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.
This grant aims to foster a more efficient, technology-driven regulatory environment within Singapore’s financial sector.
