions outside of regulatory reporting can consider the Digital Acceleration Grant (DAG).

This grant is part of MAS’ recent initiatives to support smaller financial institutions in their efforts to improve productivity.

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