News

Singapore Invests Another $75 Million To Become “Global Fintech Hub”

With an aim to become a "global Fintech hub," the Monetary Authority of Singapore (MAS) announced a 100 million Singaporean dollars ($74.36 million) investment into quantum computing and artificial intelligence (AI) initiatives.

By Alex Ioannou

Last Updated: Jul 23, 2024

The Monetary Authority of Singapore's latest $74 million investment highlights its drive to become a Fintech hub with AI and Quantum Computing at the forefront.

With an aim to become a “global Fintech hub,” the Monetary Authority of Singapore (MAS) announced a 100 million Singaporean dollars ($74.36 million) investment into quantum computing and artificial intelligence (AI) initiatives.

The investment from MAS will go into its Financial Sector Technology & Innovation Scheme (FSTI 3.0).

This latest investment from Singapore’s MAS comes after initial $110 million in cash which was injected in August 2023.

What is Singapore’s FSTI 3.o?

The FSTI 3.0 was created in 2022 with an aim to strengthen Singapore’s bid to become a global powerhouse within fintech.

This particular cash injection has been made to help local financial institutions establish quantum computing infrastructure and speed up AI development and adoption.

MAS originally committed 150 million Singapore dollars (around $110 million) over a three-year period. This latest 100 million Singapore dollar investment is in addition to that.

The FSTI 3.0 scheme is live until March 2026. It is likely that the Singaporean government may consider extending the scheme based on its impact on the island nation’s fintech landscape.

Quantum Computing Advancement: A Priority For Singapore

Financial institutions deemed eligible by MAS will receive up to 50% funding for the construction of quantum computing technology centres.

Additionally, firms building quantum-based cybersecurity solutions will be eligible for up to 30% co-funding.

In a press release regarding the investment, the regulator said, “Quantum technology is a rapidly advancing field that holds significant potential to transform the financial industry and broader economy. MAS has been collaborating with the National Quantum Office following the announcement of the National Quantum Strategy by Deputy Prime Minister Heng Swee Keat in May 2024. MAS will establish a Quantum track under FSTI 3.0 to support financial institutions’ interests to build quantum capabilities in Singapore.”

EXPLORE: 99Bitcoins Presale Smashes $2.5M Raised: Discover Ultimate Stacks (STX) Beta Play After SEC Drop Investigation

MAS To Build AI Centres, Pilot Project Will Combat Growing Cyber-Crime

The other part of the fund will be used for building AI innovation centres.

The AI centres will facilitate the building of AI models, to be trained and deployed across various use cases. One such use case being prioritised is cyber-security.

MAS identified scam and fraud detection as a use case for the first pilot project. It will work with banks, technology solution providers and public agencies on this. The funding will support projects that accelerate the development of industry-wide AI solutions and high-impact use cases.

Commenting on the adoption of AI, the regulator said, “While financial institutions have been progressively adopting AI, recent technological advancements have made such tools more widely accessible and increased the pace of adoption. With the advent of Generative AI, financial institutions have embarked on initiatives to map the technology’s opportunities and risks, and have begun piloting it across a range of use cases.”

“Nevertheless,” MAS pointed out, “the level of AI-readiness and adoption varies across financial institutions in Singapore.”

 

 

EXPLORE: 17 New Binance Listings in 2024 with 10x Potential

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer Icon
Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Free Bitcoin Crash Course

  • Enjoyed by over 100,000 students.
  • One email a day, 7 days in a row.
  • Short and educational, guaranteed!

Why you can trust 99Bitcoins

10+ Years

Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.

90hr+

Weekly Research

100k+

Monthly readers

50+

Expert contributors

2000+

Crypto Projects Reviewed

Google News Icon
Follow 99Bitcoins on your Google News Feed
Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!
Subscribe now
Alex Ioannou
Alex Ioannou
On-Chain Journalist

Alex is an aspiring writer focusing on the more degen side of the crypto world. Always on the lookout for the next hot narrative. Read More

Back to top