MAS reveals Financial Sector Technology and Innovation Scheme 4.0
The Monetary Authority of Singapore (MAS) has published details of the fourth iteration of a funding programme to boost the city-state’s fintech sector and ‘accelerate innovation and technology adoption across the financial sector.’
The Financial Sector Technology and Innovation Scheme (FSTI) was set up just over 11 years ago. The newly announced commitment will see S$220 million (about £128m/US$174m) distributed over three years.
‘FSTI 4.0’ is designed around four goals: for companies to ‘anchor and scale’ innovation activities in Singapore; to accelerate the development, adoption and deployment of financial technologies, ‘with a focus on frontier technologies’; to develop technology infrastructure to ‘position the financial sector to innovate and adopt new technology solutions’; and to support talent development and attraction for Singapore’s fintech ecosystem.
It will be implemented through six tracks (focus areas): ‘manpower’, ‘institution project’, ‘artificial intelligence (AI) pathfinder’, ‘infrastructure and platform’, ‘centre of excellence’ and ‘MAS Fintech Awards’.
The overall initiative – which has to date supported ‘350-plus’ projects, according to MAS – aims to support fintech companies at ‘every stage of growth, from developing new solutions to scaling regionally and globally’, with the broader aim of ‘strengthen[ing] Singapore’s position as a vibrant and competitive fintech hub.’
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FSTI’s 4.0 six tracks
FSTI 4.0’s manpower track supports companies by co-funding an internship stipend. An internship portal (fintechinternships.sg), managed by the Singapore Fintech Association (SFA), will connect companies with students. MAS aims to support ‘at least 1,000’ fintech internships over the next three years.
The institution track supports Singapore-based financial institutions and fintech companies in developing and using innovative solutions, with a focus on ‘frontier’ technologies such as AI, distributed-ledger technology (DLT) and quantum technology.
The AI pathfinder track supports the scaling and adoption of ‘market-ready’ AI fintech solutions listed on PathFin.ai, an MAS-led initiative to help AI adoption.
The infrastructure and platform track supports industry-wide infrastructure and platforms designed to improve efficiency, productivity and innovation. It aims to ‘strengthen Singapore’s role in shaping global financial standards and interoperability frameworks.’
The centre of excellence track (which was introduced in FSTI 3.0) aims to ‘anchor innovative functions’ of global financial institutions and fintech firms in Singapore, ‘bringing together specialised talent and expertise, while supporting the growth of emerging technologies such as AI, quantum computing and digital assets.’
The MAS Fintech Awards track is a reference to the Singapore Fintech Festival Fintech Excellence Awards and Global Fintech Hackcelerator (GFH). MAS is to introduce a GFH scale-up grant for eligible finalists’ solutions after the competition.
RELATED ARTICLE Singapore authority starts latest fintech innovation funding scheme – a news story (9 August 2023) on FSTI’s third iteration
SFF 2026 in November
MAS is currently preparing for the Singapore FinTech Festival (SFF) 2026, which will run from 18 to 20 November.
Organised by MAS and the Global Finance & Technology Network (GFTN), alongside the Association of Banks in Singapore (ABS), SFF 2026 will examine ‘five forces rewiring global finance’: technology, geoeconomics, capital, talent and policy.
“As the forces shaping global finance become more complex and interconnected, international cooperation and public-private collaboration will be increasingly important,” said MAS chief fintech officer Kenneth Gay.
“SFF 2026 comes at a moment when finance is seeing fragmentation on account of new technology, fractured geoeconomics, capital reallocation, skill gaps and the evolving policy landscape,” said GFTN group chief executive officer Sopnendu Mohanty, who held Gay’s role before moving to his current position more than 18 months ago. “This year’s festival is built with a simple conviction: rewiring, handled well, is not just a risk. It is where opportunity is created.”
‘FSTI 3.0’ also operated with six tracks. But last time round they included an Environmental, Social and Governance (ESG) fintech track and, separately, a RegTech track (RegTech is the application of technology to boost regulatory compliance).
