Singapore commits $170 million over three years to drive fintech innovation
Fintech investments in Singapore hit S$2.9 billion last year. The country is currently home to more than 1,800 fintech firms, employing close to 10,000 individuals.
Singapore is investing $170 million over three years to bolster its fintech sector, according to the Monetary Authority of Singapore. The $172.83 million commitment is part of the fourth iteration of the Financial Sector Technology and Innovation Scheme (FSTI 4.0), launched in 2015. The financial sector in Singapore is highly competitive, with the city-state aiming to stay ahead of global rivals such as Hong Kong.
Fintech investments in Singapore reached $2.9 billion last year, and the country hosts over 1,800 fintech firms, employing nearly 10,000 people. FSTI 4.0 seeks to foster the development and deployment of financial technologies, including frontier technologies, while also enhancing technology infrastructure and talent development in the fintech industry.
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