MAS commits $106m to develop Singapore financial sector

The Monetary Authority of Singapore (MAS) has committed to investing S$150 million (US$106 million) for the Financial Sector Technology and Innovation Scheme (FSTI) over the next three years.

MAS deputy chairman Lawrence Wong / Photo credit: GIC

FSTI was introduced in 2015 to innovate the country’s financial sector. Since then, the government has provided two rounds of funding, with the first amounting to S$100 million (US$70 million) and granted to nearly 500 projects. In the second round, the government committed over S$200 million (US$141 million) in funding, which was distributed to more than 1,000 projects.

“The scheme has generated many positive outcomes – it has helped to anchor new digital asset ecosystem players, as well as catalyzed industry efforts to adopt cutting edge technologies,” said Lawrence Wong, Singapore’s deputy prime minister and minister of finance as well as MAS’ deputy chairman, at the Singapore Fintech Festival 2022.

Wong added that FSTI has created more than 200 jobs and supported the growth of new startups.

The newest funding will help the government consolidate the tracks within the FSTI program while maintaining focus on key industries like AI, analytics, regtech, and cybersecurity.

The government will release more details in the first quarter of next year, said Wong.

This year’s Singapore Fintech Festival also sees the piloting of purpose-bound digital Singapore dollars by StraitsX and Grab. Holders of these digital vouchers can use them to make purchases at selected outlets in the event.

See also: UST, lies, and Hodlnaut: How a rising star fell back to earth

Currency converted from Singapore dollar to US dollar: US$1 = S$1.42.