MAS Offers Grant to Smaller Institutions to Adopt Reporting Solutions
MAS announced the launch of SGD 35 million Productivity Solutions Grant for the financial services sector. This grant is intended to help smaller financial institutions adopt digital solutions for a more streamlined data reporting to MAS. The grant is applicable to banks and will be subsequently expanded to include insurers and capital market intermediaries. The Productivity Solutions Grant provides funding support for smaller financial institutions to adopt regulatory reporting solutions from three pre-approved managed service providers: AxiomSL Pte Ltd, KPMG Services Pte Ltd, and Wolters Kluwer Financial Services Singapore Pte Ltd.
The solutions offered by AxiomSL Pte Ltd are MAS 610 SaaS version 4 – Package (Basic Data Loading), Package (Standard Data Loading), and Package (Custom Data Loading). KPMG Services Pte Ltd offers KPMG Regulatory Integrated Solution Version 1.0 – Package (Tier 3 Bank), Package (Tier 3 Bank with Auto ETL), Package (Tier 2 Bank), Package (Tier 2 Bank with Auto ETL - Small Engine), and Package (Tier 2 Bank with Auto ETL - Medium Engine). Finally, Wolters Kluwer Financial Services Singapore Pte Ltd offers OneSumX for Regulatory Reporting Version 3.1.0 – Package (Tier 4), Package (Tier 3), and Package (Tier 2).
These technologies will facilitate more efficient processes for the preparation and submission of data, in line with the regulatory requirements. The Productivity Solutions Grant will co-fund up to 30% of qualifying expenses for the adoption of digital solutions from the pre-approved managed service solution providers, capped at USD 250,000 per project for banks. The solution packages were selected after a comprehensive evaluation under the Infocomm Media Development Authority (IMDA)’s SMEs Go Digital program, in partnership with MAS. Financial institutions that are licensed or registered in Singapore and have a headcount of up to 200 in Singapore are eligible for the Productivity Solutions Grant for the financial services sector. Smaller financial institutions, including fintech firms, that wish to adopt digital solutions outside of regulatory reporting can consider the Digital Acceleration Grant or DAG. The grant is meant for the adoption of third-party solutions only. If the solution adopted by an entity comes under the following categories, the entity may apply for funding support under the Digital Acceleration Grant:
- Cloud services
- Communication and collaboration tools
- Compliance and KYC tools (including transaction monitoring tools)
- Customer relationship and engagement tools (including digital customer onboarding)
- Data-related services (including data warehousing, data automation, data analytics)
- Enterprise services (including HR and accounting systems)
- Marketing productivity tools (including customer sensing tools, insights generation)
- Office productivity tools
- Project management, software development, and testing tools
- Risk management solutions
- Security-related solutions
- Solutions to support alternative working arrangements, operational resilience, and business continuity planning
Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, SME, Productivity Solutions Grant, PSG, Reporting, Digital Acceleration Grant, Third-Party Solutions, MAS
Previous Article
IAIS Consults on Principles for Assessment of Aggregation MethodRelated Articles
EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB Begins First Phase of Post-Implementation Review of IFRS 9
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB Report Examines Progress in Resolvability of Systemic Institutions
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA Benchmarks National Insolvency Frameworks Across EU
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB Reports Assess Impact of Pandemic on Financial Stability
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ Consults on Implementation of Capital Review Changes
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
IASB Announces Andreas Barckow as the New Chair from July 2021
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA Consults on Capital Rules for Bank Equity Investments in Funds
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).
