- Project Sela, a CBDC venture, combines private sector agility with central bank oversight.
- The introduction of “Access Enablers” promises heightened competition and reinforced security.
The Monetary Authority of Singapore (MAS) has pledged up to 150 million Singapore dollars (approximately $112 million) to improve financial technology solutions and adopt cutting-edge technologies. The revamped Financial Sector Technology and Innovation (FSTI) scheme will distribute this large commitment over three years.
The FSTI scheme supports projects that use emerging technologies, particularly Web3, to accelerate and strengthen innovation. The Enhanced Centre of Excellence track, Environmental, Social, and Governance fintech track, and Innovation Acceleration track—which includes Web3—are part of this new innovation scheme.
MAS supports innovative fintech solutions based on emerging technologies like Web3 to collaborate with industry players. The central bank plans to hold open calls for innovative technology use cases in industry and provide grant funding for trials and commercialization.
In addition to Web3 solutions, MAS has supported AI, data analytics, and RegTech. The central bank wants to encourage adoption and help digitally immature firms buy RegTech solutions.
The new scheme encourages applicants across tracks to invest in talent development, strengthening Singapore’s fintech talent pool. By developing local talent, the country hopes to strengthen its fintech hub status and attract more investment.
MAS managing director Ravi Menon stressed the importance of the financial sector development fund, which has awarded $340 million under the FSTI program since 2015. This large investment aims to boost financial sector innovation and technology adoption.
Singapore cements its position as a global fintech leader with this significant commitment to fintech innovation. The funding is expected to spur innovation and attract tech-savvy entrepreneurs and industry leaders to the nation’s fintech ecosystem.