MAS to invest S$220 million in fintech innovation, targets frontier tech and talent
The funds will go towards the fourth tranche of FSTI scheme over three years
Singapore's Monetary Authority of Singapore (MAS) plans to invest S$220 million over three years to fuel fintech innovation through the fourth tranche of the Financial Sector Technology and Innovation (FSTI) scheme, according to a report on August 31. The scheme will focus on six areas: institutional innovation, artificial intelligence adoption, infrastructure and platforms, talent development, and a new manpower track.
Deputy Prime Minister Gan Kim Yong, who serves as Minister for Trade and Industry and chairman of MAS, emphasized the importance of investing in people to build a pipeline of talent in the rapidly evolving fintech industry. The manpower track will fund at least 1,000 fintech internships over the next three years, with MAS co-funding internship stipends and launching a dedicated internship portal.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
