MAS commits $150m for third round of fintech funding scheme

This commitment will last for three years.

The Monetary Authority of Singapore is set to release $150m of fresh funds for the third round of funding for the Financial Sector Technology and Innovation Scheme (FSTI).

This was announced by Deputy Prime Minister Lawrence Wong during his opening remarks at the Singapore Fintech Festival 2022.

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According to Wong, MAS will consolidate several tranches and focus on key areas for the finance industry such as AI, analytics, regtech, and cybersecurity.

The FSTI has already awarded a total of $300m for the past two rounds of funding.

The third round of funding will last for three years.