Featured Product

    MAS Offers Grant to Smaller Institutions to Adopt Reporting Solutions

    November 09, 2020

    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

    Related Articles
    News

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7307