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Regulatory Technology Grant

The Regulatory Technology (“RegTech”) Grant is part of the Financial Sector Transformation and Innovation (“FSTI”) scheme. It is funded by the Financial Sector Development Fund, and seeks to support financial institutions based in Singapore to enhance their risk management and compliance functions through the use of technological solutions. The grant also supports upskilling efforts where employees in financial institutions based in Singapore acquire new domain expertise in the use of technology to augment and sustain Risk Management and Compliance operations.

The RegTech Grant has two tracks:  (i) Production Level Project and (ii) Pilots

1. Production Level Project Track

This track supports RegTech solutions that are designed and developed from scratch or Commercial-Off-The-Shelf (“COTS”) solutions that are customised to suit the operating environment of the financial institution.

 Grant criteria Details 
Applicant Eligibility
  • All Singapore-based FIs regulated by MAS
Project Eligibility

 Qualifying solutions must:

  • be deployed and used in Singapore;
  • fall within any of the following domains:

(a)  KYC/AML/CFT/Identity Management;

(b)  Regulation and Policy Management;

(c)  Data Monitoring and Surveillance;

(d)  Risk Management Tools;

(e)  Regulatory Reporting;

(f)  General Compliance and Regulation Tools; or

(g) Compliance or Risk Management related projects in collaboration with MAS.

     
Funding Support

50% of qualifying expenses, capped at $300,000

Up to 18 months from project commencement date         

Qualifying Expenses  

Qualifying expenses are limited to:

  • Hardware and software, including licences, maintenance and subscription costs, from service providers based in Singapore

  • Professional services (e.g. consultancy, cybersecurity testing, IT audit, training, change management), where the service provider must be based in Singapore

  • Manpower costs (e.g. basic salaries, excluding bonuses and allowances)

  • External Auditor’s certification          

 How to Apply

Interested parties may further engage MAS to discuss their proposed project ideas.

Applicants should formally submit their applications 3 months before project commencement to facilitate project discussions and processing of application.

Please download the application form here.


2. Pilot Track

This track supports quick prototyping of RegTech solutions to test feasibility of such solutions to achieve the expected outcomes of the use-case. Financial institutions can subsequently tap on the Production Level Project Track to develop the solution further so that it can be deployed in a production environment.

 

 Grant criteria Details 
 Applicant Eligibility All Singapore-based FIs regulated by MAS 
 Project Eligibility

 Qualifying solutions must:

  • be deployed and used in Singapore;
  • fall within any of the following domains:

(a)  KYC/AML/CFT/Identity Management;

(b)  Regulation and Policy Management;

(c)  Data Monitoring and Surveillance;

(d)  Risk Management Tools;

(e)  Regulatory Reporting;

(f)  General Compliance and Regulation Tools; or

(g) Compliance or Risk Management related projects in collaboration with MAS.

 Funding Support

50% of qualifying expenses, capped at S$75,000 for Singapore based FIs with more than 200 staff

70% of qualifying expenses, capped at S$75,000 for Singapore based FIs with not more than 200 staff

 

Up to 12 months from pilot commencement date
Qualifying Expenses

Qualifying expenses are limited to:

  • Hardware and software, including licences, maintenance and subscription costs, from service providers based in Singapore

  • Professional services (e.g. consultancy, cybersecurity testing, IT audit, training, change management), where the service provider must be based in Singapore

  • Manpower costs (e.g. basic salaries, excluding bonuses and allowances)
 How to Apply  

Interested parties may further engage MAS to discuss their proposed project ideas.

Applicants should formally submit their applications 3 months before project commencement to facilitate project discussions and processing of application.

Please download the application form here.