Singapore to invest US$173m over 3 years to boost fintech innovation
Singapore will commit S$220 million (US$173 million) over three years to boost its fintech sector, including co-funding at least 1,000 internships in a strong push to build talent for AI and other emerging technologies. The funds come under the latest iteration of the Financial Sector Technology and Innovation Scheme (FSTI), which aims to strengthen the country’s fintech space and accelerate…
Singapore plans to invest US$173 million over a three-year period to bolster its fintech sector, as outlined in the latest iteration of the Financial Sector Technology and Innovation Scheme (FSTI 4.0). This funding will be used to co-fund at least 1,000 internships, focusing on developing talent in AI and other emerging technologies.
The scheme aims to strengthen Singapore's fintech space and accelerate innovation and technology adoption in the financial industry, which currently has over 1,800 firms employing nearly 10,000 professionals. Deputy Prime Minister and MAS chairman Gan Kim Yong emphasized the importance of building a talent pipeline, particularly in the rapidly evolving fintech sector, where AI and other frontier technologies are crucial for growth.
The internship program, managed through a new portal by the Singapore FinTech Association, will provide students with opportunities to work on real-world problems and develop skills at the intersection of finance, technology, data, and AI. While the specific allocation for internships is not disclosed, the MAS will cover up to 80% of each internship's costs.
Holly Fang, president of the Singapore FinTech Association, highlighted the growing anxiety among young people about AI's impact on entry-level jobs and emphasized that fintech presents opportunities for new roles created by AI. She noted the challenge faced by smaller fintech firms, which often lack the infrastructure and employer brand of larger companies, making it difficult for students to learn about job opportunities in the sector.
The FSTI 4.0 also includes tracks for AI Pathfinder, infrastructure and platforms, and centers of excellence, supporting the development of innovative financial solutions, AI deployment, and operational efficiency. Since its introduction in 2015, the scheme has supported over 350 projects, established 30 centers of excellence, and raised S$3.8 billion in funds for early-stage startups through the Global FinTech Hackcelerator.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
