Digital Acceleration Grant

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

80% co-funding of qualifying expenses for applications submitted by 31 Dec 2021.
70% co-funding will apply thereafter.

Funding Duration

Institution Projects: 1 Year

Industry Pilots: 2 Years

Who is Eligible

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

1. Institution Project

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

 Grant criteria Details 
 Applicant Eligibility
 Project Eligibility

 Qualifying solutions must:

  • be deployed and used for at least 6 months in Singapore;
  • contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service;
  • belong to any of the categories listed below; and
  • not be built from scratch nor require investment in heavy infrastructure e.g. servers.

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);
  • Data-related services (including data warehousing, data automation, data analytics);
  • Enterprise services (including HR and accounting systems);
  • Marketing productivity tools (including customer sensing tools, insights generation);
  • Office productivity tools;
  • Project management, software development and testing tools;
  • Security-related solutions; and
  • Solutions 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:

  • Hardware and software, including licences, maintenance and subscription costs; and
  • Professional services tied to the adoption of the digital solution (e.g. consultancy, cybersecurity testing, IT audit, training, change management).

Eligible entities can claim for expenses incurred from 1 February 2020.

The funding period is capped at 1 year.
 How to Apply Submit your application form (83.6 KB) to fintech_office@mas.gov.sg .

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 1 year in Singapore;
  • contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service;
  • belong to any of the categories listed below; and
  • not be built from scratch nor require investment in heavy infrastructure e.g. servers.

The categories of solutions supported are:

  • Cloud services;
  • Customer relationship and engagement tools (including digital customer onboarding);
  • Office productivity tools;
  • Compliance & KYC tools (including transaction monitoring tools);
  • Data-related services (including data warehousing, data automation, data analytics);
  • Enterprise services (including HR and accounting systems);
  • Project management, development and testing tools;
  • Security-related solutions;
  • Communication and collaboration tools;
  • Marketing productivity tools (including customer sensing tools, insights generation); and
  • Solutions to support alternative working arrangements, operational resiliency, and BCP arrangements.
 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.

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