Technology Stack Checklist for MAS-Regulated Fund Managers (RFMC & LFMC)

MAS Expects Institutional-Grade Technology — Even for RFMCs

Since tightening its supervisory framework, the Monetary Authority of Singapore has made it clear that technology is a core pillar of regulatory compliance.

Whether you are:

• an early-stage RFMC, or a fully scaled LFMC (A/I or Retail)

MAS expects:

• structured workflows
• reliable, reconciled data
• auditable controls
• operational resilience
• strong IT governance

Spreadsheets and loosely connected tools may work at inception — but they do not meet MAS expectations over time.

This checklist sets out the minimum viable and scalable technology stack for MAS-regulated fund managers.

1. Digital Investor Onboarding Platform

MAS places strong emphasis on controlled onboarding and investor due diligence.

Your onboarding system must support

• Individual & corporate onboarding
• KYC / KYB workflows
• Beneficial ownership identification
• Document upload & validation
• E-signatures
• Investor classification (accredited / institutional / retail, where applicable)
• Full audit trail

Why this matters

MAS expects onboarding evidence to be complete, searchable, and immediately available during reviews.

2. AML / CFT Screening & Monitoring System

AML/CFT is one of MAS’s highest enforcement priorities.

Your AML system must include

• PEP, sanctions & adverse-media screening
• Source of wealth / source of funds capture
• Risk scoring & investor profiling
• Ongoing monitoring & periodic reviews
• Alerts & escalation workflows
• STR / SAR preparation support
• Evidence retention & audit logs

Why this matters

MAS regularly penalises firms for weak AML controls — even where outsourcing is used.

3. Client / Investor Classification Engine

Correct investor classification under Singapore regulations is essential.

Your system should

• Capture accredited / institutional investor status
• Store supporting declarations & evidence
• Automatically apply correct regulatory treatment
• Integrate with onboarding & reporting workflows

Incorrect classification creates both regulatory and civil liability risk.

4. Portfolio Management System (PMS)

The PMS is the core of the operating model.

Your PMS must support

• Multi-asset portfolios
• Fund-level and mandate-level views
• Real-time valuations & P&L
• Performance measurement (TWR / MWR)
• Exposure & concentration analytics
• FX and multi-currency handling
• Corporate actions
• Model portfolios (if applicable)
• Fee calculation inputs

MAS expects portfolio data to be accurate, timely, and defensible.

5. Multi-Custodian Data Aggregation

Most Singapore managers use:

• multiple banks
• prime brokers
• fund administrators

Your aggregation layer must

• Import data from multiple custodians/admins
• Normalise formats and identifiers
• Consolidate holdings across accounts & funds
• Maintain historical data
• Feed downstream risk & reporting systems

Clean aggregation is essential for reporting and risk oversight.

6. Reconciliation Engine

MAS expects strong controls over data integrity.

Your reconciliation system must

• Reconcile positions, cash & transactions
• Identify and flag breaks
• Support investigation workflows
• Maintain sign-off records
• Preserve reconciliation history

This significantly reduces operational and reporting risk.

7. Risk & Exposure Analytics

Risk monitoring must be active and continuous.

Your risk tools should include

• Asset & sector concentration
• Market and FX risk
• Liquidity indicators (especially for alternatives)
• Counterparty exposure
• Scenario analysis / stress testing (recommended)
• Breach monitoring & alerts

MAS expects management and the board to have ongoing visibility over risk.

8. Regulatory & Management Reporting Infrastructure

MAS-regulated firms must produce accurate reports quickly.

Your reporting stack should support

• AUM & portfolio reporting
• Financial & regulatory returns
• Risk and compliance reports
• Board & management packs
• Ad-hoc MAS information requests

Manual reporting creates scalability and accuracy issues.

9. Compliance Monitoring & Internal Controls System

Compliance must be demonstrable, not theoretical.

Your compliance system should manage

• Compliance monitoring plan
• Conflict-of-interest register
• Personal account dealing
• Gifts & entertainment tracking
• Complaints handling
• Outsourcing oversight
• Incident & breach logs
• Regulatory change tracking

MAS expects clear evidence of ongoing compliance activity.

10. Document Management & Audit Trail

Documentation is a core regulatory asset.

Your document vault must provide

• Secure storage
• Version control
• Role-based access
• Policies & procedures
• Investor records
• AML & onboarding evidence
• Board & committee minutes
• Audit logs & retention controls

Poor document management is a common supervisory finding.

11. Fee & Expense Calculation Engine

MAS requires transparent and accurate fee practices.

Your fee system must support

• Management fees
• Performance fees
• Expense allocation
• Auditability
• Investor-level reporting

Fee errors are both a regulatory and reputational risk.

12. Investor Reporting & Digital Portal

Institutional and accredited investors increasingly expect digital access.

Your reporting layer should include

• Portfolio valuations
• Performance reports
• Holdings & transactions
• Fee disclosures
• Secure document access
• White-label branding (optional)

This also improves operational efficiency.

13. IT Governance, Cybersecurity & Business Continuity

MAS explicitly links technology risk to firm-wide risk.

Your IT framework must include

• IT governance policies
• Access controls & segregation
• Encryption & secure data storage
• Backup & disaster recovery
• Cyber-incident response plan
• Vendor & outsourcing risk management
• Periodic testing & reviews

Technology incidents must be handled and reported swiftly.

The Complete MAS Technology Stack Checklist

• Digital onboarding & AML/KYC
• Investor classification
• Portfolio Management System
• Multi-custodian aggregation
• Reconciliation engine
• Risk & exposure analytics
• Regulatory & management reporting
• Compliance monitoring system
• Document vault & audit trails
• Fee & expense engine
• Investor reporting portal
• IT governance & cybersecurity controls

This represents the minimum viable, MAS-aligned operating stack for RFMCs and LFMCs.

Why MAS-Regulated Firms Choose Reluna

Reluna provides a single, integrated platform that covers the entire MAS operational stack.

Reluna includes

• Digital investor onboarding & AML/KYC
• Portfolio & fund management system
• Multi-custodian data aggregation
• Reconciliation engine
• Risk & exposure dashboards
• Compliance workflows
• Document vault with audit trails
• Fee & performance engine
• Investor reporting & white-label portal
• Multi-entity and multi-fund support

Key advantages

• Faster operational readiness
• Lower operational complexity
• Strong governance & auditability
• Scales from RFMC → LFMC
• Clean, reconciled data for MAS reviews

Reluna enables Singapore fund managers to operate with institutional-grade infrastructure from day one.

Next Steps

If you are launching or scaling a MAS-regulated fund management business, your technology stack will define your compliance posture and growth potential.

👉 Request a Reluna demo to see how we support RFMCs and LFMCs across onboarding, portfolio management, risk, reporting, and governance.