We are creating some awesome events for you. Kindly bear with us.

MAS to Give S$250 Million to Accelerate Innovation and Technology in Financial Sector

Monetary Authority Singapore Logo
Monetary Authority Singapore

The Monetary Authority of Singapore (MAS) announced that it will commit S$250 million over the next three years under the enhanced Financial Sector Technology and Innovation Scheme (FSTI 2.0) to accelerate technology and innovation driven growth in the financial sector.

The launch of FSTI 2.0 was announced by Mr Ravi Menon, Managing Director, MAS, at the “Singapore FinTech Festival: Green Shoots Series”. FSTI 2.0 will introduce several enhancements to support innovation in the financial sector.

FSTI 2.0 also aims to strengthen support for large-scale innovation projects, and build a stronger pipeline of Singaporean talents in FinTech.

Increased Funding for early stage technology ventures

MAS 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.

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.

Advancing the use of Artificial Intelligence within the financial sector

MAS will raise the maximum funding quantum for all qualifying AI projects under the Artificial Intelligence and Data Analytics (AIDA) Grant from S$1 million to S$1.5 million, to provide greater impetus for financial institutions to implement ground-breaking and innovative AI solutions.

In addition, MAS will introduce a new AIDA-Lite track, providing half the funding quantum of the AIDA track. With AIDA-Lite, financial institutions will be able to obtain funding support to adopt proven AI solutions to enhance their operations.

Reinforcing the FinTech talent pipeline in Singapore

MAS will co-fund existing innovation labs for new Singaporean hires to encourage the expansion of existing labs and groom Singaporean talent.

All new projects under the Financial Institution-Level Projects, Industry-Wide Projects and AIDA Tracks will now qualify for funding support for capability transfer-related training costs.

Training costs include expenses incurred to engage specialists to train the local talent pool, and expenses incurred to send local employees for overseas trainings.

These training programmes will help to support workforce transformation in the financial sector and to accelerate skills and knowledge transfer to Singaporean talents.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend