MAS to invest US$111 million for fintech innovation

The Monetary Authority of Singapore (MAS) said it will be investing US$111 million (S$150 million) over three years to boost innovation in financial sector.

It aims to support projects that involve the use of technologies under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0).

The FSTI 3.0 scheme has introduced various tracks like the Enhanced Centre of Excellence to offer grants for entities at a cap of US$1.49 million (S$2 million) per project.

MAS said this funding will nurture corporate venture capital firms to mentor and assist start-ups, enabling them to scale and develop resilient business models.

Additionally, the innovation acceleration track pushes for collaborating with industry partners to identify innovative FinTech solutions and conduct open calls for their use in industry use cases.

“Grant funding will support actual trials and commercialisation of these solutions,” the bank said.

The FSTI 3.0 will also continue to support advancing and adopting technologies such as Artificial Intelligence and Data Analytics (AIDA) and Regulation Technology (RegTech).

In specific, MAS will focus on promoting AIDA adoption in smaller financial firms and supporting the needs of less digitally mature firms seeking RegTech solutions.

Ravi Menon, the Managing Director of the MAS said the bank is now looking to renew its collaboration with the industry post successful strengthening of digital capabilities through FSTI 1.0 and FSTI 2.0.

The central bank has piloted many transformative technology projects like SGFinDex, Purpose Bound Money, Responsible AI, green and sustainable finance through Project Greenprint, as well as large payment initiatives such as the cross-border payment linkage with Thailand, he added.

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