MAS launches $35m funding for data reporting digitisation

It will co-fund up to 30% of expenses for the adoption of digital solutions.

The Monetary Authority of Singapore (MAS) has announced the $35m Productivity Solutions Grants (PSG) to help smaller financial institutions adopt digital solutions.

The grant is applicable to banks and aims to provide funding support for smaller financial institutions to adopt regulatory reporting solutions from pre-approved managed service providers.

The PSG co-fund up to 30% of qualifying expenses for the adoption of digital solutions from the pre-approved managed service solution providers, capped at $250,000 per project for banks.

It will be subsequently expanded to include insurers and capital market intermediaries, MAS added.

Eligible banks can now apply for funding via the Business Grants Portal.