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Singapore gov’t offers millions to modernize RegTech solutions in financial industry Business
Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), has pledged S$42 million (US$31.6 million) towards modernizing the country’s financial digital infrastructure. Part of this will include the new Regulatory Technology (RegTech) grant scheme, which provides funding both to develop new entrants to the market, and assist more established firms to integrate modern RegTech systems on a larger scale.
While the grants scheme doesn’t refer to digital assets or blockchain companies specifically, some industry representatives have welcomed the announcement. Developing and integrating RegTech into the digital asset ecosystem is vital to their gaining acceptance in the wider financial world.
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Monetary Authority of Singapore Dedicates S$42 Million for Regtech Initiatives
The
Monetary Authority of Singapore (MAS) has announced a new grant program targeting Regulatory Technology or Regtech that is said to be an enhancement of the
Digital Acceleration Grant (DAG) scheme to accelerate technology adoption. In a public statement, MAS said it will commit S$42 million for the Regtech grant scheme and enhanced DAG scheme.
Sopnendu Mohanty, Chief Fintech Officer at MAS, stated:
“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 Digital Acceleration Grant has enabled the smaller FIs and FinTech firms to adapt to the challenges in the past year and we will continue to support these firms as they accelerate their digital transformation journey. We encourage FIs to tap on these grants to embed technology into t