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 the firms’ DNA.”