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<ul><li>The Monetary Authority of Singapore is set to commit up to $112 million to emerging technologies like Web3.</li><li>The central bank will disburse the funds over three years under the new Financial Technology and Innovation Scheme.</li><li>The funds would also be used for ESG fintech ventures and corporate venture capital entities.</li></ul>The Monetary Authority of Singapore (MAS) recently announced that it would commit as much as S$150 million ($112 million) to accelerate and strengthen innovation in the country. The funds would support projects that utilize emerging technologies like web3, in line with the MAS’ commitment to promote a vibrant technology ecosystem.According to a <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" rel="noopener noreferrer nofollow">press release</a> from the Monetary Authority of Singapore, the central bank would disburse the funds over a three year period under the Financial Sector Technology and Innovation Scheme (FSTI 3.0). The FSTI was initially <a href="https://www.mas.gov.sg/news/speeches/2022/opening-address-by-mr-lawrence-wong-deputy-prime-minister-and-minister-for-finance-and-deputy-chairman-of-the-monetary-authority-of-singapore-at-the-singapore-fintech-festival-on-2-november-2022" rel="noopener noreferrer nofollow">announced</a> last year by Lawrence Wong, the Deputy Prime Minister and Minister for Finance, and Chairman of MAS.Speaking on the role of FSTIs in the country’s fintech sector, MAS’ Managing Director Ravi Menon stated:&#34;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, we look forward to continued collaboration with the industry to advance purposeful financial innovation. &#34;Read full article at <a href="https://cryptotale.org/singapore-commits-112-million-to-support-emerging-tech-like-web3/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Singapore Commits $112 Million to Support Emerging Tech like Web3

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