The Central Bank of Singapore will allocate $110 million to support fintech solutions


The Monetary Authority of Singapore (MAS) announced the allocation of up to 150 million SGD (about $112 million) to support fintech innovation, including Web3.

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The program is designed for three years. The updated Financial Sector Technology and Innovation Scheme (FSTI 3.0) aims to “accelerate and strengthen them” by supporting projects that use advanced technologies.

“MAS recognizes the importance of partnering with [игроками] industry to support innovative fintech solutions based on new technologies such as Web3,” the message says.

Representatives of the regulator explained that the Central Bank will hold open tenders and provide grant funding. FSTI 3.0 will also support AI projects.

Previously, MAS presented a report with the results of work in partnership with BIS over Project Guardian. The initiative aims to study the compliance of tokenization and DeFi with international standards.

Recall that in the second quarter, Web3 startups attracted about $1.8 billion in venture capital funding, a figure that fell by 76% compared to the same period last year.

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