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 adopt digital solutions to improve productivity, strengthen operational resilience, manage risks, and serve customers better.

Agiliux has already started working with Digital Acceleration Grant recipients.

mas digital acceleration grant

Scheme Highlights

who is eligible for Singapore mas digital acceleration grant

Who is Eligible

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

funding amount of Singapore mas digital acceleration grant

Funding Amount

80% co-funding for qualifying expenses incurred from 1  February 2020. Applications must be submitted within 6 months of the last expense incurred or by 31 December 2021, whichever is earlier.

funding duration of Singapore mas digital acceleration grant

Funding Duration

Institution Project: Minimum 6 months, maximum 1 year
Industry Pilot: Minimum 1 year, maximum 2 years

Institution Project

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

 

 Grant criteriaDetails 
Applicant Eligibility
  • Singapore-based FIs regulated by MAS (licensed or exempted from licensing), with not more than 200 employees.
  • Singapore-based FinTech firms certified by the Singapore FinTech Association, with not more than 200 employees.
  • For Singapore-based General Insurance agencies & Life Insurance agencies of Licensed Financial Advisers or Licensed Life Insurers that are Exempt Financial Advisers with not more than 200 appointed agents and employees, please click here.
Project Eligibility

 Qualifying solutions must:

  • Be deployed and used for at least 6 consecutive months in Singapore before time of application;
  • Contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service;
  • Belong to any of the categories listed below;
  • Not be built from scratch; and
  • Not a hardware.

The categories of solutions supported are:

  • Cloud services;
  • Communication and collaboration tools;
  • Compliance & KYC tools (including transaction monitoring tools);
  • Customer relationship and engagement tools (including digital customer onboarding, excluding fees for web domains);
  • Data-related services (including data warehousing, data automation, data analytics);
  • Enterprise services (including HR and accounting systems, excluding email services and internet connectivity fees);
  • Marketing productivity tools (including customer sensing tools, insights generation, excluding advertising and SEO expenses);
  • Office productivity tools (excluding basic software for individual uses e.g., Microsoft Office, Windows Operating System);
  • Project management, development and testing tools;
  • Security-related solutions (excluding anti-virus software for individual laptop / desktop use, firewalls and switch ports, and VPN tokens); and
  • Digital solutions / software to support alternative working arrangements, operational resilience and BCP.

Please find the General Solutions list here. (107.4 KB)

Funding Support

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

  • Digital solution / software, including licenses and subscription costs;
  • Professional services tied to the adoption of the digital solution (e.g., training, installation).

Eligible FIs and FinTech firms can claim for qualifying expenses incurred from 1 February 2020. Applications must be submitted within 6 months of the last expense incurred or by 31 December 2021, whichever is earlier.

 

The funding period is capped at 1 year.

How to Apply

General Solutions

If the solution intended for claim can be found in the General Solutions List (107.4 KB),  (404.2 KB) your solution is qualified for DAG co-funding. Please fill and submit this General Solutions application form (255.8 KB) to fintech_office@mas.gov.sg at the end of your funding period.

Non-General Solutions

If the solution intended for claim can not be found in the above list, please submit a proposal and description of the intended solution to fintech_office@mas.gov.sg for an in-principle approval (IPA). Once you have received an IPA, please fill and submit this Non-General Solutions application form (253.4 KB) to fintech_office@mas.gov.sg at the end of your funding period.

 

All solutions must be used for at least 6 months before the submission of your application form. Funding will be done on a reimbursement basis.

 

For Life Insurance and General Insurance Agencies, click here for agency-specific application form and guide.

Resources for Institution Project

Industry Pilot

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

 

 Grant criteriaDetails 
Applicant Eligibility

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

Project EligibilityQualifying solutions must:

  • Be deployed and used for at least 6 consecutive months in Singapore before time of application;
  • Contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service;
  • Belong to any of the categories listed in Part 2 (please refer to page 3 of this application form);
  • Not be built from scratch; and
  • Not a hardware.

The categories of solutions supported are:

  • Cloud services;
  • Communication and collaboration tools;
  • Compliance & KYC tools (including transaction monitoring tools);
  • Customer relationship and engagement tools (including digital customer onboarding, excluding fees for web domains);
  • Data-related services (including data warehousing, data automation, data analytics);
  • Enterprise services (including HR and accounting systems, excluding email services and internet connectivity fees);
  • Marketing productivity tools (including customer sensing tools, insights generation, excluding advertising and SEO expenses);
  • Office productivity tools (excluding basic software for individual uses e.g., Microsoft Office, Windows Operating System, Google Suite);
  • Project management, development and testing tools;
  • Security-related solutions (excluding anti-virus software for individual laptop / desktop use, firewalls and switch ports, and VPN tokens); and
  • Digital solutions / software to support alternative working arrangements, operational resilience and BCP.
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.

How to Apply

Submit the application form (85.4 KB) (1 form for each participating FI) to fintech_office@mas.gov.sg  at least two months before the commencement of the project.

Frequently Asked Questions

General

Why is the FSTI Digital Acceleration Grant only open to smaller FIs and FinTechs?

The FSTI Digital Acceleration Grant is the first grant scheme under the Financial Sector Development Fund that specifically targets smaller FIs and FinTechs. The Digital Acceleration Grant’s focus on smaller FIs and FinTechs enables more targeted support to meet their specific needs in productivity, operational resilience, risk management, and customer service.

