Singapore Central Bank to Provide $112M in Funding to Strengthen FinTech, RegTech

The Monetary Authority of Singapore (MAS) will provide SGD 150 million (USD 111.64 million) over three years to strengthen innovation across the financial technology sector. The funding, provided through the Financial Sector Technology and Innovation Scheme 3.0 (FSTI 3.0) vehicle, will be distributed across three tracks: FinTech innovation acceleration, responsible FinTech governance, and corporate venture capital-supported innovation. FSTI 3.0 will also support regulation technology, artificial intelligence and data analytics adoption across financial firms, and FinTech workforce development, the Monetary Authority of Singapore said Monday.