On August 7, the Monetary Authority of Singapore announced that it will pledge up to S$150 million over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0) which also includes Web 3.
FSTI 3.0 includes some tracks, the first is the Enhanced Centre of Excellence track which stated that the scope of grant funding will be expanded to include corporate venture capital (CVC) entities at funding support of up to 50% of qualifying expenses, capped at S$2 million per project.
MAS recognizes the importance of partnering with the industry to support innovative FinTech solutions arising from emerging technologies such as Web 3.0, as mentioned in the media release. Grant funding will be provided to support actual trial and commercialisation.
An Environmental, Social, and Governance FinTech track is also there for the promotion to adopt ESG fintech solutions.
FSTI 3.0 will also support the adoption and development of new capabilities in key fields including Regulation Technology (RegTech) and Artificial Intelligence and Data Analytics (AIDA).