The central bank of Singapore has announced it will be investing approximately $112 million USD to invest in technological innovation in finance. Those resources will include funding for Web3 solutions.
On Monday, the Monetary Authority of Singapore (MAS) confirmed the allocation of three years of funding for the Financial Sector Technology and Innovation Scheme (FSTI). Its stated aim is to support projects on the “cutting edge” of finance.
The Third Iteration of Singapore’s FSTI
The MAS’s statement also explicitly mentions “Web 3.0,” a term used to describe the next iteration of the internet. Its definition usually encompasses a decentralized web, cryptocurrencies, self-sovereignty of data, and interoperability across platforms. In essence, a digital world that is not controlled by a handful of tech giants.
The announcement also confirms that MAS will conduct open calls for projects. Allowing Singaporean and…
