The Singapore FinTech Association has launched a self-assessment framework to help fintech firms fast-track parnerships with financial institutions.
The SFA says that currently eight out of ten firms in Singapore provide technology designed to enhance the product offerings of banks.
The new self-assessment kit will help firms to demonstrate satisfactory compliance levels to banking prospects while maintaining a baseline level of governance, rigour and consistency over their services.
The framework includes a set of minimum base requirements from the Outsourced Service Providers Audit Report (OSPAR) guidelines laid out by The Association of Banks in Singapore and the Technology Risk Management Consultation Paper and Cyber Hygiene Notice by the Monetary Authority of Singapore (MAS). It is supplemented by a series of PwC workshops to help firms overcome any gaps identified in compliance requirements.
The initiative is part of the S$125 million support package announced by the central bank last month for the financial and fintech sectors to deal with the immediate challenges brought about by the Covid-19 pandemic.
Chia Hock Lai, president, SFA, states: “This Digital Self-Assessment Framework will enable FinTech firms to be more effective when collaborating with financial institutions, and giving financial institutions more confidence in the partnership as they accelerate their digitalisation efforts.”