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Singapore gov’t offers millions to modernize RegTech solutions in financial industry Business
Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), has pledged S$42 million (US$31.6 million) towards modernizing the country’s financial digital infrastructure. Part of this will include the new Regulatory Technology (RegTech) grant scheme, which provides funding both to develop new entrants to the market, and assist more established firms to integrate modern RegTech systems on a larger scale.
While the grants scheme doesn’t refer to digital assets or blockchain companies specifically, some industry representatives have welcomed the announcement. Developing and integrating RegTech into the digital asset ecosystem is vital to their gaining acceptance in the wider financial world.
Salmaan Farooqui
The head offices of Caisse Desjardins are seen, Wednesday, February 24, 2021 in Montreal.THE CANADIAN PRESS/Ryan Remiorz May 04, 2021 - 10:41 AM
Insurance experts say consumers can expect more companies to introduce exclusions around COVID-19 after Desjardins dropped liability and property damage coverage related to communicable diseases.
In an undated letter to clients,the Montreal-based company said it will not cover them in the event they are sued for spreading a communicable disease, nor will it cover decontamination or property damage costs related to those diseases.
Desjardins public relations advisor Jessica Spina said the change in policy came after the reinsurance market started using communicable disease exclusions.
Monetary Authority of Singapore Dedicates S$42 Million for Regtech Initiatives
The
Monetary Authority of Singapore (MAS) has announced a new grant program targeting Regulatory Technology or Regtech that is said to be an enhancement of the
Digital Acceleration Grant (DAG) scheme to accelerate technology adoption. In a public statement, MAS said it will commit S$42 million for the Regtech grant scheme and enhanced DAG scheme.
Sopnendu Mohanty, Chief Fintech Officer at MAS, stated:
“MAS remains committed to the digital transformation of the Singapore financial sector. We expect the RegTech ecosystem to flourish with widespread use of innovative solutions to aid risk management and compliance. The Digital Acceleration Grant has enabled the smaller FIs and FinTech firms to adapt to the challenges in the past year and we will continue to support these firms as they accelerate their digital transformation journey. We encourage FIs to tap on these grants to embed technology into t
Monetary Authority of Singapore’s New Regtech Grant to Assist Crypto Industry Compliance
This week the Monetary Authority of Singapore’s chief fintech officer Sopnendu Mohanty, announced the regulator’s new RegTech grant in an effort to help financial institutions modernize their regulatory compliance functions. Ian Lee, vice president of business development at Merkle Science, a Singapore-based blockchain transaction risk monitoring and analytics platform, discusses the impact MAS’ commitment will have on the crypto industry and crypto’s transition to becoming a key pillar of the financial ecosystem.
What this means for the crypto industry:
“Arguably, one of the biggest hurdles toward the legitimization of digital assets is abusive and illicit behaviour both real and perceived within the industry that governmental bodies around the world are struggling to navigate and manage. Having robust regtech that keeps pace with fast-changing technologies such as bloc