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
HM Treasury Outlines Roadmap for Climate Risk Disclosures in UKRelated Articles
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
EP Reaches Agreement on Corporate Sustainability Reporting Directive
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
PRA Consults on Model Risk Management Principles for Banks
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
EC Regulation Amends Standards for Calculating Credit Risk Adjustments
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
BCBS Issues Climate Risk Principles while HKMA Expresses Its Support
The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.