The Monetary Authority of Singapore (MAS) has rolled out a S$35m (£20m, $26m, €22m) productivity solutions grant (PSG) to help smaller financial services firms adopt technology aimed at streamlining their data reporting to the regulator.
Currently, the PSG is only available to banks, but the MAS said it is looking to include insurers and capital market intermediaries as well.
Companies will be able to use the funding to roll out digital solutions from pre-approved manged service providers, the watchdog added.
The grant will be able to offer up to 30% of qualifying expenses capped at S$250,000 per project.
Use technology to meet regulatory obligations
Those firms that wish to roll out other digital solutions outside of the regulatory reporting space can access a different scheme, called digital acceleration grant.
Sopnendu Mohanty, chief fintech officer at the MAS, said: “The co-funding support for the adoption of regulatory reporting solutions will help smaller financial institutions leverage technology to better meet regulatory obligations.
“There are now a range of grant schemes specific to smaller financial institutions. Together, these schemes provide strong support for these financial institutions to adopt solutions that improve their operational capabilities in various domains.”