The Monetary Authority of Singapore （MAS） has allocated 100 million Singapore dollars （$74.36 million） to enhance quantum computing and artificial intelligence （AI） capabilities in the finance sector. This investment aims to establish infrastructure and accelerate AI development.
Points
- MAS commits $74.36 million to quantum computing and AI in finance.
- Funding aims to establish infrastructure and accelerate AI adoption.
- Eligible institutions can receive co-funding for quantum and AI projects.
- The initiative supports Singapore’s goal to become a fintech hub.
Significant Investment in Quantum and AI
The Monetary Authority of Singapore （MAS） has committed 100 million Singapore dollars （$74.36 million） to bolster the finance sector’s quantum computing and artificial intelligence （AI） capabilities. This funding aims to help local financial institutions establish quantum computing infrastructure and speed up AI development and adoption.
Financial Sector Technology and Innovation Scheme （FSTI 3.0）
The latest funding injection is part of the Financial Sector Technology and Innovation Scheme （FSTI 3.0）, introduced in 2022 to strengthen Singapore’s position as a fintech hub. Initially committed to 150 million Singapore dollars （$111.5 million） over three years, the regulator has now added another $74.36 million to the fund.
Eligible financial institutions will receive up to 50% co-funding for building quantum computing technology centers and developing institutional use cases. Companies creating quantum-based cybersecurity solutions will be eligible for up to 30% co-funding.
AI Innovation Centers
A portion of the fund will be allocated to establishing AI innovation centers. These centers will facilitate the development, training, and deployment of AI models across various use cases. MAS confirmed that the first AI pilot project focuses on scam and fraud detection, involving banks, technology solution providers, and public agencies.
Supporting Singapore’s Fintech Ambitions
The FSTI scheme, valid until March 2026, aims to position Singapore as a global fintech leader. The government may extend the scheme based on its impact on the nation’s fintech landscape. This commitment to innovation underscores Singapore’s pursuit of becoming a leading fintech hub.
Conclusion
Singapore’s $74.36 million investment in quantum computing and AI underscores its commitment to advancing financial technology. By establishing infrastructure and accelerating AI adoption, Singapore aims to strengthen its position as a fintech hub, fostering innovation and growth in the financial sector.