Singapore to invest S$220 million in fintech innovation

The Monetary Authority of Singapore (MAS) has announced a S$220 million investment over the next three years to bolster the nation’s fintech ecosystem. This initiative is part of the fourth iteration of the Financial Sector Technology and Innovation (FSTI 4.0) scheme.

The program is designed to accelerate the development and adoption of financial technologies, with a specific focus on frontier technologies such as artificial intelligence, distributed technology, and quantum technology. Key objectives include scaling innovation activities within Singapore, developing robust technological infrastructure, and nurturing industry talent.

To support the workforce, the manpower track of the scheme aims to facilitate at least 1,000 fintech internship opportunities through co-funded stipends and a dedicated internship portal. Deputy Prime Minister and MAS Chairman Gan Kim Yong emphasized the importance of capturing new growth opportunities presented by emerging technologies to maintain Singapore’s competitiveness in the global financial sector.