Singapore – In a bid to advance the country’s finance sector, the Monetary Authority of Singapore has announced that it has recently committed a total of S$100m investment for the sector’s quantum computing and artificial intelligence capabilities.
For this initiative, it was reported that the institution launched the Financial Sector Technology and Innovation Scheme (FSTI 3.0) in 2022 to bolster Singapore’s position as a fintech hub.
Initially, they had already pledged S$150m (approximately US$111.5m) over three years, but further committed an additional S$74.36m on July 18.
This move intends to help local financial institutions develop an infrastructure for quantum computing as well as accelerate the development and adoption of artificial intelligence.
Eligible financial institutions can obtain up to 50% co-funding for establishing quantum computing technology centres and implementing viable institutional use cases.
On the other hand, companies developing quantum-based cybersecurity solutions are eligible for up to 30% co-funding.
Part of the fund will support the creation of AI innovation centres, where AI models can be developed, trained, and applied to a range of use cases. The MAS further confirmed that the first AI pilot project will target scam and fraud detection. Banks, technology solution providers, and public agencies will be involved in this initiative.
The FSTI scheme is set to run until March 2026, but the Singapore government may consider extending it based on its influence on the nation’s fintech sector. This announcement follows the MAS granting full regulatory approval to Paxos, the issuer of the gold-backed stablecoin Pax Gold (PAXG), on July 2.
