Monetary Authority Of Singapore Commits $42m To Spur Adoption Of Technology Solutions For Risk Management And Regulatory Compliance Date
30/04/2021
The Monetary Authority of Singapore (MAS) announced today a new Regulatory Technology (RegTech) grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector. MAS will commit $42 million for the RegTech grant scheme and enhanced DAG scheme.
RegTech Grant
2 The RegTech grant scheme, which is available to Singapore-based financial institutions (FIs), aims to promote the adoption and integration of technology solutions in the risk management and compliance functions of FIs. This will help FIs enhance processes and capabilities in these domains, and encourage a vibrant RegTech ecosystem in Singapore.
External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
MAS commits $42 million to RegTech grant scheme 9 hours ago
Source: Monetary Authority of Singapore The Monetary Authority of Singapore (MAS) announced today a new Regulatory Technology (RegTech) grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector. MAS will commit $42 million for the RegTech grant scheme and enhanced DAG scheme. [1]
RegTech Grant
The RegTech grant scheme, which is available to Singapore-based financial institutions (FIs), aims to promote the adoption and integration of technology solutions in the risk management and compliance functions of FIs. This will help FIs enhance processes and capabilities in these domains, and encourage a vibrant RegTech ecosystem in Singapore.
Monetary Authority of Singapore’s New Regtech Grant to Assist Crypto Industry Compliance
This week the Monetary Authority of Singapore’s chief fintech officer Sopnendu Mohanty, announced the regulator’s new RegTech grant in an effort to help financial institutions modernize their regulatory compliance functions. Ian Lee, vice president of business development at Merkle Science, a Singapore-based blockchain transaction risk monitoring and analytics platform, discusses the impact MAS’ commitment will have on the crypto industry and crypto’s transition to becoming a key pillar of the financial ecosystem.
What this means for the crypto industry:
“Arguably, one of the biggest hurdles toward the legitimization of digital assets is abusive and illicit behaviour both real and perceived within the industry that governmental bodies around the world are struggling to navigate and manage. Having robust regtech that keeps pace with fast-changing technologies such as bloc
Uppsala Security Receives Financial Sector Development Grant from the Monetary Authority of Singapore crowdfundinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crowdfundinsider.com Daily Mail and Mail on Sunday newspapers.
Published: 17 Dec 20 view(s)
Daily Briefing: New authentication options for SingPass transactions rolled out; Three charged over leaking of Singtel, StarHub subscriber information
And cooperation will be the key to recovery for financial services in SG.
From ChannelNewsAsia:
Two new two-factor authentication (2FA) options will be available for SingPass users transacting with government digital services starting 16 December, including an option to use face verification.
The new options will be rolled out ahead of the decommissioning of the OneKey token option at the end of March, and will “provide more convenience and accessibility to government digital services securely,” GovTech Singapore said in a news release.