Digital Acceleration Grant - Financial Institutions and FinTech Firms

For General Insurance & Life Insurance Agencies of Licensed Financial Advisers or Licensed Life Insurers, please click here.

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

1. Institution Project

To support individual smaller FIs and FinTechs to adopt digital solutions.

 Grant criteria Details 
Applicant Eligibility
  • Singapore-based FIs regulated by MAS (licensed or exempted from licensing), with not more than 200 employees
  • Singapore-based FinTech firms certified by the Singapore FinTech Association , with not more than 200 employees
  • For Singapore-based General Insurance agencies & Life Insurance agencies of Licensed Financial Advisers or Licensed Life Insurers that are Exempt Financial Advisers with not more than 200 appointed agents and employees, please click here
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 below;
  • 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);
  • 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

80% co-funding of qualifying expenses listed below, capped at $120,000 per entity, for the duration of the scheme:

  • Digital solution / software, including licenses and subscription costs; and
  • Professional services tied to the adoption of the digital solution (e.g., training, installation)

All solutions must be used for at least 6 months before the submission of your application form. The funding period is capped at 1 year. Funding will be done on a reimbursement basis.  
How to Apply

General Solutions

If the solution intended for claim can be found in the General Solutions List (107.3 KB),  (404.2 KB)your solution is qualified for DAG co-funding. Please fill and submit this General Solutions application form (255.8 KB) to fintech_office@mas.gov.sg at the end of your funding period.

For solutions that are currently in use, the last expense must have been incurred within 3 months from the date of application.

E.g., If applicant wish to submit application in August 2021, the last expense for the solution must have been incurred between 1 June 2021 - 31 August 2021.

For solutions that are not currently in use, applicant must implement the solution by 1 July 2021 to be eligible for DAG support.


Non-General Solutions

If the solution intended for claim can not be found in the above list, please submit a proposal and description of the intended solution to fintech_office@mas.gov.sg for an in-principle approval (IPA). Once you have received an IPA, please fill and submit this Non-General Solutions application form (253.4 KB) to fintech_office@mas.gov.sg at the end of your funding period.

Applicants must implement the solution by 1 July 2021 to be eligible for DAG support. 

 

For Life Insurance and General Insurance Agencies, click here for agency-specific application form and guide.  


2. 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

80% 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.