MAS Commits S$150 Million Funding to Innovate Financial Sector

MAS Commits S$150 Million Funding to Innovate Financial Sector

by November 3, 2022

The Monetary Authority of Singapore (MAS) is opening a fresh round of funding for the Financial Sector Technology and Innovation Scheme (FTSI), amounting to S$150 million for the next three years.

This was announced by Lawrence Wong, Singapore’s Deputy Prime Minister, and Minister for Finance, and MAS Deputy Chairman, in his opening address at the Singapore Fintech Festival yesterday.

The FTSI was introduced in 2015 where S$100 million of funding was granted to nearly 500 projects in the first round. The second tranche saw S$200 million awarded to more than 1,000 projects.

Lawrence Wong, Deputy Chairman of MAS and Minister for Finance

Lawrence Wong

“The scheme has generated many positive outcomes – it has helped to anchor new digital asset ecosystem players, as well as catalysed industry efforts to adopt cutting-edge technologies,”

Wong said.

“More than 200 jobs have been created with the setting up of new innovation labs, and the scheme has also supported the growth of young start-ups into technology players with a strong nexus to financial services.”

This upcoming third round will see a consolidation of several tracks while maintaining focus on key areas such as artificial intelligence (AI), analytics, cyber security, and regtech. New focus areas will also be introduced, such as ESG fintech.

The funding will also invest in the next generation of Centres of Excellence to develop tools for emerging domains like Web 3.0.

Wong said further details would be released in the first quarter of next year.

The FSTI is part of Singapore’s drive to encourage pushing the frontiers of innovation and technology and continuing to harness its full potential for the financial industry.