The Monetary Authority of Singapore Commits up to $112M to Support FinTech Innovation Using Emerging Technologies, Including Web3

The Monetary Authority of Singapore (MAS) has announced that they are willing to commit up to S$150 million (around $112 million USD) to support projects using innovative technologies, including Web3.

The funds will be used over the next 3 years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0) to help various tech projects while promoting a diverse technology ecosystem for the financial sector, with FSTI 3.0 featuring 3 new tracks: Enhanced Centre of Excellence track, Innovation Acceleration track, and the Environmental, Social and Governance (ESG) FinTech track.

Previously known as the Innovation Labs track, the Enhanced Centre of Excellence track has been expanded in terms of grant funding in order to include corporate venture capital entities. This track contains funding support of “up to 50% of qualifying expanses,” locked at S$2 million per project. Through this track, corporate venture capitalists will be able to provide support and mentorship to accepted startups, helping companies develop strong business models.

The Innovation Acceleration track is about supporting innovative fintech solutions that come as a result of various emerging technologies, such as Web3. In this track, the MAS will look to “conduct open calls” on using cutting-edge technologies in industry use cases, with grant funding set to be given in order to support “actual trial and commercialization.”

As for the ESG track, the goal is to promote the adoption of ESG fintech solutions, which means that the MAS will look to support projects that cater to the needs of the financial sector in terms of ESG data, reporting, and analytics. Funding support is set to up to 50% of qualifying expenses, maxed at S$500k per qualifying project.

For more details, be sure to check out the official announcement found linked in the tweet down below.