Business News Report
August 07, 2023

Singapore’s MAS Allocates $112 Million to Boost FinTech Innovation

Singapore’s MAS Allocates $112 Million to Boost FinTech Innovation

Singapore’s money authority (MAS) has announced it will spend up to S$150 million (about US$112 million) in three years for a new plan to help FinTech ideas. The program called FSTI 3.0 aims to accelerate and strengthen innovation by funding projects that use new technologies like Web 3.0.

FSTI 3.0 will introduce three new tracks to support innovative FinTech solutions in Singapore:

  • Enhanced Centre of Excellence track will expand the scope of grant funding to include corporate venture capital (CVC) entities. CVCs play a crucial role in identifying and nurturing the next generation of FinTech start-ups. The grant funding will empower CVCs to provide mentorship and support, helping startups to scale up and build viable business models.
  • Innovation Acceleration track. Collaborating within the industry is crucial to foster innovative FinTech solutions that emerge from technologies like Web 3.0. To achieve this, MAS will conduct open calls.
  • Environmental, Social, and Governance (ESG) FinTech track aims to support developing and deploying projects that address ESG data, reporting, and analytics needs. It spurs the adoption of ESG FinTech solutions and makes the financial sector more sustainable.

In addition, FSTI 3.0 supports advanced capability development and adoption in areas like Artificial Intelligence and Data Analytics (AIDA) and Regulation Technology (RegTech). Besides, MAS will promote AIDA adoption in smaller financial firms and help less digitally mature firms acquire RegTech solutions.

MAS has been cautious about cryptocurrency since 2013. In 2017, the MAS issued clarifications stating that ICOs must adhere to securities laws if they are structured as securities. The authority also cautioned the public about the speculative nature of cryptocurrency prices and emphasized the absence of regulatory safeguards for investments in cryptocurrencies.

In 2022, following several crypto-related collapses, MAS introduced measures to restrict the marketing and advertising of crypto services and released consultation papers proposing regulatory measures for digital payment token services and stablecoin-related activities.

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About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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