SINGAPORE - The Monetary Authority of Singapore is stepping up its support for fintech here, by committing $250 million in the second edition of a scheme to speed up technology adoption and innovation-driven growth in the local financial sector.
Funded by the Financial Sector Development Fund, FSTI 2.0 aims to invigorate the culture of innovation in Singapore, catalyse the implementation of innovative solutions, and deepen the cybersecurity capabilities in the financial sector. The higher funding support will enable financial institutions and fintech firms to undertake larger-scale POC projects to experiment, develop and deploy innovative solutions, empowered by emerging technologies.
The central bank also will raise the maximum funding quantum for all qualifying AI projects under the Artificial Intelligence and Data Analytics Grant from $1 million to $1.5 million, to provide greater impetus for financial institutions to implement ground-breaking and innovative AI solutions.