RegTech is the use of technology to enhance risk management and regulatory compliance in financial institutions.
Use Cases of RegTech
Know Your Customer (KYC) and Ongoing Due Diligence
Digitalising and automating the compliance processes can effectively identify and mitigate financial crime.
Transaction Monitoring
To improve the efficiency of monitoring and identifying anomalous transactions using configurable rules, artificial intelligence and machine learning algorithms.
Detection of Suspicious Activities
To identify suspicious activities and collect the necessary data required for conducting investigations and filing Suspicious Transaction Reports (STRs).
Regulatory Reporting
To enable automated regulatory reporting through data analytics to minimise data errors and increase efficiency.
Risk Management
To effectively detect, evaluate and mitigate compliance and regulatory risks.
Case Management
To digitalise the case management for risk and compliance functions and create a historical record of actions performed on the system for record-keeping purposes.
MAS Initiatives
Regulatory Technology (RegTech) Grant
The RegTech Grant seeks to support financial institutions based in Singapore in enhancing their risk management and compliance functions through the use of technological solutions.
Singapore FinTech Association (SFA) RegTech Subcommittee
The SFA RegTech Subcommittee aims to promote the invention and adoption of technologies to achieve better regulatory outcomes in Singapore. Click to find out more about the Singapore RegTech Landscape and get to know the SFA's RegTech Members.
Guidelines on Outsourcing
The MAS Guidelines on Outsourcing provide guidance on sound practices on risk management of outsourcing arrangements, including cloud.
Technology Risk Management Guidelines
The MAS Technology Risk Management Guidelines set out risk management principles and best practice standards to guide financial institutions in establishing robust risk management framework as well as operating processes to manage these risks.
What's New
At the RegTech Summit APAC Virtual conference, Mr Damien Pang, Executive Director of Data & Technology Architecture, spoke about the key perspectives that RegTech firms and financial institutions need to embrace so as to spur the adoption of useful technologies and innovation in compliance and risk management.
Singapore, 30 April 2021… The Monetary Authority of Singapore (MAS) announced today a new Regulatory Technology (RegTech) grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector. MAS will commit $42 million for the RegTech grant scheme and...