Singapore pledges $112M to foster fintech and web3 innovation

The Monetary Authority of Singapore (MAS) said it would perpetrate 150 cardinal Singapore Dollars, astir $112 million, during the people of 3 years nether the renewed Financial Sector Technology and Innovation (FSTI 3.0) Scheme to enactment FinTech solutions, including Web3 projects.

According to an Aug. 7 statement, the MAS stated that the money seeks to accelerate innovation by supporting cutting-edge exertion projects nether antithetic tracks, which see the Enhanced Centre of Excellence track, the Environmental, Social, and Governance fintech track, and the Innovation Acceleration track. The innovation acceleration way covers Web3 projects.

Per the statement, idiosyncratic web3 projects would get assistance backing to enactment existent proceedings and commercialization. It added:

“MAS recognises the value of partnering with the manufacture to enactment innovative FinTech solutions arising from emerging technologies specified arsenic Web 3.0.”

Others, similar firm task superior (CVC) entities, would bask backing up to 2 cardinal Singapore Dollars, portion environmental, societal and governance (ESG) FinTech solutions would get up to 500,000 Singapore Dollars.

The regulator further stated that it would proceed supporting the adoption of artificial quality and information analytics (AIDA), and regularisation exertion (RegTech). It added:

“MAS volition absorption connected promoting AIDA adoption successful smaller fiscal firms and supporting the needs of little digitally mature firms looking to get RegTech solutions.”

Speaking connected the development, Ravi Menon, MAS’s managing director, said the Financial Sector Development Fund has awarded $340 cardinal to assorted initiatives since the FSTI program’s inception successful 2015, spawning a important boost successful the fintech sector.

Menon continued that the FSTI programme has led to the maturation of notable projects, including a ample outgo inaugural that allowed cross-border outgo with Thailand.

This determination by MAS is noteworthy arsenic it seems to beryllium a divergent attack from different important Singaporean fiscal entities similar the sovereign fund, Temasek. In July, Temasek’s main concern officer, Rohit Sipahimalani, expressed a cautionary stance towards investing successful crypto companies owed to the existent volatile regulatory environment, arsenic exemplified by the losses from its concern successful crypto speech FTX.

The station Singapore pledges $112M to foster fintech and web3 innovation appeared archetypal connected CryptoSlate.