The Monetary Authority of Singapore (MAS) will commit S$42 million for the new regulatory technology (RegTech) grant scheme while enhancing the Digital Acceleration Grant (DAG) scheme. These grants are to accelerate technology adoption in the financial sector. The RegTech grant scheme aims to promote the adoption and integration of technology solutions in the risk management and compliance functions of financial institutions. It is available to Singapore-based financial institutions.The grant scheme will cover two tracks. Under the pilot track, financial institutions can seek funding to pilot potential RegTech solutions before embarking on full-scale integration of the product into its operating environment. Through the production level project track, financial institutions can seek funding to develop larger-scale customised projects that can be fully integrated into the financial institutions' systems.This will help financial institutions enhance processes and capabilities in these domains, and "encourage a vibrant RegTech ecosystem in Singapore", said MAS.
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