The Monetary Authority of Singapore has launched a new grant fund to help financial firms test new forms of technology before deploying it live.

Under the regtech grant scheme, an extension of the central bank’s digital acceleration grant, firms can choose to use the MAS’s ‘pilot track’ or ‘production-level project track’. The central bank has set aside S$42 million (US$31.4 million) to help fund projects.

The pilot track, which is capped at S$75,000, allows firms to test regtech solutions