**Singapore Boosts Fintech with $74M for Quantum Computing and AI**

Singapore's Monetary Authority (MAS) has committed $74.36 million (100 million SGD) to enhance the nation's finance sector through quantum computing and AI. This funding aims to help local financial institutions establish quantum computing infrastructure and accelerate AI development.

Key Points:

- MAS introduced the Financial Sector Technology and Innovation Scheme (FSTI 3.0) in 2022.

- The new funds add to an initial $111.5 million commitment.

- Financial institutions can receive up to 50% co-funding for quantum computing projects and 30% for quantum-based cybersecurity solutions.

- Part of the fund will support AI innovation centers for model development and deployment.

The first AI pilot will focus on fraud detection, involving banks, tech providers, and public agencies. The FSTI scheme runs until March 2026, with potential extensions based on its impact.

In related news, MAS recently granted regulatory approval to Paxos, allowing it to launch a stablecoin in collaboration with DBS, Southeast Asia’s largest bank.