The Monetary Authority of Singapore (MAS) has committed up to S$100 million to support the development of quantum and artificial intelligence capabilities in the financial sector. This funding is part of the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0), which was introduced by MAS in June 2015 to promote innovation in the financial sector. The scheme was enhanced by Deputy Prime Minister Lawrence Wong at the Singapore FinTech Festival in 2022.
The quantum track under FSTI 3.0 will support financial institutions in building capabilities in quantum technologies, including quantum computing and security innovation functions. MAS is collaborating with the National Quantum Office, following the announcement of the National Quantum Strategy by Deputy Prime Minister Heng Swee Keat in May 2024.
In addition to quantum technology, MAS is also enhancing its existing AI and data grant scheme under FSTI 3.0 to support financial institutions in developing and deploying AI technologies in Singapore. This includes establishing AI innovation centers and developing AI platforms to address industry-wide use cases, such as scam and fraud detection.
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