To help smaller,Singapore-based financial institutions digitalise and differentiate, the Monetary Authority of Singapore (MAS) launched the Digital Acceleration Grant (DAG), part of the Financial Sector technology and Innovation (FSTI) scheme.
The DAG aims to provide opportunities for smaller companies to work with specialized services and software technology solution providers like TrustQuay to help with their digitalisation journey.
It has attracted some 1,100 applicants in the first year of its launch. Many have applied in order to get assistance in adopting cloud solutions and services, online communication and collaboration tools, data/analytics solutions, compliance solutions and office productivity tools.
TrustQuay’s Future Focus Report 2021 found that firms currently score themselves a mere 5 out of 10 in terms of digitalisation. We also highlighted the top three business challenges: regulation, cost efficiencies, and data quality.
The technology needed to solve these challenges are already available, but firms need to proactively invest to make the fundamental changes to reap the benefits. And that’s where the DAG comes into play.
Where do you start?
The Industry Pilot track provides financial support to assist in customising digital solutions by co-funding 70% of qualifying expenses, capped at S$100,000 per institution per project. For scheme information, including eligibility, and how to apply visit MAS' DAG Grant page.
Our recently launched TrustQuay Online, the ‘first complete end-to-end cloud-native’ platform in our industry, is perfectly suited to firms applying for financial support. Powered by Microsoft Dynamics 365, TrustQuay Online offers lower complexity, cost, risk and is future proof and therefore shares the same vision and objective as MAS, to support the growth of local financial institutions and fintech firms.
"Singapore’s fintech journey is about innovation, inclusion and inspiration. Everything we do in FinTech must always have a larger purpose – to improve the lives of individuals, to build a more dynamic economy, to promote a more inclusive society."
- Ravi Menon, Managing Director, MAS
To learn more about making use of the grant and TrustQuay's software, join us on 01 September 2022 for our in-person Singapore Breakfast Briefing.
If you wish to learn more and cannot attend please get in contact through the form below or email us at Singapore@trustquay.com
About the Author
Annie is a Business Development Executive based in the Singapore office