Regulatory Technology Grant

Objectives:

• Support Singapore-based financial institutions (FIs) to enhance efficiency in risk management and compliance functions.
• Promote adoption of technological solutions to improve regulatory processes.

Target Beneficiaries:

• Singapore-based FIs regulated by the Monetary Authority of Singapore (MAS).
• FIs with a headcount of less than 200 in Singapore.
• Applicants must not have received a RegTech grant during the FSTI 3.0 scheme period.

Eligible Projects:

• Solutions must be deployed and used in Singapore.
• Must fall within these domains:
  • (a) Know Your Customer/Client Due Diligence
  • (b) Transaction Monitoring
  • (c) Detection of Suspicious Activities
  • (d) Regulatory Reporting
  • (e) General Risk Management
  • (f) Case Management
  • (g) Other proposed use cases by applicants.

Funding Support:

• Up to 30% of qualifying expenses covered.
• For manpower expenses of non-Singapore Citizens (including PRs), funding is up to 15%.
• Maximum grant amount capped at SGD 100,000.
• Funding duration up to 18 months from project start.

Qualifying Expenses:

• Manpower expenses based in Singapore.
• Professional services.
• Hardware, software, and data.
• External auditor’s certification.

Application Process:

• Submit application form available on MAS website.
• Applications should be submitted at least 3 months before project commencement.
• Application submission link provided by MAS for online submission.
• MAS facilitates project discussions and application processing.

Key Features:

• Part of the Financial Sector Transformation and Innovation (FSTI) scheme.
• Encourages innovation in regulatory technology to streamline compliance.
• Supports small to medium-sized financial institutions to adopt RegTech solutions.
• Covers a broad range of compliance and risk management areas.
• Provides financial assistance to reduce the cost burden of technology adoption.