Regulatory Technology Grant

The Regulatory Technology (“RegTech”) Grant is part of the Financial Sector Transformation and Innovation (“FSTI”) scheme. It seeks to support financial institutions based in Singapore to enhance the efficiency of their risk management and compliance functions through the use of technological solutions. 

Grant Details

 Grant criteria Details 
Applicant Eligibility
  • All Singapore-based FIs regulated by MAS where the headcount in Singapore is less than 200.
  • The applicant must not have been awarded a RegTech grant during the FSTI 3.0 scheme period.
Project Eligibility

 Qualifying solutions must:

  • be deployed and used in Singapore;
  • fall within any of the following domains:

(a)  Know Your Customer/Client Due Dilligence;

(b)  Transaction Monitoring;

(c)  Detection of Suspicious Activities;

(d)  Regulatory Reporting;

(e)  General Risk Management;

(f)  Case Management; or

(g) Other use cases that applicants can propose.

     
Funding Support

Up to 30% of qualifying expenses (except for manpower expenses for non-SCs (including PRs), which will be funded at up to 15%), capped at a maximum grant quantum of $100,000

Up to 18 months from project commencement date         

Qualifying Expenses  

Qualifying expenses are limited to:

  • Manpower expenses based in Singapore;

  • Professional services;                 

  • Hardware, software and data; and

  • External Auditor’s certification          

 How to Apply

 

Applicants should formally submit their applications 3 months before project commencement to facilitate project discussions and processing of application.

Please download the application form here (92.2 KB).