MAS Commits Up To S$150 million for Technology and Innovation in Financial Sector
Singapore, 7 August 2023… The Monetary Authority of Singapore (MAS) today 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)
2. 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
These are manpower expenses as well as rental expenses.. Given the importance of CVCs in identifying and nurturing the next generation of start-ups, the funding will enable CVCs to offer strong mentorship and support to help start-ups scale and develop resilient and viable business models.
- 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. Grant funding will be provided to support actual trial and commercialisation.
- Environmental, Social and Governance (ESG) FinTech track – To spur adoption of ESG fintech solutions, this track aims to support the development and deployment of projects that address ESG data, reporting, and analytics needs of the financial sector, at funding support of up to 50% of qualifying expenses, capped at S$500,000 per project.
3. 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). Specifically, MAS will focus on promoting AIDA adoption in smaller financial firms and supporting the needs of less digitally mature firms looking to acquire RegTech solutions. Across tracks, applicants will also be required to devote resources to talent development, in order to strengthen the Singaporean FinTech talent pool.
4. Mr Ravi Menon, Managing Director, MAS, said, “Since 2015, the Financial Sector Development Fund (FSDF)
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