MAS commits $220m to boost fintech innovation and talent over three years
It is part of a renewed scheme to build a resilient and competitive financial sector.
The Monetary Authority of Singapore (MAS) has committed $220 million to bolster financial technology (fintech) innovation and workforce development over a three-year period, as part of the fourth edition of the Financial Sector Technology and Innovation Scheme. The funding aims to deepen Singapore's capabilities in innovation, support firms in setting up specialized teams for research and product development, and assist fintechs in attracting capital, scaling internationally, and transitioning promising ideas from experimentation to commercial deployment.
The scheme will focus on four main areas: fostering Singapore's innovation capabilities, attracting capital and expanding into other markets, moving promising solutions from the experimentation stage to commercial deployment, and enhancing the talent pipeline for the financial sector. MAS will co-fund internships for young talent, creating the fintechinternships.sg portal to connect companies with students from Institutes of Higher Learning across a range of roles.
The funding will also support the development and deployment of innovative solutions using frontier technologies such as artificial intelligence (AI), distributed ledger technology, and quantum technology. An AI Pathfiner track will help financial institutions and AI solution providers collaborate and scale market-ready AI fintech solutions. Additionally, a centre of excellence track will encourage companies to establish centers in Singapore to test-bed innovative technologies like AI and quantum computing.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
