Regulatory Technology (RegTech)

RegTech is the use of technology to enhance risk management and regulatory compliance in financial institutions.

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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

"Embracing technology and innovation in Compliance and Risk Management - A Perspective from MAS" - Speech by Mr Damien Pang, Executive Director (Data & Technology Architecture) and Deputy Chief FinTech Officer, Monetary Authority of Singapore, at RegTech Summit APAC on 4 November 2021

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.

 

MAS commits $42m to spur adoption of technology solutions for risk management and regulatory compliance

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...