Singapore | On 30th April, the Monetary Authority of Singapore (MAS) announced that it will provide S$42 million (about US$31.5 million) to Regulatory Technology (RegTech) and the Digital Acceleration Grant (DAG). This is a massive boost to the financial industry and can positively impact the cryptocurrency and digital payment industry.
“The new MAS Regtech grant can accelerate the adoption of regulatory compliance needed to bring virtual assets into mainstream.” said Megan Lee, co-founder of Regtank, a Singapore-based one-stop regtech solution. “When companies get licensed under the Payment Service Act (PSA) licensing regime, they become a MAS-regulated financial institution and can apply for this grant to upgrade their regulatory compliance infrastructure.”
Lee went on further. “RegTech is not just reserved for crypto and digital payment service providers, it is in fact, a driving force to helping financial institutions react faster to increasing regulations. A significant benefit we have seen is improved productivity when manual processes are consolidated and automated, freeing compliance officers to focus on strategic tasks. With a single pane of control, potential breaches can be identified faster with a clear audit trail to prevent bad actors.”
The RegTech grant aims to promote technology solutions adoption in the risk management and compliance functions of Singapore-based financial institutions. The grant also supports upskilling efforts where employees in financial institutions based in Singapore acquire new domain expertise in the use of technology to augment and sustain Risk Management and Compliance operations.
The scheme covers 2 tracks: Pilot and Production, capped at SGD$75,000 (~ US$56,000) and SGD$300,000 (~US$226,000) respectively. Under the pilot track, FIs 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, FIs can seek funding to develop larger scale customised projects that can be fully integrated into the FI’s systems. “MAS remains committed to the digital transformation of the Singapore financial sector. We expect the RegTech ecosystem to flourish with widespread use of innovative solutions to aid risk management and compliance.” the regulator said in a statement.
Contact firstname.lastname@example.org to get started on adopting a RegTech solution.