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MAS: Commits S$250 Million

August 17, 2020

Commits S$250 Million to Accelerate Innovation and Technology Adoption in Financial Sector
FSTI 2.0 also aims to strengthen support for large-scale innovation projects
MAS will double the maximum funding quantum, from S$200,000 to S$400,000, under the Proof-of-Concept (POC) Grant
The higher funding support will enable financial institutions and FinTech firms to undertake larger-scale POC projects to experiment
MAS will raise the maximum funding quantum for all qualifying AI projects under the Artificial Intelligence
MAS will co-fund existing innovation labs for new Singaporean hires to encourage the expansion of existing labs