The Monetary Authority of Singapore (MAS) announced an additional commitment of S$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to support the development of quantum and AI technologies within the financial sector.
This investment aims to advance innovation and adoption of these technologies in financial services.
MAS is collaborating with the National Quantum Office, following the National Quantum Strategy announced in May 2024 by Deputy Prime Minister Heng Swee Keat.
A Quantum track will be established under FSTI 3.0 to build quantum capabilities in Singapore.
The Quantum track includes three grants including the Technology Centres grant, which supports the establishment of quantum computing and security innovation functions in Singapore by providing funding for manpower and infrastructure expenses for 24 months.
Meanwhile, the Technology Innovation grant, which supports the adoption of quantum technology solutions by financial institutions by providing up to 50% co-funding for impactful institutional use cases and industry-wide problem-solving projects;
Lastly, the Security grant, which enhances cybersecurity readiness for the quantum era by offering up to 30% funding for projects exploring Post-quantum Cryptography (PQC) and Quantum Key Distribution (QKD).
MAS will also collaborate with educational institutes and the Institute of Banking and Finance on talent development initiatives for the financial sector to support the development of quantum capabilities.
In parallel, MAS is enhancing the existing AI and data grant scheme under FSTI 3.0 to support the progressive adoption of AI technologies. This includes bolstering financial institutions’ development and deployment of AI technologies in Singapore.
MAS will support financial institutions in establishing AI innovation centres in Singapore for a range of functions including AI model building and training, deployment of AI models for high-impact use cases, governance and risk management, as well as testing and monitoring.
Additionally, MAS will develop AI platforms to address industry-wide use cases. This involves the development of frameworks and platforms for policies and protocols that enable secure and privacy-protected data exchange where financial institutions can collaborate on industry-wide use cases.
For example, MAS has identified scam and fraud detection as a use case for the first pilot project, and will work with banks, technology solution providers, and public agencies on this.
The funding will support projects that accelerate the development of industry-wide AI solutions and high-impact use cases.
Further details on these initiatives will be announced in the coming months.
Featured image credit: Edited from Freepik