Artificial Intelligence

Guardian

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
  Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions. 
</div> 
<p class="has-drop-cap">The Monetary Authority of Singapore (MAS) has&nbsp;<a href="https://www.mas.gov.sg/news/media-releases/2023/mas-commits-up-to-s$150-million-for-technology-and-innovation-in-financial-sector" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">announced plans</a>&nbsp;to provide up to S$150 million over the next three years to develop cutting-edge technologies in the financial sector. This commitment is part of the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0), which aims to accelerate and strengthen technological advancements in the industry.</p> 
<h3 id="fsti-3-0-to-support-different-areas-of-financial-innovation">FSTI 3.0 to Support Different Areas of Financial Innovation</h3> 
<p>Under the FSTI 3.0, the MAS will introduce several new tracks to support different areas of innovation. One of these tracks is the Enhanced Centre of Excellence track, including corporate venture capital entities.&nbsp;</p> 
<p>These entities will receive funding support of up to 50% of qualifying expenses, with a cap of S$2 million per project. This funding will empower corporate venture capital firms to mentor and assist start-ups, enabling them to scale and develop sustainable business models.</p> 
<p>Another track is the Innovation Acceleration track, which recognizes the significance of emerging technologies such as Web3. MAS will collaborate with industry partners to identify innovative FinTech solutions and conduct open calls for their use in industry use cases. Grant funding will support actual trials and commercialization of these solutions.</p> 
<p>The Environmental, Social, and Governance (ESG) FinTech track is the third track to the FSTI 3.0. This track aims to foster 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. Funding up to 50% of qualifying expenses, capped at S$500,000 per project, will support initiatives in this area.</p> 
<p>The FSTI 3.0 will also continue to support advancing and adopting technologies such as Artificial Intelligence and Data Analytics (AIDA) and Regulation Technology (RegTech). In particular, MAS will focus on promoting AIDA adoption among smaller financial firms and catering to the needs of digitally less mature firms seeking RegTech solutions.</p> 
<p>“Since 2015, the Financial Sector Development Fund (FSDF) has awarded $340 million as part of the FSTI program to drive the adoption of technology and innovation in the financial sector,” Ravi Menon, the managing director of MAS, said in a statement, adding:</p> 
<blockquote class="wp-block-quote"> 
 <p>“Transformative technology projects that MAS has piloted with the industry include SGFinDex, Purpose Bound Money, Responsible AI, green and sustainable finance through Project Greenprint, as well as large payment initiatives such as the cross-border payment linkage with Thailand.”</p> 
</blockquote> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noopener noreferrer nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="singapore-continues-to-innovate-in-financial-sector">Singapore Continues to Innovate in Financial Sector</h3> 
<p>Singapore has been seeking to create a vibrant and innovative technology ecosystem within its financial sector. By investing in cutting-edge technologies and supporting the development of innovative solutions, the country aims to drive digital transformation and enhance its competitiveness as a global financial hub.</p> 
<p>As reported, the country’s financial watchdog has&nbsp;<a href="https://tokenist.com/what-is-the-purpose-bound-money-concept-proposed-by-singapore/" rel="noopener noreferrer nofollow" class="deco-link">released a whitepaper on purpose-bound money (PBM)</a>, a protocol to determine digital money’s conditions. The PBM would allow senders to set transfer conditions, including how long the money is valid and on which platforms it can be used.&nbsp;</p> 
<p>Likewise, back in November last year, the MAS announced that they&nbsp;<a href="https://tokenist.com/singapores-central-bank-experiments-with-defi-to-transform-capital-and-bond-markets/" rel="noopener noreferrer nofollow" class="deco-link">successfully conducted a cross-currency transaction</a>&nbsp;involving tokenized Japanese Yen (JPY) and Singapore Dollar (SGD). The pilot, the first of its kind, was completed under MAS’ Project Guardian initiative, exploring potential DeFi applications in wholesale funding markets.</p> 
<p>Under the pilot, three global banks, including DBS Bank, JP Morgan, and SBI Digital Asset Holdings, conducted foreign exchange and government bond transactions against liquidity pools comprising tokenized Singapore Government Securities Bonds, Japanese Government Bonds, JPY, and SGD.&nbsp;</p> 
<p>Notably, the country’s friendly stance toward emerging technologies has become a popular destination for crypto firms seeking to expand their operations in Asia. Recently, US-based crypto exchange&nbsp;<a href="https://tokenist.com/gemini-to-hire-over-hundred-employees-in-singapore-as-firm-eyes-asia-pacific/" rel="noopener noreferrer nofollow" class="deco-link">Gemini said</a>&nbsp;it plans to bring in more than 100 new employees to expand its current team in Singapore. Moreover,&nbsp;<a href="https://tokenist.com/ripple-secures-approval-to-offer-digital-asset-services-in-singapore/" rel="noopener noreferrer nofollow" class="deco-link">Ripple has secured an in-principle approval</a>&nbsp;to offer services in the country.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title"> <strong>Finance is changing.</strong> 
  </div> 
  <div class="cta-sub__subtitle">
    Learn how, with Five Minute Finance. 
  </div> 
  <div class="cta-sub__excerpt">
    A weekly newsletter that covers the big trends in FinTech and Decentralized Finance. 
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=hpcwd"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
    Awesome 
  </div> 
  <div class="cta-sub__caption">
    You’ve subscribed. 
  </div> 
  <div class="cta-sub__greeting">
    You’re well on your way to being in the know. 
  </div> 
 </div> 
</div> 
<p><strong><em>Do you think Singapore is becoming a global crypto hub amid regulatory uncertainty in other countries? Let us know in the comments below.&nbsp;</em></strong></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/singapore-to-commit-up-to-s150m-for-developing-emerging-tech-like-web3/">Singapore to Commit Up to S$150M for Developing Emerging Tech like Web3</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Singapore to Commit Up to S$150M for Developing Emerging Tech like Web3

Table of Contents

Tokenist

Other articles published on Aug 7, 2023

Huobi Exchange Faces $64 Million in Outflows over the Weekend!

PayPal Unveils PYUSD Stablecoin for Web3 and Small Payments

Shiba Inu Whales Accumulate 1 Trillion SHIB in 8 Weeks As New Wave Of Investors Prepare to Join D...

Alphabet Dumps Almost 90% Stake in Robinhood

Economists predict a similar trajectory for BTCS as Fantom had during the last Bull Run

Forbes Highlights China’s Game-Changing Move, Potential Impact on XRP Price

Join our free newsletter for daily crypto updates!