The Monetary Authority of Singapore (MAS) has announced that it will commit up to S$150 million over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0). FSTI 3.0 will comprise the following new tracks:
- Enhanced Centre of Excellence track – Formerly known as the Innovation Labs track, the scope of grant funding will be expanded to include corporate venture capital (CVC) entities, at funding support of up to 50% of qualifying expenses, capped at S$2 million per project.
- Innovation Acceleration track – MAS recognises the importance of partnering with the industry to support innovative FinTech solutions arising from emerging technologies such as Web 3.0. MAS will conduct open calls for the use of innovative technologies in industry use cases.
- Environmental, Social and Governance (ESG) FinTech track.
FSTI 3.0 will continue to support advanced capability development and adoption in key areas such as Artificial Intelligence and Data Analytics (AIDA), and Regulation Technology (RegTech).
Ravi Menon, Managing Director, MAS, said, “Since 2015, the Financial Sector Development Fund (FSDF) has awarded $340 million as part of the FSTI programme to drive the adoption of technology and innovation in the financial sector. With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation.”