Singapore's MAS earmarks USD 182 mln

Tuesday 18 August 2020 10:43 CET | News

Singapore has pledged to invest USD 182.1 million over the next three years to drive technology innovation in the financial services sector, with added focus on AI. 

The move comes as the country wraps up a previous five-year roadmap that saw the emergence of 1.000 fintech companies and 40 innovation labs, which facilitated 500 projects.

Funding for early-stage tech experiments, for instance, would be doubled under the Proof-of-Concept (POC) Grant, with the maximum funding support also pushed up from 50% to 70% of the total qualifying project cost. According to DealStreetAsia, qualifying POC applications are assessed based on, amongst others, strength of the concept, innovative use of technology, and ability to successfully execute the project.

MAS also announced plans to establish a research institute to help link up research, education, and entrepreneurship and boost Singapore's capabilities in fintech. 

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Keywords: Singapore, MAS, fintech, innovation, technology, financial, AI, artificial intelligence, tech, Proof-of-Concept, PoC
Categories: Banking & Fintech
Countries: Singapore
This article is part of category

Banking & Fintech