In an effort to enhance FinTech innovations, Singapore's MAS is set to allocate S$150 million over the span of three years.

As part of its new strategy named FSTI 3.0, the Monetary Authority of Singapore (MAS) is making a substantial commitment of S$150 million (approximately US$112 million) over the next three years to foster groundbreaking FinTech concepts. This program is focused on enhancing innovation through financial backing for projects utilizing progressive technologies such as Web 3.0.

FSTI 3.0 will roll out three distinct pathways aimed at catalyzing innovative FinTech solutions within Singapore:

• The Enhanced Centre of Excellence track broadens the grant funding to encompass corporate venture capital (CVC) organizations. These CVCs have a pivotal role in scouting and supporting emerging FinTech startups. The additional funding will empower them to offer mentorship and essential support that assists startups in scaling effectively and creating sustainable business frameworks.
• Under the Innovation Acceleration track, collaboration across the industry is deemed vital for nurturing innovative FinTech solutions born from technologies such as Web 3.0. To facilitate this, MAS will issue open calls for participation.
• The Environmental, Social, and Governance (ESG) FinTech track has a clear focus on aiding the development and implementation of projects that cater to the needs of ESG data, reporting, and analytics. This initiative encourages the integration of ESG FinTech solutions and promotes sustainability within the financial ecosystem.

Moreover, FSTI 3.0 is dedicated to advancing capability development and promoting the integration of technologies like Artificial Intelligence and Data Analytics (AIDA) and Regulatory Technology (RegTech). Additionally, MAS is keen on promoting the adoption of AIDA among smaller financial institutions and assisting less digitally mature firms in acquiring RegTech solutions.

MAS has adopted a careful stance towards cryptocurrencies. Back in 2017, the authority clarified that initial coin offerings (ICOs) must comply with securities regulations if they are treated as such. They also warned the public about the speculative nature of cryptocurrency prices, highlighting the lack of regulatory protections for cryptocurrency investments. since 2013 Following several high-profile cryptocurrency failures in 2022, MAS instituted new measures to limit the promotion and advertisement of cryptocurrency services, along with releasing consultation drafts proposing regulatory frameworks for digital payment tokens and stablecoin activities.

Recent findings suggest that Singapore is poised to emerge as a significant center for metaverse and cryptocurrency developments, according to a report by Cryptomeria.

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