Economies worldwide have experienced the disruptive effects of the global Coronavirus pandemic. For Singapore, whose economy was one of the hardest hit in Asia, these effects were significant and felt across various industries. The financial sector, like so many others, was forced to adapt quickly in order to remain operational and productive throughout this time, especially with so many firms shifting to remote work all at once, many for the first time.
To assist the financial sector, the Monetary Authority of Singapore (MAS) introduced a 125 million SGD support package. According to Jacqueline Loh, the MAS deputy managing director for markets and development, the purpose of this package is to help Singapore-based financial and FinTech firms “not only navigate the current headwinds, but at the same time, build deeper competencies, skills, and networks, so that we can emerge stronger for the longer term."
35 million SGD of these funds were designated for strengthening the digitalization and operational efforts of these industries through the Digital Acceleration Grant (DAG). This scheme aims to help Singapore-based smaller financial institutions adopt digital solutions to improve productivity, increase efficiency, enhance operational resilience, manage risks, and serve customers better.
As the leading global provider of investment management solutions for 25 years, SS&C Eze is thrilled to be named an approved vendor by MAS for Eze Eclipse, our born-in-the-cloud investment solution, as part of the institution project track under DAG.
About the DAG Institution Project Track
The Institution Project track seeks to provide funding for up to 80% of qualifying expenses, capped at 120,000 SGD per entity per funding period (i.e. 1 year) for eligible local financial institutions to adopt digital solutions that will streamline their processes and deepen their capabilities.
These expenses include hardware and software (i.e. licenses, maintenance, and subscription costs) and professional services tied to the adoption of the digital solution (i.e. consultancy, cybersecurity testing, IT audit, training, and change management). Eligible entities can claim expenses incurred starting 1 February 2020.
Who Qualifies for the DAG Institution Project Track
Financial Institutions applying for the DAG Institution Project track must meet the following requirements:
- Be a Singapore-based financial institution regulated by MAS (licensed or exempted from licensing)
- Have less than 200 employees
In order to receive funding for a tool or service as part of the DAG Institution Project track, your solution must meet the following requirements:
- Belong to one of the categories listed here
- Have been deployed and used in Singapore for at least 6 months
- Not be built from scratch nor require investment in heavy infrastructure (i.e. servers)
- Contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service
SS&C Eze — A Digitalization Partner You Can Trust
SS&C Eze has been providing firms with innovative and award-winning technology solutions backed by unparalleled client service for more than 25 years and has been partnering with firms in Singapore to better understand and address their needs for over 10 years.
Since the launch of the Eze Eclipse product in the region at the start of 2019, it has seen rapid adoption, onboarding more than 35 firms across Singapore, Australia, China, Hong Kong, and Japan. Today, more than 170 firms worldwide are unifying their front- to back-office operations on Eze Eclipse, including seven of APAC’s top hedge funds.
About Eze Eclipse
Eze Eclipse is an institutional-grade investment management platform that combines operational efficiency and speed to market with system reliability and security. With streamlined and optimized workflows, Eze Eclipse users can get their jobs done better, and in less time. With this newfound efficiency, investment managers can reallocate the time once spent on repetitive and manual processes to higher impact items for their businesses – ones that deliver more value to clients.
As the coronavirus situation has illustrated, mobility and accessibility are integral to business continuity and operational resilience. Eze Eclipse’s cloud-native architecture is highly available and accessible and allows users to work from anywhere through a secure web browser or on a mobile app. The solution further facilitates operational resilience through its elastic infrastructure which can auto-scale to accommodate growth or volatile market conditions. This ensures systems remain functional so firms can continue to deliver results to clients, regardless of what is happening in the markets.
The cloud-native Eze Eclipse platform was built with data privacy and cybersecurity fundamentals at the core of its design so our clients’ data remains safe, and their clients can feel confident their information is secure. SS&C Eze upholds rigorous security standards for runtime security, data security, and vulnerability management as well as industry-leading security management certifications: ISO 27001, including the controls for ISO 27017 and ISO 27018 (Cloud Security and Cloud Privacy).
Eze Eclipse has also been recognized by a number of industry awards in the region, including Best Overall Third-Party Technology Provider at the WatersTechnology Asia Awards 2020, and Cloud Solution Provider of the Year at the prestigious Asia Risk Awards, the longest-running awards for firms and individuals involved in Asia’s derivatives markets and in risk management.
How to Apply for MAS' DAG
If you are interested in applying for the DAG in order to help subsidize a digital solution designed to improve productivity, increase efficiency, enhance operational resilience, manage risks, and serve customers better, follow the steps below, or download our DAG Application Checklist:
- Step 1: Prior to your application, check your eligibility for the DAG based on the aforementioned criteria (Singapore-based financial institution regulated by MAS; less than 200 employees).
- Step 2: Once your eligibility for DAG has been confirmed, check the eligibility of your preferred service(s)/solution(s) (must belong to one of the categories listed here; deployed and used in Singapore for at least 6 months; not built from scratch or requiring investment in heavy infrastructure; contributes to improvements in productivity, efficiency, risk management, operational resilience, or customer service).
- Step 3: Once you have confirmed your firm’s eligibility and the eligibility of your service(s)/solution(s), fill out the four-page application form and submit it to fintech_office@mas.gov.sg with any required supporting documents (i.e. vendor contracts or invoices) by 31 December 2021.
- Step 4: Once your application has been approved, you will need to complete the Acceptance of Offer and Direct Credit Authorization forms. Approved funds will then be disbursed within 4 weeks from the date MAS receives these completed forms.
For a more in-depth look at the DAG Application process, download our checklist, or contact us to explore how Eze Eclipse, our cloud-based investment solution, can help your firm improve productivity, strengthen operational resilience, and manage risk.
