MAS ramps up support for AI, quantum push in financial sector

The central bank commits $100 million under FSTI 3.0.

The Monetary Authority of Singapore (MAS) has committed up to $100 million to support the use of AI and quantum computing by financial institutions in Singapore.

The central bank said in an 18 July statement that the additional pledge is part of the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0).

MAS said it will establish a quantum track to support the development of quantum capabilities in the sector, through three grants: Technology Centres, Technology Innovation, and Security grants.

Technology Centres grant provides funding of up to 50% on manpower and other qualifying expenses related to quantum computing and security functions, for 24 months. Under the second grant, as much as 50% of co-funding aid will be provided to advance the exploration and implementation of quantum solutions.

Lastly, the Security grant offers support worth a maximum of 30% to experimentation and development of quantum technology-related pilots.

MAS also announced an enhanced AI and data grant scheme under FSTI 3.0. The central bank said support will be made available to help financial institutions establish AI innovation centres in the city-state, as well as accelerate the use of industry-wide AI solutions.