MAS Digital Acceleration Grant: Empowering Singapore’s FinTech Transformation
The Monetary Authority of Singapore (MAS) unveils the Digital Acceleration Grant, fortifying Singapore’s startup ecosystem. Tailored for small to mid-sized financial entities, this grant aims to boost innovation and resilience within the sector.
Key Details
Funding Rates:
- 80% co-funding until Dec 31, 2021.
- 70% co-funding thereafter.
Project Duration:
- 1 year for individual institution projects.
- 2 years for industry pilots.
Eligibility:- Singapore-based FinTechs certified by the Singapore FinTech Association.
- Not more than 200 employees.
Grant 1: Institution Project
Supporting individual FinTechs, this grant encourages the adoption of digital solutions with a focus on:
- Cloud services.
- Compliance tools.
- Customer engagement solutions.
- Data-related services.
- Enterprise and office productivity tools.
- Security solutions.
Qualifying expenses, capped at $120,000 per entity, include hardware, software, and professional services.
Grant 2: Industry Pilot
This track supports joint projects by multiple FIs, fostering collaboration to customize existing solutions. Eligible categories include:
- Cloud services.
- Customer engagement tools.
- Office productivity tools.
- Compliance tools.
- Data-related services.
- Enterprise services.
- Project management tools.
- Security solutions.
Qualifying expenses, capped at $100,000 per entity, cover hardware, software, professional services, and manpower.
Application Process
Submit the application form to fintech_office@mas.gov.sg.
If you seek guidance on leveraging these grants for your FinTech venture, contact us. Transform your financial operations with MAS Digital Acceleration Grant.