The Monetary Authority of Singapore (MAS) has announced a commitment of $250m in funding over the next three years under the enhanced Financial Sector Technology and Innovation Scheme (FSTI 2.0) in an effort to accelerate fintech and innovation-driven growth in the financial sector.
In an announcement yesterday, the Singaporean regulator said it will double the maximum funding quantum, from S$200,000 to S$400,000, under the Proof-of-Concept (POC) Grant, and will increase the maximum funding support from 50% to 70% of qualifying project cost.
The higher funding support will enable financial institutions and fintech firms to undertake larger-scale POC projects to experiment, develop and deploy innovative solutions, empowered by emerging technologies.
MAS also said it will co-fund existing innovation labs for new Singaporean hires to encourage the expansion of existing labs and groom Singaporean talent.
The regulator also said it is introducing a merit-based tiered funding mechanism will be introduced to replace the existing flat 50% funding support of qualifying project cost. A higher level of funding will be allocated to POC projects which demonstrate stronger merits.