DIGITAL SOLUTIONS for FIs
Help for SME Financial Institutions
A New Digital Acceleration Grant (DAG) to support digitalisation in smaller FIs and FinTech firms was announced by MAS on 8 April 2020. This DAG extends supports to SME-FIs to adopt digital solutions to strengthen operational resilience, process efficiency, risk management and customer service. This will help position financial institutions (FIs) and FinTech firms for stronger growth when the threat of COVID-19 recedes and economic activity normalises.
There are 2 schemes which SME FIs can take advantage of:
- The Institution Project track, which supports 80% of qualifying expenses for the adoption of digital solutions by smaller FIs and FinTech firms, up to a cap of S$120,000 per entity, over the duration of the scheme; and
- The Industry Pilot track, which supports collaborations among at least 3 smaller FIs to customise digital solutions for implementation within their institutions, by co-funding 80% of qualifying expenses, capped at S$100,000 per participating FI per project.
In crucial times like now, it is imperative that FIs and FinTechs have better engagement and collaboration, and with the help of the DAG, collaboration can be made possible.
Digital Acceleration Grant
The MAS Financial Sector Technology and Innovation (FSTI) Digital Acceleration Grant (DAG) scheme supports Singapore-based smaller financial institutions and FinTech firms to adopt digital solutions to improve productivity, strengthen operational resilience, manage risks better, and serve customers better.
80% co-funding of qualifying expenses for applications submitted by 31 Dec 2021.
70% co-funding will apply thereafter.
Institution Projects: 1 Year
Industry Pilots: 2 Years