Singapore’s Monetary Authority announced Monday it will deploy S$220 million ($173 million) over three years to accelerate fintech development, marking a 46.7% increase from the previous S$150 million budget. The FSTI 4.0 program targets artificial intelligence, distributed ledger technology, and quantum computing projects, bringing total support since 2015 to S$845 million.
Financial institutions and Singapore-based fintech firms can claim up to 50% of qualifying project costs, capped at S$1 million over 24 months. A separate AI Pathfinder track offers S$200,000 for local AI providers and S$100,000 for foreign ones. Industry-wide infrastructure projects receive enhanced 70% support. The initiative excludes routine upgrades and projects developed primarily offshore, requiring deployment within six months.
The funding arrives as brokers integrate AI into core operations including onboarding, research, and risk management. Deputy Prime Minister Gan Kim Yong emphasized the program will help institutions and workers innovate and scale operations.
FXnCO Insight
Singapore-based fintech firms and financial institutions should prioritize AI and DLT project applications immediately to capture first-mover funding advantage before the enhanced subsidy pool faces competitive pressure.
Source: Finance Magnates