Monetary Authority of Singapore (MAS) to Boost Digital Adoption of Regulatory Reporting for Financial Institutions
The Singapore government continually strives to help the economy get back on its feet. In light of this, the Monetary Authority of Singapore (MAS) has announced a massive S$35 million grant as a response to Covid-19. This action from the MAS aims to support the Singapore economy and ensure its financial system’s stability amid the pandemic. The grant is known as Productivity Solutions Grant (PSG), aiming to help smaller financial institutions with less than 200 employees adopt digital solutions for a streamlined financial data reporting system.
More on PSG
The PSG is providing funding to smaller financial institutions so that they can virtually adopt digital regulatory reporting solutions from pre-approved service providers. These digital solutions can facilitate more efficient processes for the preparation and submission of financial data in line with regulatory requirements laid down by the Singapore government and reporting authorities.
Read on to know more about the PSG grant.
The PSG Grant Details
● Funding Amount
The MAS will fund up to 30% of qualifying expenses for the adoption of digital solutions. The funding is capped at S$2,50,000 per project for banks and small financial institutions. Eligible banks can now apply to receive the funding via the Business Grants Portal, a centralised platform for financial institutions and businesses to apply for government grants.
● Scheme Period
The period to apply for this grant is three years, effective from 26 October 2020 to 25 October 2023. During this time period, eligible financial institutions can apply for funding to adopt digital reporting solutions from pre-approved service solution providers.
The PSG grant is only extended to Singapore-based financial institutions with not more than 200 employees. Currently, the grant applies to banks only. However, it is expected that the grant will be subsequently expanded to include insurers and capital market intermediaries.
Smaller financial institutions that wish to embrace digital solutions apart from the ones that are pre-approved service providers or are outside the purview of regulatory reporting can consider applying for the Digital Acceleration Grant (DAG).
For in-depth knowledge about the application process and eligibility for the PSG grant, please refer to the Monetary Authority of Singapore (MAS) website.
To know more regarding regulatory compliance, please speak to our XBRL expert @ +65-315-836-54.