MAS commits $220m to deepen fintech innovation

The three-year programme will support frontier tech, and financial infrastructure.

The Monetary Authority of Singapore (MAS) will commit $220m over three years to accelerate financial technology development and adoption under its renewed Financial Sector Technology and Innovation Scheme.

The fourth iteration of the programme, known as FSTI 4.0, will support financial institutions and fintech firms in developing, deploying and scaling new solutions.

Its priorities include artificial intelligence, distributed ledger technology, quantum technology and digital assets.

The scheme will operate through six tracks covering manpower, institutional projects, AI adoption, infrastructure and platforms, centres of excellence, and fintech awards.

Under the manpower track, MAS will co-fund internship stipends and support at least 1,000 fintech internship opportunities over the next three years.

A new portal managed by the Singapore FinTech Association will connect fintech firms with students from institutes of higher learning for business, technology and other roles.

The institution project track will support Singapore-based financial institutions and fintech companies developing solutions involving frontier technologies.

Meanwhile, the AI Pathfinder track will help financial institutions adopt market-ready AI solutions listed on PathFin.ai, an MAS-led platform connecting financial institutions, AI providers and other industry partners.

FSTI 4.0 will also fund industry-wide infrastructure and platforms intended to improve efficiency, productivity and innovation across the financial sector.

Its centre of excellence track seeks to anchor the innovation functions of global financial institutions and fintech firms in Singapore, particularly in AI, quantum computing and digital assets.

MAS will also introduce a Global FinTech Hackcelerator Scale-up Grant to help eligible competition finalists develop and validate their solutions, attract private investment and strengthen their presence in Singapore.

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