Singapore – MAS announced in late April the establishment of an accelerator grant to enable growth in the sector and promote digital innovation in smaller Financial Institutions and Fintechs. The accelerator program supports the adoption of digital tools and system upgrades that facilitate business continuity by offering subsidies of up to 80% for Fintechs and FIs in Singapore with fewer than 200 employees, for up to $120,000 in software.
In response to this and other initiatives aimed at mitigating the debilitating business impact of COVID in the compliance space, Silent Eight has simultaneously launched a new commercial model that made its award-winning KYC name screening AI available on-demand with no minimum or contract. As a Singapore-based Fintech, Silent Eight hopes to give back to the community by making it even easier to access its compliance solution.
“We know that COVID has put a strain on all financial institutions, and the pain is magnified within Fintech,” said CEO and founder, Martin Markiewicz.
“As a result of the increased COVID-related criminal activity, new relief-related account openings, and transactions relating to suspect PPE from overseas, workloads have increased for compliance teams without the ability to increase headcount to help cope with this.” Markiewicz added.
Silent Eight has waived all set-up costs for configuring their cloud AI as part of their pledge to help the Singapore financial community.
The opportunity to take advantage of both the MAS Accelerator Grant and new commercial models like Silent Eight’s signals a growing enthusiasm for investment in Fintech technology across the industry, as well as increased awareness that tools like Silent Eight’s — quickly deployable, agile, and regulator-approved — are crucial in times of crisis.
More details, including eligibility requirements for the MAS Digital Acceleration Grant, can be found here: https://www.mas.gov.sg/development/fintech/digital-acceleration-grant