The Monetary Authority of Singapore (MAS) recently reaffirmed its commitment to promoting technological innovation within the financial sector with the introduction of the latest version of the Financial Sector Technology and Innovation Initiative (FSTI 3.0). This initiative highlights our ongoing efforts to drive advancements and embrace new technologies in the financial industry.
below this planMAS will allocate up to $150 million over the next three years to accelerate the adoption of cutting-edge technologies and foster a thriving technology ecosystem within the industry.
FSTI 3.0 consists of three new tracks to support projects that leverage new technologies and have regional impact.
The Monetary Authority of Singapore (MAS) will commit up to $150 million over three years under its refreshed Financial Sector Technology and Innovation Initiative (FSTI 3.0).
Learn more here: https://t.co/tqZNBVQCIw#MASNews #FSTI3 #fintech #SGEEconomy pic.twitter.com/NIAJF8I1kv
— MAS (@MAS_sg) August 7, 2023
Improved Center of Excellence track
This funding will enable CVC to provide strong mentorship and support to startups, fostering the growth and development of resilient and viable business models.
The Enhanced Center of Excellence track, previously called the Innovation Labs track, has been expanded to include corporate venture capital (CVC) firms. Under this programme, CVC’s eligible costs will be financed up to 50%, up to S$2 million per project. This funding initiative aims to help CVCs provide strong mentorship and support to startups to accelerate their growth and foster the creation of sustainable and successful business models.
Innovation Acceleration Track
MAS’ Innovation Acceleration Track recognizes the importance of collaboration with industry and is launching an open call to solicit proposals to leverage cutting-edge technologies in specific industries. Grants will be provided to support the implementation and real-world testing of FinTech solutions derived from emerging technologies such as Web 3.0.
Environmental, Social, and Governance (ESG) Fintech Track
The ESG Fintech track is designed to foster widespread adoption of ESG fintech solutions by providing funding to projects focused on addressing the ESG data, reporting and analytics needs of the financial sector.
Eligible projects can receive up to 50% of eligible costs, up to a maximum of S$500,000 per project, to facilitate the development and implementation of these initiatives.