The Monetary Authority of Singapore (MAS), the country’s financial regulator, is reviewing its regulations governing venture capital managers, the Business Times reported yesterday.

The move comes as part of a wider drive in the city-state to increase innovation by making more funding available locally and in the region.

MAS is primarily seeking to simplify and shorten the application process to new venture capital managers. It is also exploring ways to protect investors and exempt VC managers from certain requirements that apply to all asset managers.

Finally, MAS is considering whether it could extend existing incentives for traditional asset managers to also attract and retain venture capital funds.

The authority is due to conduct a public consultation in January, with an updated framework to be introduced by July 2017. The government’s Committee on the Future Economy is also set to publish a report with further recommendations early in 2017.