MAS invests S$100 Million to Enhance Quantum and AI Capabilities in Financial Sector

19 Jul, 2024

MAS invests S$100 Million to Enhance Quantum and AI Capabilities in Financial Sector

The Monetary Authority of Singapore (MAS) has pledged an additional S$100 million to bolster the financial sector's capabilities in quantum and artificial intelligence (AI) technologies. This funding will support manpower costs and technological solutions in these advanced areas. The initiative is part of the Financial Sector Technology and Innovation Grant Scheme (FTSI 3.0), aimed at fostering innovation and adoption of quantum and AI technologies in financial services.

Initially, FSTI 3.0 had a commitment of S$150 million and includes six tracks: artificial intelligence, regulatory technology, and environmental, social, and governance fintech. The additional funds are expected to advance these sectors further, promoting the development and integration of cutting-edge technologies within financial institutions. This strategic investment by MAS underscores Singapore's commitment to maintaining its status as a leading global financial hub, by equipping its financial sector with the necessary tools and expertise to stay ahead in the rapidly evolving technological landscape.