MAS said it recognises the importance of partnering with the industry to support innovative FinTech solutions arising from emerging technologies such as Web 3.0. MAS will conduct open calls for the use of innovative technologies in industry use cases. Grant funding will be provided to support actual trial and commercialisation.
To spur adoption of ESG fintech solutions, this track aims to support the development and deployment of projects that address ESG data, reporting, and analytics needs of the financial sector, at funding support of up to 50% of qualifying expenses, capped at S$500,000 per project.
FSTI 3.0 will continue to support advanced capability development and adoption in key areas such as Artificial Intelligence and Data Analytics (AIDA), and Regulation Technology (RegTech). Specifically, MAS will focus on promoting AIDA adoption in smaller financial firms and supporting the needs of less digitally mature firms looking to acquire RegTech solutions. Across tracks, applicants will also be required to devote resources to talent development, in order to strengthen the Singaporean FinTech talent pool.
“Transformative technology projects that MAS has piloted with the industry include SGFinDex, Project Orchid’s Purpose Bound Money, Project Veritas’ Responsible AI, green and sustainable finance through Project Greenprint, as well as large payment initiatives such as the cross-border payment linkage with Thailand,” Menon said.
Notably, FSTI 1.0 and 2.0 helped strengthen the digital capabilities of financial institutions which served them and their customers through the COVID pandemic. With FSTI 3.0, MAS looks forward to continued collaboration with the industry to advance purposeful financial innovation, he said.
