Digital Acceleration Grant - Financial Institutions and FinTech Firms

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The MAS Financial Sector Technology and Innovation (FSTI) Digital Acceleration Grant (DAG) scheme supports Singapore-based smaller financial institutions and FinTech firms adopt digital solutions to improve productivity, strengthen operational resilience, manage risks better, and serve customers better.

Scheme Parameters

Funding Amount

70% co-funding for qualifying expenses. 

Funding Duration

Institution Project: Minimum 6 months, maximum 1 year
Industry Pilot: Minimum 1 year, maximum 2 years

Who is Eligible

Singapore-based financial institutions and FinTech firms with not more than 200 employees

1. Industry Pilot

This track supports joint projects by multiple FIs to customise an existing solution with a solution provider.

 Grant criteria Details 
 Applicant Eligibility Applicants should be Singapore-based FIs that are regulated by MAS (licensed or exempted from licensing), with headcount not more than 200 staff.
Each project should have a minimum of 3 participating, eligible FIs.
 Project Eligibility

 Qualifying solutions must:

  • be deployed and used for at least 6 consecutive months in Singapore before time of application;
  • contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service;
  • belong to any of the categories listed in Part 2 (please refer to page 3 of this application form);
  • not be built from scratch; and
  • not a hardware.

The categories of solutions supported are:

  • Cloud services;
  • Communication and collaboration tools;
  • Compliance & KYC tools (including transaction monitoring tools);
  • Customer relationship and engagement tools (including digital customer onboarding, excluding fees for web domains);
  • Data-related services (including data warehousing, data automation, data analytics);
  • Enterprise services (including HR and accounting systems, excluding email services and internet connectivity fees);
  • Marketing productivity tools (including customer sensing tools, insights generation, excluding advertising and SEO expenses);
  • Office productivity tools (excluding basic software for individual uses e.g., Microsoft Office, Windows Operating System, Google Suite);
  • Project management, development and testing tools;
  • Security-related solutions (excluding anti-virus software for individual laptop / desktop use, firewalls and switch ports, and VPN tokens); and
  • Digital solutions / software to support alternative working arrangements, operational resilience and BCP.
 Funding Support

70% co-funding of qualifying expenses, capped at $100,000 per participating entity, per project.
Qualifying expenses may include hardware and software, professional services, and manpower costs.

 

The funding period is capped at 2 years from implementation.
 How to Apply Submit the application form (85.4 KB) (1 form for each participating FI) to fintech_office@mas.gov.sg  at least two months before the commencement of the project.