Singapore’s Monetary Authority (MAS) has made a substantial commitment of S$100 million (approximately $74.3 million USD) to bolster its financial sector’s capabilities in quantum computing and artificial intelligence. This strategic move aims to solidify Singapore’s position as a global fintech hub.
The additional funding, announced on July 18th, complements the existing Financial Sector Technology and Innovation Scheme (FSTI 3.0), which was launched in 2022 with an initial investment of S$150 million. This initiative seeks to spur innovation and technological advancement within the financial industry.
With this latest injection of funds, eligible financial institutions can now apply for up to 50% co-funding to establish quantum computing technology centers and explore practical applications within their organizations. Furthermore, companies developing quantum-based cybersecurity solutions are eligible for up to 30% co-funding.
This significant investment underscores Singapore’s forward-thinking approach to embracing emerging technologies. By fostering a robust ecosystem for quantum computing and AI, the country aims to drive efficiency, innovation, and competitiveness within its financial sector. As these technologies continue to mature, Singapore positions itself at the forefront of the global financial landscape.