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MAS Commits S$220 Million Funding to Singapore’s Next Fintech Push

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MAS Commits S$220 Million Funding to Singapore’s Next Fintech Push

The Monetary Authority of Singapore (MAS) will invest S$220 million over three years to advance fintech innovation and technology adoption.

The funding will be provided through the fourth edition of the Financial Sector Technology and Innovation Scheme, known as FSTI 4.0.

The scheme aims to anchor innovation activities in Singapore, encourage the use of frontier technologies and develop shared infrastructure and talent.

FSTI 4.0 comprises six tracks covering institutional projects, manpower, AI adoption, infrastructure, centres of excellence and industry awards.

MAS will co-fund internship stipends and aims to support at least 1,000 opportunities over the next three years.

A new portal managed by the Singapore Fintech Association will connect companies with students from Institutes of Higher Learning.

The institution project track will support financial institutions and fintech firms developing and deploying AI, distributed ledger technology and quantum technology.

Financial institutions will also receive support to adopt market-ready AI products listed on PathFin.ai.

The MAS-led platform provides information on use cases, implementation experiences and available solutions.

Another track will fund shared infrastructure and platforms intended to improve efficiency, productivity and interoperability across the sector.

The Centre of Excellence track will encourage global companies to establish research, product development and regional leadership functions in Singapore.

It will focus on areas including AI, quantum computing and digital assets.

MAS will continue supporting the Singapore Fintech Festival’s Fintech Excellence Awards and Global Fintech Hackcelerator.

A new scale-up grant will help eligible Hackcelerator finalists develop and validate their products after the competition.

Since its launch in 2015, the FSTI scheme has supported more than 350 projects and helped establish over 30 centres of excellence.


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