Singapore’s central bank, the Monetary Authority of Singapore (MAS), has recently been named as one of the best regulators in the world, and it is easy to see why. Our experience with MAS is that they have been very approachable, supportive and informative, not just to regulated entities, but with vendors like Artius Global.
One of the key goals of MAS is to spur the growth of a robust RegTech ecosystem, and this can be seen with the recent MAS RegTech grant. This allows Singapore-based FIs to tap into up to SGD 300,000 of grant funding from MAS to kickstart their RegTech journey. Additionally, the previous Digital Adoption Grant from MAS has also been enhanced to adopt digital solutions such as compliance, data analytics, and cloud solutions.
These grants would subsidise a sizeable proportion of the investment needed to take on RegTech solutions for nearly 3 years, at a time when the industry needs to deal with structural challenges, and the growing number of new regulations and changes.
How do you stay on top of your regulations and required disclosures? Simple answer – deploy RegTech solutions that offset rising operating costs while increasing your control, reducing the need to hire new personnel, and letting existing, highly trained employees move from the tasks of preparing reports to the tasks for which they were really hired for – review and analysing reports and data. This will help you improve profitability and mitigate risk, especially regulatory risk and the consequences of sanctions & penalties.
AG has helped many clients apply for the MAS RegTech grant and start their RegTech journey, talk to us today to understand how!