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Monetary Authority of Singapore Commits $150M to Support Emerging Technologies and FinTech Solutions

The Monetary Authority of Singapore has committed up to $150 million Singapore dollars over three years to support innovative FinTech solutions emerging from technologies such as Web 3.0. MAS recognizes the importance of collaborating with the industry to promote innovation in FinTech. The financial authority plans to conduct open calls for the use of innovative technologies in industry use cases and provide grant funding to support actual trial and commercialization. Additionally, there is an Environmental, Social and Governance FinTech track to encourage the adoption of ESG fintech solutions. Singapore is a hub for the blockchain and crypto industry, with Wintermute relocating 4% of its staff to Singapore and MAS partnering with the Bank of International Settlements to issue a framework for "tokenization and institutional grade DeFi protocols."

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