On Monday, Singapore’s central bank announced that it will commit up to S$150 million [111.8 million USD] for technology and innovation in the financial industry. This will be done over the span of three years under the renewed Financial Sector Technology and Innovation Scheme [FSTI 3.0]. FinTech solutions like Web3 will be supported under the scheme. The bank will shell out S$2 million [$1.49 million] per project.
MAS Looking to Renew Collaboration with Finance Sector
Via the FSTI 3.0, Singapore’s central bank is looking to ”accelerate and strengthen innovation.” It will do this by supporting cutting-edge technology-related projects. This measure will also help the MAS stay committed and promote a ”vibrant” technology ecosystem for the financial sector.
Ravi Menon, the Managing Director of the MAS highlighted that FSTI 1.0 and 2.0 helped bolster the digital capabilities of financial institutions that served customers through the COVID pandemic. Now, with FSTI 3.0, the central bank is looking to renew its collaboration with the industry. Furthermore, Menon added,
“Since 2015, the Financial Sector Development Fund [FSDF] has awarded $340 million as part of the FSTI program to drive the adoption of technology and innovation in the financial sector.”
Alongside Singapore, several other government agencies around the world have been supporting Web3. Japan’s Prime Minister, Fumio Kishida, is of the opinion that Web3 has the potential to transform the internet. He recently asserted that this developing industry could completely evolve social change within the country.
In fact, even the Hong Kong government is establishing a task force to promote the development of Web3. The Financial Secretary of Hong Kong, Paul Chan, contended that this technology has the potential to address various challenges and issues encountered in finance, trade, business operations, and everyday life.