Singapore’s Central Bank Allocates $112 Mln for Supporting Web3-based Solutions

The central bank of Singapore, the Monetary Authority of Singapore (MAS), has pledged to allocate up to SGD 150 million (equivalent to $112 million) to aid in the development of financial technology solutions such as Web3.

The funds will be allocated over the course of three years through the rejuvenated Financial Sector Technology and Innovation (FSTI) program, as announced by MAS. The program aims to bolster innovation and advancement by supporting projects utilizing state-of-the-art technologies.

The new innovation scheme offers multiple tracks, such as the Enhanced Centre of Excellence track, the Environmental, Social, and Governance fintech track, and the Innovation Acceleration track that focuses on Web3.

In its announcement, the MAS acknowledged the significance of collaborating with industry players to back up “innovative fintech solutions” that arise from emerging technologies such as Web3, saying: “MAS will conduct open calls for the use of innovative technologies in industry use cases. Grant funding will be provided to support actual trial and commercialization.”

The MAS has confirmed that its latest initiative will provide ongoing support for the implementation of artificial intelligence, data analytics, and regulation technology (RegTech). In addition, the central bank will prioritize the promotion of adoption and offer assistance to companies with lower digital maturity that are seeking to invest in RegTech solutions.

A March survey showed that Singaporean women likely tend to make money from their crypto investments more than men. The survey, conducted by the cryptocurrency exchange Independent Reserve, found that 76% of female participants said they make money from their crypto investments compared to 72% of male participants.