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The MAS Financial Sector Technology and Innovation (FSTI) Digital Acceleration Grant (DAG) scheme supports Singapore-based smaller financial institutions and FinTech firms adopt digital solutions to improve productivity, strengthen operational resilience, manage risks better, and serve customers better.

Funding Amount

80% co-funding of qualifying expenses for applications submitted by 31 Dec 2021. 70% co-funding will apply thereafter.

Funding Duration

Institution Projects: 1 Year
Industry Pilots: 2 Years

Eligiblity

Singapore-based financial institutions and FinTech firms with not more than 200 employees

Supported Projects

To support individual smaller FIs and FinTechs to adopt digital solutions.

Applicant Eligibility:

1. Singapore-based FIs regulated by MAS (licensed or exempted from licensing), with not more than 200 employees
2. Singapore-based FinTech firms certified by the Singapore FinTech Association , with not more than 200 employees

Project Eligibility:

Qualifying solutions must:

1. Be deployed and used for at least 6 months in Singapore;
2. Contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service;
3. Belong to any of the categories listed below; and
4. Not be built from scratch nor require investment in heavy infrastructure e.g. servers.

The categories of solutions supported are:

1. Cloud services;
2. Communication and collaboration tools;
3. Compliance & KYC tools (including transaction monitoring tools);
4. Customer relationship and engagement tools (including digital customer onboarding);
5. Data-related services (including data warehousing, data automation, data analytics);
6. Enterprise services (including HR and accounting systems);
7. Marketing productivity tools (including customer sensing tools, insights generation);
8. Office productivity tools;
9. Project management, software development and testing tools;
10. Security-related solutions; and
11. Solutions to support alternative working arrangements, operational resilience, and BCP.

Funding Support:
 

80% co-funding of qualifying expenses listed below, capped at $120,000 per entity, for the duration of the scheme:

1. Hardware and software, including licences, maintenance and subscription costs; and
2. Professional services tied to the adoption of the digital solution (e.g. consultancy, cybersecurity testing, IT audit, training, change management).

Eligible entities can claim for expenses incurred from 1 February 2020.
The funding period is capped at 1 year.

This track supports joint projects by multiple FIs to customise an existing solution with a solution provider.

Applicant Eligibility:

1. Applicants should be Singapore-based FIs that are regulated by MAS (licensed or exempted from licensing), with headcount not more than 200 staff.
2. Each project should have a minimum of 3 participating, eligible FIs.

Project Eligibility:

Qualifying solutions must:

1. Be deployed and used for at least 1 year in Singapore;
2. Contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service;
3. Belong to any of the categories listed below; and
4. Not be built from scratch nor require investment in heavy infrastructure e.g. servers.

The categories of solutions supported are:

1. Cloud services;
2. Customer relationship and engagement tools (including digital customer onboarding);
3. Office productivity tools;
4. Compliance & KYC tools (including transaction monitoring tools);
5. Data-related services (including data warehousing, data automation, data analytics);
6. Enterprise services (including HR and accounting systems);
7. Project management, development and testing tools;
8. Security-related solutions;
9. Communication and collaboration tools;
10. Marketing productivity tools (including customer sensing tools, insights generation); and
11. Solutions to support alternative working arrangements, operational resiliency, and BCP arrangements.

Funding Support:

80% co-funding of qualifying expenses, capped at $100,000 per participating entity, per project.
Qualifying expenses may include hardware and software, professional services, and manpower costs.

The funding period is capped at 2 years from implementation.

PointStar is a one of the pioneers in cloud solutions and a leading cloud technology consultant in Asia Pacific with a strong track record in digitally transforming over 2,500 organizations and institutions with industry-leading cloud services.

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Click below to download the FAQ on Digital Acceleration Grant.
FAQ