DAG Scheme Eligibility

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.

Institution Project

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

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.

Project Eligibility

  • Be deployed and used for at least 6 months in Singapore.
  • 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 nor require investment in heavy infrastructure e.g. servers.

Categories of Solutions Supported

  • 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
  • Security-related solutions
  • 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:

  • Hardware and software, including licences, maintenance and subscription costs
  • 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.

Industry Pilot

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

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 Eligibility

  • Be deployed and used for at least 1 year in Singapore
  • 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 nor require investment in heavy infrastructure e.g. servers.

Categories of Solutions Supported

  • Cloud services
  • Customer relationship and engagement tools (including digital customer onboarding)
  • Office productivity tools
  • Compliance & KYC tools (including transaction monitoring tools)
  • Data-related services (including data warehousing, data automation, data analytics)
  • Enterprise services (including HR and accounting systems)
  • Project management, development and testing tools
  • Security-related solutions
  • Communication and collaboration tools
  • Marketing productivity tools (including customer sensing tools, insights generation)
  • 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.

How to apply

Submit your application form (1 form for each participating FI) to fintech_office@mas.gov.sg at least two month before the commencement of 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 +603 8687 4433 (Malaysia).

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