MAS Allocates S$100 M to Propel AI Capabilities in Financial Sector

On July 18, the Monetary Authority of Singapore (MAS) has announced a substantial commitment of up to S$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to boost quantum and artificial intelligence (AI) capabilities within the financial industry.

This initiative marks a pivotal step in advancing Singapore's position as a global leader in quantum technologies, aimed at transforming financial services through innovative applications of quantum computing and AI.

MAS's investment will focus on establishing a dedicated Quantum track under FSTI 3.0, designed to support financial institutions in harnessing quantum computing and enhancing cybersecurity readiness for the quantum era. The Quantum track will offer grants such as the Technology Centres grant, which will facilitate the establishment of quantum computing and security innovation functions in Singapore. Financial institutions and global technology companies will receive up to 50% funding support for manpower and infrastructure expenses over a 24-month period, encouraging exploration and adoption of quantum technologies.

Additionally, the Technology Innovation grant will enable financial institutions to develop and implement quantum technology solutions through two sub-tracks. The first sub-track will support the creation of impactful institutional use cases leveraging quantum technologies, while the second sub-track will address industry-wide challenges. MAS will provide up to 50% co-funding support to expedite the exploration and deployment of these quantum solutions.

Furthermore, MAS will collaborate with Institutes of Higher Learning and the Institute of Banking and Finance to foster talent development in quantum capabilities for the financial services sector. This holistic approach aims to equip Singapore's financial industry with the expertise and infrastructure necessary to capitalize on quantum and AI technologies, driving innovation and sustainable growth in the digital economy.