The Monetary Authority of Singapore (MAS) has launched a $26m Productivity Solutions Grant (PSG) designed to help smaller financial services firms adopt technology aimed at streamlining their regulatory data reporting. Although currently only available to banks, the regulator hopes to expand the program to insurers and capital markets intermediaries. The funding will be used to purchase and implement digital solutions from a list of pre-approved managed services providers.
Sopnendu Mohanty, chief fintech officer at the MAS, says: “The co-funding support for the adoption of regulatory reporting solutions will help smaller financial institutions leverage technology to better meet regulatory obligations.”
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