The Monetary Authority #Singapore (MAS) has committed $112 million to support technology solutions like #Web3 . In an announcement MAS has emphasised that this money will be used for 3 years.
This is around the time of the new financial sector technology and innovation (FSTI) programme. The plan aims to “accelerate and increase innovation” in advanced technologies.
The new innovation plan includes several pathways such as the Advanced Centers of Excellence pathway. Along with that is the Environment, Society and Governance fintech roadmap. Also included is the Innovation Acceleration roadmap, including Web3.
MAS has recognized the importance of supporting “innovative fintech solutions”. Solutions will come from emerging technologies such as Web3. MAS wrote:
“MAS will conduct a call for the use of innovative technologies in industry use cases. Funding will be provided to support field trials and commercialization.”
Objectives of MAS
#MAS noted that the new plan will continue to support the adoption of artificial intelligence. Along with that comes data analytics and regulatory technology (RegTech). The central bank will also focus on driving adoption and supporting digitally immature companies looking to purchase RegTech solutions.
Furthermore, candidates across various tracks must allocate resources to develop talent. This will help strengthen the fintech talent pool in Singapore.
Ravi Menon, chief executive of MAS, said in the announcement that the financial sector development fund has awarded $340 million as part of the FSTI program since 2015. According to the chief executive, this is aimed at The aim is to promote innovation and adoption of new technology in the financial sector.
