Quick take:
- The Monetary Authority of Singapore (MAS) has launched a S$150 million approximately $112M technology and innovation fund.
- The funds will be invested over a three-year period under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0).
- The MAS will provide grants for the actual trial and commercialisation of web3 projects.
The Monetary Authority of Singapore (MAS) says it will commit S$150 million (~$112 million) to support technology and innovation in the finance sector. The new initiative will be managed under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0).
The MAS also launched a grant program that will support the actual trial and commercialisation of web3 projects in the country. Singapore has been one of the hot spots for web3 innovation, with the state investment fund Temasek investing in multiple blockchain projects.
The city-state is also home to some of the most popular web3 projects including Digital Entertainment and Asset gaming projects PlayMining.
This announcement also comes ahead of the Token2049 event scheduled to take place in Singapore in September. The annual event brings together founders and executives of leading web3 projects to share their views on the industry.
To date, the event has attracted more than 10,000 attendees and over 300 speakers. Over 5,000 companies have participated including more than 400 sponsors of the event.
The FSTI 3.0 is an expanded program that seeks to accelerate innovation in various emerging sectors.
They include the Enhanced Centre of Excellence track – Formerly known as the Innovation Labs track that will back startups up to 50% of the approved expenses, capped at a maximum of S$2 million (~$1.5 million) per project.
Then there is the Innovation Acceleration track, which seeks to partner and support innovative FinTech solutions from emerging technologies including web3.
And the Environmental, Social and Governance (ESG) FinTech track, which seeks to accelerate the adoption of ESG FinTech solutions. This track provides funding for up to 50% of qualifying expenses, capped at S$500,000 (~$373,000) per project.
Commenting on the announcement of the new fund, Mr Ravi Menon, Managing Director, MAS, said: “Since 2015, the Financial Sector Development Fund (FSDF) [3] has awarded $340 million as part of the FSTI programme to drive the adoption of technology and innovation in the financial sector.”
Among projects polluted through the FTSI scheme include the Singapore Financial Data Exchange (SGFinDex), ‘the world’s first’ public digital infrastructure for a national digital identity program.
“With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation,” added Menon.
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