Supporting Innovation in the Financial Sector

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

30 April 2021 

MAS announced a new S$12 million Regulatory Technology (RegTech) grant scheme and an additional S$30 million for the Digital Acceleration Grant scheme to accelerate technology adoption in the financial sector. The RegTech grant scheme, which aims to promote the adoption and integration of technology solutions in the risk management and compliance functions of financial institutions, is available to all Singapore-based FIs. The grant schemes will help FIs enhance processes and capabilities in these domains and encourage a vibrant RegTech ecosystem in Singapore.

Launch of the Asian Institute of Digital Finance (AIDF)

3 September 2021

AIDF, jointly founded by MAS, the National Research Foundation, and the National University of Singapore, was officially launched by Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, on 3 September 2021. AIDF aims to develop deep capabilities to support the needs of digital financial services in Asia, and train future FinTech talents. It partners close to 40 leading banks, FinTechs, Big Techs, and other industry players to pursue foundational and inter-disciplinary research projects, promote entrepreneurship, and drive transformation and FinTech innovation. AIDF attracted an inaugural batch of 56 students for its Masters of Science in Digital Financial Technology and PhD in Digital Financial Technology programmes.