The Monetary Authority of Singapore (MAS) has made a substantial commitment of up to $150 million Singapore dollars over a span of three years through the Financial Sector Technology and Innovation Scheme. This scheme encompasses a particular focus on supporting innovative FinTech solutions that stem from emerging technologies, notably Web 3.0.
In a statement, MAS emphasized the significance of collaborating with the industry to facilitate the development of inventive FinTech solutions that emerge from cutting-edge technologies such as Web 3.0. The institution is gearing up to initiate open calls for proposals related to the application of these innovative technologies within real-world industry use cases. To promote actual trials and eventual commercialization of these solutions, the authority is set to provide grant funding.
Notably, a dedicated track within this initiative is directed at driving the adoption of Environmental, Social, and Governance (ESG) FinTech solutions. This emphasizes the growing importance of incorporating sustainable and ethical considerations into the rapidly evolving financial technology landscape.
Singapore on cryptocurrency
Singapore has firmly established itself as a thriving hub for the blockchain and cryptocurrency industry. This prominence has attracted attention from market players seeking to capitalize on the favorable regulatory environment. Notably, Wintermute, a market-making firm, has decided to relocate a significant portion of its workforce to Singapore. This move follows a recent legal ruling by the High Court of Singapore, affirming that cryptocurrencies are legally recognized as property.
In another significant development, MAS has partnered with the Bank for International Settlements to introduce a comprehensive framework pertaining to the tokenization of assets and the implementation of institutional-grade Decentralized Finance (DeFi) protocols. This collaboration aims to establish a structured approach to tokenization, bridging the gap between traditional financial systems and the rapidly evolving decentralized landscape.
All these endeavors collectively underscore Singapore’s commitment to fostering innovation in the financial sector, capitalizing on emerging technologies like Web 3.0, and positioning itself as a global leader in both FinTech and blockchain-related initiatives. The substantial investment and collaborative efforts with international institutions emphasize the nation’s dedication to driving the future of finance through technology-driven advancements.