Monetary Authority of Singapore (MAS) has announced its commitment to invest up to 150 million Singapore dollars (approximately 112.5 million U.S. dollars) over the next three years in FinTech innovation. Under the Financial Sector Technology and Innovation Scheme (FSTI 3.0), MAS aims to accelerate and strengthen innovation by supporting projects that utilize cutting-edge technologies or have a regional focus. This commitment reflects MAS’s dedication to nurturing a vibrant technology ecosystem within the financial sector.
The new FSTI 3.0 initiative will include the Innovation Labs track, which will expand its grant funding scope to include corporate venture capital (CVC) entities. Recognizing the significance of CVCs in identifying and nurturing start-ups, this funding will enable CVCs to provide mentorship and support, helping these start-ups scale and develop robust and sustainable business models.
MAS has expressed its desire to support innovative FinTech solutions emerging from emerging technologies like Web 3.0. Additionally, the organization aims to encourage the use of innovative technologies in real-life industry scenarios by providing grant funding for trial and commercialization purposes.
Continuing its support for advanced capabilities, FSTI 3.0 will also focus on areas such as artificial intelligence, data analytics, and regulatory technology. Since 2015, MAS has already allocated 340 million Singapore dollars to drive technology and innovation adoption in the financial sector.
Ravi Menon, the managing director of MAS, expressed his enthusiasm for the new initiative, stating, With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation.
MAS’s commitment to investing in FinTech innovation will not only contribute to the growth and development of the financial sector but also position Singapore as a leading hub for technological advancements in the industry. The financial support provided through FSTI 3.0 will enable emerging companies to thrive, fostering a dynamic and thriving ecosystem that drives meaningful progress in the realm of financial technology.
By supporting projects that leverage cutting-edge technologies and facilitating collaborations between start-ups and corporate venture capital entities, MAS is primed to accelerate innovation, ensuring that Singapore remains at the forefront of the global FinTech landscape. The funding provided through FSTI 3.0 will empower entrepreneurs and innovators to transform the financial sector, ultimately benefiting businesses and consumers alike. With a strong focus on emerging technologies and industry use cases, MAS is poised to drive tangible and impactful change within the financial industry, propelling Singapore into a new era of digital innovation and growth.
