The $100 million falls under MAS’s Financial Sector Technology and Innovation Grant Scheme (FTSI 3.0), launched in 2023, which had an initial commitment sum of $150 million. FTSI 3.0 aims to fund FIs and their projects in the space of AI, regulatory tech and environmental, social and governance fintech.
Singapore’s central bank and regulator is getting serious about AI and quantum computing — and it is putting money where its mouth is. The Monetary Authority of Singapore (MAS) says it will provide an additional $100 million in funding support to help financial institutions (FIs) in their pursuit of artificial intelligence (AI) and quantum projects and capabilities.
Leong Sing Chiong, deputy managing director of the markets and development group at MAS, says this sum will come from MAS’s Financial Sector Development Fund. “We are earmarking additional funds to support both quantum and AI initiatives,” says Leong at a July 18 media biefing.
