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

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.