Singapore FinTech Association pilots self-assessment tool

It will help fintechs accelerate ventures with financial institutions.

The Singapore FinTech Association (SFA) is launching a digital self-assessment framework for fintechs to expedite the onboarding of partnerships with financial institutions, according to a news release.

The FinTech Service Provider (FSP) Compliance Readiness 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 (ABS) and the technology risk management consultation paper and cyber hygiene notice by the Monetary Authority of Singapore (MAS).

It aims to promote a sustainable outsourcing relationship between fintech firms and financial institutions by helping fintechs understand the minimum compliance requirements to operate safely in partnership with the financial institutions. The self-assessment toolkit will allow fintechs to identify the maturity of their control environment and compare against the minimum compliance requirements.

The framework is advised by PwC who will provide workshops to address the compliance gaps identified in the toolkit.

This initiative is part of the $125m support package announced by MAS last April to help the financial and fintech sectors deal with the immediate challenges brought about by the pandemic.