MAS pledges S$150m to aid the financial sector

The scheme aims to back projects and maximise the use of technologies.

The Monetary Authority of Singapore (MAS) has revealed its plan to invest up to S$150m in the next three years for the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0). 

This initiative aims to boost innovation by backing projects that utilise advanced technologies or have a regional focus. 

“FSTI 3.0 seeks to accelerate and strengthen innovation by supporting projects that involve the use of cutting-edge technologies or with a regional nexus, while doubling down on MAS’ commitment to promoting a vibrant technology ecosystem for the financial sector,” it said in a press statement.

ALSO READ: MAS unveils revised framework to strengthen anti-ML controls in single family offices 

The enhancement will focus on new tracks such as:

• “Enhanced Centre of Excellence track” – Previously the Innovation Labs track, the grant funding will be bolstered to include corporate venture capital units which can fund up to 50% of identified expenses. This will be capped at S$2m per project.
• “Innovation Acceleration track” – MAS will initiate open calls for the utilisation of these technologies in practical industry scenarios. Grant funding will be available to facilitate real trials and commercialisation.
• “Environmental, Social and Governance (ESG) FinTech track” –  Its goal is to assist in the creation and implementation of projects that target the ESG data, reporting, and analytics requirements within the financial sector. Funding support of up to 50% of eligible costs will be available, with a maximum cap of S$500,000 per project.

“FSTI 1.0 and 2.0 helped strengthen the digital capabilities of financial institutions which served them and their customers through the COVID pandemic. With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation.” Ravi Menon, Managing Director of MAS said.