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Powering Singapore’s Financial Innovation

The Financial Sector Technology and Innovation Scheme (FSTI 3.0), which has been updated, will receive up to S$150 million over three years from the Monetary Authority of Singapore (MAS). FSTI 3.0 doubles down on MAS’ commitment to foster a thriving technological ecosystem for the financial sector while supporting initiatives that leverage cutting-edge technologies or have a regional nexus to boost and accelerate innovation.

Enhancement of the Centre of Excellence track – Formerly known as the Innovation Labs track, the corporate venture capital (CVC) firms will now be eligible for grant financing, which will cover up to 50% of their eligible costs up to a maximum of S$2 million per project.

The investment will allow CVCs to provide significant mentoring and assistance to help start-ups scale and establish robust and viable business models, which is crucial given the importance of CVCs in finding and fostering the next generation of start-ups.

Innovation Acceleration Track – MAS is aware of the value of working in tandem with the market to support cutting-edge FinTech solutions resulting from cutting-edge technology like Web 3.0. MAS will hold open calls for the application of cutting-edge technologies in business use cases. The grant money will be made available to support the commercialisation and testing phases.

The Environmental, Social, and Governance (ESG) FinTech track aims to accelerate the adoption of ESG fintech solutions by supporting the development and deployment of projects that address the financial sector’s ESG data, reporting, and analytics needs, with funding support of up to 50% of qualifying expenses, capped at S$500,000 per project.

FSTI 3.0 will continue to assist the adoption and development of new capabilities in crucial fields including regulation technology (RegTech) and artificial intelligence and data analytics (AIDA). MAS will concentrate on encouraging AIDA implementation in smaller financial institutions and assisting institutions that are less digitally advanced in their search for RegTech solutions.

The strength of AIDA rests in its capacity to quickly digest enormous amounts of financial data, allowing financial professionals to make better informed and fact-based decisions. The accuracy and depth of decision-making processes are being improved by this data-driven approach, from risk assessment to investment strategy development.

The management of risk is crucial for financial companies. These institutions can react quickly to market changes and avoid potential threats thanks to AIDA’s real-time analysis, which spots trends, abnormalities, and potential threats. AIDA simultaneously opens new investment prospects, enabling businesses to investigate and seize undiscovered potential.

Besides, financial institutions’ main fronts in the war on fraud are detection and prevention. The watchful algorithms in AIDA can quickly spot unusual transaction patterns, efficiently identifying and stopping potential fraud. This proactive approach protects the institution and its clients against financial misdeeds. Further, to expand the Singaporean FinTech talent pool, candidates will also be expected to invest resources in talent development across all tracks.

According to Ravi Menon, the Managing Director of MAS, the Financial Sector Development Fund (FSDF) has given out S$340 million since 2015 as part of the FSTI initiative to encourage the financial sector’s use of technology and innovation.

SGFinDex, Project Orchid’s Purpose Bound Money, Project Veritas’ Responsible AI, green and sustainable finance through Project Greenprint, and large payment initiatives such as the cross-border payment linkage with Thailand are among the transformative technology projects that MAS has piloted with the industry.

Notably, FSTI 1.0 and 2.0 aided in the strengthening of the digital capabilities of financial institutions that serviced them and their customers throughout the COVID-19 pandemic. With FSTI 3.0, MAS hopes to continue working with the industry to develop purposeful financial innovation.

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.

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