Singapore’s Monetary Authority (MAS) has announced a commitment of up to S$150 million over three years to foster technology and innovation in the financial sector. This initiative, known as the Financial Sector Technology and Innovation Scheme (FSTI 3.0), was revealed on August 7, 2023, and aims to accelerate and strengthen innovation within the industry.
Key Components of FSTI 3.0
Enhanced Centre of Excellence Track: Previously referred to as the Innovation Labs track, this component will now include corporate venture capital (CVC) entities. The funding support will cover up to 50% of qualifying expenses, capped at S$2 million per project. This will enable CVCs to mentor and support start-ups, helping them scale and develop resilient business models.
Innovation Acceleration Track: Recognizing the importance of emerging technologies like Web 3.0, MAS will conduct open calls for innovative technologies in industry use cases. Grant…
