The Monetary Authority of Singapore (MAS) has pledged to invest up to S$150 million over the next three years to bolster technology and innovation within the financial sector.

This commitment is part of the newly introduced Financial Sector Technology and Innovation Scheme (FSTI 3.0), which aims to accelerate innovation by endorsing projects that leverage state-of-the-art technologies or have a regional connection.

A significant highlight of FSTI 3.0 is the Innovation Acceleration track.

Recognizing the potential of emerging technologies like Web 3.0, MAS plans to hold open calls for innovative technology applications in real-world industry scenarios.

Successful projects will receive grant funding to support their trials and move toward commercialization.

Additionally, the Enhanced Centre of Excellence track, previously known as the Innovation Labs track, will now extend its grant funding to corporate venture capital (CVC) entities.

With funding support covering up to 50% of qualifying expenses and a maximum of S$2 million per project, this initiative aims to empower CVCs to mentor and support startups, helping them scale and establish sustainable business models.

Furthermore, the Environmental, Social, and Governance (ESG) FinTech track has been introduced to encourage the creation and implementation of fintech solutions that cater to the ESG data, reporting, and analytics requirements of the financial sector.

MAS also plans to continue its support for advanced capability development in areas like Artificial Intelligence and Data Analytics (AIDA) and Regulation Technology (RegTech).

Also Read: Cryptic Messages And $73M In Outflows: Authorities Apprehend, Detain Huobi Execs

A particular emphasis will be placed on promoting AIDA adoption among smaller financial entities and assisting less digitally advanced firms in integrating RegTech solutions.

All participants in the scheme will be expected to allocate resources towards nurturing talent, thereby enhancing Singapore's fintech talent pool.

Reflecting on the journey since 2015, Ravi  Menon, Managing Director of MAS, said, “The Financial Sector Development Fund (FSDF) has awarded $340 million as part of the FSTI program to drive the adoption of technology and innovation in the financial sector… With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation.”

Read Next: GOP Candidate Francis Suarez, Backer Of Failed Miami Coin, Wants Your Donations In Bitcoin

Join Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock