The Monetary Authority of Singapore (MAS) is set to invest around $110 million (150 million Singaporean dollars) in FinTech, with plans to help fund emerging technology like Web3.
Under FSTI 3.0, its Financial Sector Technology and Innovation Scheme, the authority said the investment would be made over the course of three years and aims to drive innovation by supporting projects that involve the use of “cutting-edge technologies”.
MAS’ Enhanced Centre of Excellence track will see the scope of grant funding expanded to include corporate venture capital entities. With funding support of up to 50 per cent of qualifying expenses, funding will be capped at a maximum of around $1.5 million per project.
Under its Innovation Acceleration track, MAS said it recognises the importance of partnering with the industry to support “innovative FinTech solutions" and that it would conduct open calls for the use of innovative technologies in industry use cases.
With a funding cap of around $370,000, MAS’ Environmental, Social and Governance (ESG) track is intended to spur adoption of ESG FinTech solutions and aims to support the development and deployment of projects that address ESG data, reporting, and analytics needs of the financial sector.
Noting that its Financial Sector Development Fund (FSDF) has awarded $340 million as part of the previous FSTI programmes since 2015, MAS said it “looks forward to continued collaboration with the industry to advance purposeful financial innovation” under FTSI 3.0.
Latest News
-
What’s in store for financial technology in 2025?
-
The most-read FStech stories of 2024
-
US consumer protection agency sues trio of banks over $870m fraud losses
-
Jumia boosts digital payments with new PalmPay partnership
-
ING appoints new CISO
-
Chorley Building Society to revamp core banking as part of digital transformation
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories