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
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