The Monetary Authority of Singapore commits US$112m to fintech innovation

The scheme will back venture capital organisations, emerging technologies and environmental, social and governance projects

The Monetary Authority of Singapore (MAS) has announced it will commit SGD$150m (US$112m) to a fintech innovation scheme. 

The money will be dished out over three years under the renewed project, officially called the Financial Sector Technology and Innovation scheme (FSTI 3).  

It seeks to accelerate and strengthen innovation by supporting projects that involve new technology or have a regional connection.  

The scheme will focus on three areas.  

It will provide funding to corporate venture capital organisations, which will support startups. Secondly, it will back emerging technologies, such as web3. And lastly, it will finance environmental, social and governance projects in the financial sector.   

Ravi Menon, managing director at MAS, said: “Since 2015, the Financial Sector Development Fund (FSDF) has awarded SGD$340m (US$253m) as part of the FSTI programme to drive the adoption of technology and innovation in the financial sector.” 

Projects that MAS has piloted with the industry include SGFinDex, Orchid’s Purpose Bound Money, Veritas’ Responsible AI, and green and sustainable finance through Greenprint.

“As well as large payment initiatives such as the cross-border payment linkage with Thailand”, Menon said. 

The first two iterations of the scheme helped to strengthen the digital capabilities of financial institutions through COVID, Menon mentioned.  

He added: “With FSTI 3, we look forward to continued collaboration with the industry to advance purposeful financial innovation.” 

Image: Monetary Authority of Singapore

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.