Singapore will deploy S$220 million ($172.83 million) over three years to strengthen its fintech ecosystem and support fintech innovation and technology adoption across the financial sector.
The commitment comes under the fourth edition of the Financial Sector Technology and Innovation Scheme (FSTI 4.0), which was launched in 2015 to support technology and innovation in Singapore’s financial industry.
The latest funding will support the development, adoption and deployment of financial technologies, with a focus on frontier technologies including artificial intelligence. The programme will also support technology infrastructure, talent development and wider innovation activities across the fintech sector.
Singapore Expands Support for Fintech Innovation
The S$220 million commitment comes as Singapore’s financial technology sector continues to grow. Fintech investments in the country reached S$2.9 billion last year, while the market now has more than 1,800 fintech firms employing close to 10,000 people.
FSTI 4.0 is designed to help financial institutions develop and adopt new technologies while strengthening the infrastructure needed to support fintech innovation across the sector.
The scheme will also support talent development within Singapore’s fintech industry and encourage more technology development and deployment across financial services.
AI Drives the Next Phase of Fintech Innovation
The latest edition of FSTI 4.0 places greater emphasis on artificial intelligence and other frontier technologies as Singapore seeks to capture new growth opportunities in a competitive global financial sector.
Monetary Authority of Singapore Chairman Gan Kim Yong said emerging technologies such as AI are creating new opportunities for the financial industry, while Singapore continues to compete with other major financial centres.
The S$220 million commitment is intended to support technology development and wider adoption across Singapore’s financial sector, with fintech innovation forming a central part of the programme.
By combining support for technology infrastructure, talent and innovation activities, FSTI 4.0 is designed to strengthen Singapore’s fintech ecosystem and help financial institutions develop and deploy emerging technologies across their operations.