Singapore’s Fintech Future: MAS Commits $150M to Fuel Innovation Surge
Singapore’s financial landscape is gearing up for a revolutionary makeover as the Monetary Authority of Singapore (MAS) pledges up to S$150 million for its dynamic Financial Sector Technology and Innovation Scheme (FSTI 3.0). Designed to propel innovation and cultivate a robust fintech ecosystem, FSTI 3.0, running from August 2023 to March 2026, is set to invigorate Singapore’s position as a global fintech hub.
Under FSTI 3.0, several innovative tracks will catalyze the transformation. The Enhanced Centre of Excellence Track has been expanded to embrace corporate venture capital entities, offering funding support of up to 50% for qualifying expenses, magnifying their mentorship capacity to nurture startups.
In the Innovation Acceleration Track, MAS will issue open calls to harness the power of emerging technologies like Web 3.0 in real industry use cases. Funding will accompany these calls, bolstering trial runs and commercialization of groundbreaking solutions.
A noteworthy addition, the Environmental, Social, and Governance (ESG) Fintech Track, seeks to advance ESG-focused projects. Up to 50% funding for qualifying expenses, capped at S$500,000 per project, will nurture innovations targeting ESG data, reporting, and analytics needs of the financial sector.
The innovation saga continues, with a focus on bolstering capabilities in Artificial Intelligence and Data Analytics (AIDA) and Regulation Technology (regtech), essential for both incumbent players and digitally nascent firms.
Beyond funding, FSTI 3.0 is a rallying call for talent. All applicants across the tracks are mandated to allocate resources for talent development, fueling Singapore’s fintech talent pool.
As Ravi Menon, Managing Director of MAS, states, “FSTI 3.0 embodies our commitment to driving technology and innovation to advance the financial sector and enhance Singapore’s position as a global financial centre.”