S'pore commits S$220 million to fintech sector over 3 years
The scheme will support at least 1,000 fintech internships over the next three years.
Singapore's Monetary Authority has pledged S$220 million over three years to bolster the country's fintech ecosystem, Deputy Prime Minister Gan Kim Yong announced on August 31. This investment, part of the Fourth iteration of the Financial Sector Technology and Innovation (FSTI) scheme, aims to accelerate innovation and technology adoption within the financial sector.
Gan, who also serves as Trade and Industry Minister, emphasized that the FSTI has contributed to the growth of Singapore's fintech sector, which now comprises more than 1,800 firms employing around 10,000 individuals. The renewed scheme, known as FSTI 4.0, is structured around four primary objectives: fostering innovation, accelerating the deployment of frontier technologies, enhancing technology infrastructure, and cultivating talent within the fintech ecosystem.
To achieve these goals, FSTI 4.0 will employ six distinct tracks. The Manpower track will support fintech firms in recruiting young talent through co-funded internship programs, with a target of offering at least 1,000 internships in the next three years. The Institution Project track will focus on financial institutions and fintech companies working on frontier technologies such as AI, distributed ledger technology, and quantum technology.
The AI Pathfinder track will aid in the commercialization of AI-powered fintech solutions listed on PathFin.ai, a platform operated by MAS to facilitate AI adoption among financial institutions. The Infrastructure and Platform track will fund shared systems and platforms designed to improve industry efficiency and bolster Singapore's role in setting global financial standards.
The Centre of Excellence track will attract high-value work from major global financial institutions and fintech firms, focusing on areas like AI, quantum computing, and digital assets. The MAS FinTech Awards track will maintain Singapore's status as a fintech hub through the Singapore FinTech Festival FinTech Excellence Awards and the Global FinTech Hackcelerator, with a new Scale-up Grant to assist finalists in further developing and validating their solutions.
Gan highlighted the importance of building a pipeline of young talent, given the rapid pace of change in the fintech sector, especially with the emergence of AI and other frontier technologies.
Written by urgent.news from Mothership's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
