Monetary Authority of Singapore (MAS) will commit SGD250 million over the next three years to accelerate technology and innovation-driven growth in the financial sector.
Under the enhanced Financial Sector Technology and Innovation Scheme (FSTI 2.0), there will be additional support for large-scale innovation projects, as well as initiatives to build a stronger pipeline of Singaporean talents in FinTech.
Ravi Menon, Managing Director, MAS, annouced FSTI 2.0 at the “Singapore FinTech Festival: Green Shoots Series” on Thursday, August 13.
Over the next few years, MAS will double the maximum funding quantum, from SGD200,000 to SGD400,000, under the Proof-of-Concept (POC) Grant. The maximum funding support will be increased from 50 per cent to 70 per cent of qualifying project cost.
The central bank will also raise the maximum funding quantum for all qualifying AI projects under the Artificial Intelligence and Data Analytics (AIDA) Grant – from SGD1 million to SGD1.5 million. This will provide greater impetus for financial institutions to implement ground-breaking and innovative AI solutions.
In addition, MAS will co-fund existing innovation labs for new Singaporean hires to encourage the expansion of existing labs and groom Singaporean talent.
Furthermore, all new projects under the Financial Institution-Level Projects, Industry-Wide Projects and AIDA Tracks will now qualify for funding support for capability transfer-related training costs. Such training costs include expenses incurred to engage specialists to train the local talent pool, and expenses incurred to send local employees for overseas trainings.
These will help to support workforce transformation in the financial sector and to accelerate skills and knowledge transfer to Singaporean talents.