The Monetary Authority of Singapore (MAS) is set to invest around $110 million (150 million Singaporean dollars) in FinTech, with plans to help fund emerging technology like Web3.

Under FSTI 3.0, its Financial Sector Technology and Innovation Scheme, the authority said the investment would be made over the course of three years and aims to drive innovation by supporting projects that involve the use of “cutting-edge technologies”.

MAS’ Enhanced Centre of Excellence track will see the scope of grant funding expanded to include corporate venture capital entities. With funding support of up to 50 per cent of qualifying expenses, funding will be capped at a maximum of around $1.5 million per project.

Under its Innovation Acceleration track, MAS said it recognises the importance of partnering with the industry to support “innovative FinTech solutions" and that it would conduct open calls for the use of innovative technologies in industry use cases.

With a funding cap of around $370,000, MAS’ Environmental, Social and Governance (ESG) track is intended to spur adoption of ESG FinTech solutions and aims to support the development and deployment of projects that address ESG data, reporting, and analytics needs of the financial sector.

Noting that its Financial Sector Development Fund (FSDF) has awarded $340 million as part of the previous FSTI programmes since 2015, MAS said it “looks forward to continued collaboration with the industry to advance purposeful financial innovation” under FTSI 3.0.

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