Larger FIs, which tend to have more sophisticated digitalisation needs, may tap on other grant schemes under the FSDF, such as the FSTI Institution Projects grant, which supports innovative and transformative projects using cutting edge technology.

My company is a Singapore-based FI with an MAS licence/FinTech certified by SFA. Is my company eligible for the grant if it is a branch of an overseas entity?

Yes. Your company is eligible for the grant as long as it does not have more than 200 staff.

My company has overseas branches/subsidiaries with more than 200 staff globally. Is my company eligible for the grant?

Yes. Your company is eligible for the grant as long as the Singapore entity does not have more than 200 staff.

Can companies that have been exempted from MAS licensing apply as a FI for the grant?

Yes. Entities listed in MAS’ FI Directory and entities that have been granted an exemption from holding a licence under the Payment Services Act (“PS Act”) can apply as a FI for the grant.

What are the documents I will need to prepare for the application?

You will need to provide contracts/invoices of solutions which you wish to seek funding for. In addition, if you are a FinTech firm, you will need to submit the certification report from SFA.

Do you accept applications using e-signatures?

Yes.

Who can I contact for more information? How can I apply for the grant?

Visit MAS’ website for more information and to obtain the application form. Please submit the application form with supporting documents to fintech_office@mas.gov.sg.

Institution Project

Is there a list of pre-approved solutions for reference?

No. You may apply for funding support under the Digital Acceleration Grant if the
solution adopted by your entity comes under any of the following categories:

  • Cloud services
  • Communication and collaboration tools
  • Compliance & KYC tools (including transaction monitoring tools)
  • Customer relationship and engagement tools (including digital customer onboarding)
  • Data-related services (including data warehousing, data automation, data analytics)
  • Enterprise services (including HR and accounting systems)
  • Marketing productivity tools (including customer sensing tools, insights generation)
  • Office productivity tools
  • Project management, software development and testing tools
  • Risk management solutions
  • Security-related solutions
  • Solutions to support alternative working arrangements, operational resilience, and BCP
What is the estimated timeline for funds disbursement, from the date of application?

Funds will be disbursed within 4 weeks from the date MAS receives the completed
Acceptance of Offer and Direct Credit Authorisation form.

Can I claim for purchases/ongoing subscriptions made before the announcement of the grant?

Yes. You can claim for qualifying expenses incurred from 1 February 2020, as we understand you may already have incurred expenses on digital solutions in response to the COVID-19 disruptions.

Can I claim for ongoing projects that have started before 1 Feb 2020 but is still ongoing?

Yes. You can claim for projects that have started earlier, but you can only claim for costs incurred from 1 Feb 2020 onwards.

For the qualifying solutions, would the 6 months minimum deployment and usage in Singapore begin from the date I start using the solution? For example, if I had started adopting the solution on 1 Dec 2019, do I only need to use it until 1 June 2020?

The 6 months deployment refers to the funding period. For example, if you started using the solution on 1 Dec 2019 but plan to start applying for the grant to offset expenses incurred from 1 Feb 2020, you will need to continue using the solution until 1 August 2020 for it to be eligible for claims.

For subscriptions that invoice by usage e.g. cloud services on a monthly basis, do we need to claim each month upon receipt of each month invoice until the end of funding period?

You only need to submit the most recent bill as part of the grant application. The project funding will be based on the amount in the most recent bill.

At the end of the funding period, you have to submit all relevant monthly invoices during the funding period as well as the grant utilisation report. MAS will claw back any unutilised amount at the end of the funding period.

Can I use DAG to fund my company’s in-house/out-sourced product development?

No. The grant is meant for the adoption of third-party solutions only.

Can I submit multiple solutions/projects within one grant application?

Yes. You can submit multiple solutions/projects within one grant application. Please describe each solution and indicate the categories accordingly within the form.

Can I submit multiple applications for this grant?

Yes. You can submit multiple applications as long as the overall quantum of the claims put forth by your company under this grant falls within the cap of $120,000.

Can consulting fees e.g. compliance or legal service fees be claimed in addition to the hardware or software fees?

Yes, consulting fees are considered professional services costs. However, these costs need to be tied to the adoption of a digital solution.

Can we claim for expenses from qualifying solutions provided from an overseas vendor?

Yes, as long as the solution falls within the eligibility criteria.

How is the 6 months KPI measured?

We will ask for receipts to show that the solution has been used for 6 months. In addition, MAS may conduct surprise audits.

Industry Pilot

I am a solution provider. Can I apply on behalf of the participating FIs?

No. Each participating FI must submit their own application as the KPIs are tied to the FI.

Can an industry association apply on behalf of the participating FIs?

No. Each participating FI must submit their own application as the KPIs are tied to the FI. However, if there is intention to roll out this solution to the entire industry, industry association may want to apply for the FSTI Industry-wide Projects grant instead.

Will the reimbursement for the Industry Pilot be right after deployment or only 1 year after the solution has been used?

The funds will be disbursed only after the KPIs for the pilot have been met.

I am part of a group of 3 FIs interested to apply for the FSTI Digital Acceleration Grant (Industry Pilot track). How do I submit my application?

Please visit MAS’ website to obtain the application form. You should submit the completed form to fintech_office@mas.gov.sg at least two months before the commencement of your project.

We can help

If just want more information, we’re happy to answer all your questions and get you set up. Simply fill out the form or for immediate assistance, call us at +65 6304 8022 (Singapore).