Monetary Authority of Singapore to Invest SGD 150M to Promote Technological Development of Financial Sector

By: Asia Business Outlook Team | Thursday, 10 August 2023

The Monetary Authority of Singapore (MAS) announced on Aug 7 that it will invest up to SGD 150 million ($111.47 million) over three years in the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0).

According to MAS, FSTI 3.0 seeks to accelerate and strengthen innovation by supporting projects that use cutting-edge technologies or have a regional nexus, while also doubling down on MAS' commitment to promote a vibrant technology ecosystem for the financial sector.

The following new tracks will be included in FSTI 3.0:

Improved Centre of Excellence path - The scope of grant funding will be expanded to include corporate venture capital (CVC) entities, with funding support of up to 50% of qualifying expenses, capped at SGD 2 million ($1.49 million) per project.

Given the significance of CVCs in identifying and nurturing the next generation of start-ups, the funding will enable CVCs to provide strong mentorship and support to start-ups as they scale and develop resilient and viable business models.

MAS recognises the importance of collaborating with the industry to support innovative FinTech solutions arising from emerging technologies such as Web 3.0.