SINGAPORE, Aug 8 ― Monetary Authority of Singapore (MAS) yesterday announced that it will commit up to S$150 million (about RM510 million) over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0), said Xinhua.

FSTI 3.0 seeks to accelerate and strengthen innovation by supporting projects that involve the use of cutting-edge technologies or with a regional nexus, while doubling down on MAS' commitment to promote a vibrant technology ecosystem for the financial sector.

FSTI 3.0 will comprise the Innovation Labs track with the scope of grant funding to be expanded to include corporate venture capital (CVC) entities, according to the MAS press release.

Given the importance of CVCs in identifying and nurturing the next generation of start-ups, the funding will enable CVCs to offer strong mentorship and support to help start-ups scale and develop resilient and viable business models.

MAS said in the press release that it will support innovative FinTech solutions arising from emerging technologies such as Web 3.0. and it will call for the use of innovative technologies in industry use cases, providing grant funding to support actual trial and commercialisation.

FSTI 3.0 will continue to support advanced capability development and adoption in key areas such as artificial intelligence, data analytics and regulation Technology.

Ravi Menon, MAS's managing director, said that S$340 million have been used to drive the adoption of technology and innovation in the financial sector since 2015.

"With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation,” he said. ― Bernama