Singapore Commits $112M to Support Web3 Fintech Solutions

• Singapore’s central bank, the Monetary Authority of Singapore (MAS), has announced that it is committing up to 150 million Singapore dollars (around $112 million) to support various financial technology solutions like Web3.
• The new innovation scheme includes several tracks like the Enhanced Centre of Excellence track, the Environmental, Social and Governance fintech track and the Innovation Acceleration track, which covers Web3.
• MAS will focus on promoting adoption and supporting firms that are less mature digitally that are looking to acquire RegTech solutions.

Singapore Commits $112M to Support Fintech Solutions

The Monetary Authority of Singapore (MAS), the country’s central bank, has committed up to 150 million Singapore dollars (around $112 million) to support various financial technology solutions like Web3 over a three year period under its renewed Financial Sector Technology and Innovation (FSTI) scheme.

New Innovation Scheme Includes Several Tracks

The new innovation scheme includes several tracks such as the Enhanced Centre of Excellence track, the Environmental, Social and Governance fintech track and the Innovation Acceleration track, which covers Web3. MAS highlighted that partnering with industry players is key in order to support innovative fintech solutions from emerging technologies like Web3.

Focus On Promoting Adoption Of Solutions

Apart from these initiatives, MAS noted that they would continue supporting adoption in areas like artificial intelligence, data analytics and regulation technology (RegTech). Additionally, MAS will focus on promoting adoption and supporting firms that are less mature digitally that are looking to acquire RegTech solutions. They also plan on allocating resources for talent development in order to strengthen their fintech talent pool within Singapore.

Managing Director Ravi Menon On FSTI Program

Ravi Menon, Managing Director at MAS said in an announcement regarding this program “The financial sector development fund has awarded $340 million as part of the FSTI program since 2015”. This reflects upon how important this initiative is for them since 2015 when they first started this program until now when they are renewing it with more funds allocated towards it for further success in their mission statement for technological advancement in their local economy.

Conclusion

To conclude this article authorities have recognized how important it is for them to partner up with industry players due to such rapid advancements made by emerging technologies being adopted today by many different companies globally across multiple industries including but not limited too finance itself; which is why so much funding was allocated towards this area specifically with hopes of stimulating more research into future tech advancements so countries can benefit from them too!