Singapore Is A New Fintech Capital
DEALSTREETASIA: The Monetary Authority of Singapore (MAS) has committed S$225 million ($166.48 million) over the next five years, to growing the fintech segment of the startup ecosystem in Singapore. MAS’s managing director, Ravi Menon, revealed that this was a part of the Financial Sector Technology & Innovation (FSTI) scheme during a speech at the Global Technology Law Conference.
Financial backing through FSTI is intended to drive a fintech ecosystem, in addition to building the technology skills among the country’s workforce, he said. He also noted the growth of digital payment systems in emerging markets, citing the launch of Kenyan venture M-Pesa. Read the full article
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