The Monetary Authority of Singapore will invest up to S$150 million in the next three years in the Financial Sector Technology and Innovation Scheme. This effort aims to boost innovation by backing up projects that use advanced technologies or have a regional focus.
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“FSTI 3.0 seeks to accelerate and strengthen innovation by supporting projects that involve the use of cutting-edge technologies or with a regional nexus, while doubling down on MAS’ commitment to promoting a vibrant technology ecosystem for the financial sector,” said the authority in a press statement.
The enhancement will focus on the following tracks:
- Enhanced Centre of Excellence Track, formerly known as the Innovational Labs track. The funding will include corporate venture capital units to fund 50% of identified expenses capped at S$2 million per project.
- Innovation Acceleration Track to open calls for the use of technologies in practical scenarios. This grant funding will facilitate commercialization and trials.
- Environmental, Social, and Governance (ESG) FinTech track to assist in the creation and implementation of projects aimed towards ESG data, reporting, and analytics in the financial sector. Maximum funding for this is S$500,000 per project.
“FSTI 1.0 and 2.0 helped strengthen the digital capabilities of financial institutions which served them and their customers through the COVID pandemic. With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation,” shared Ravi Menon, MAS Managing Director.
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