Monetary Authority of Singapore commits funding for fintech innovation, including web3

Quick Take

  • The Monetary Authority of Singapore has committed funding to, among other things, the support of fintech innovation — including web3.

The Monetary Authority of Singapore announced a commitment of up to $150 million Singapore dollars over three years under the Financial Sector Technology and Innovation Scheme — which includes a track to "support innovative FinTech solutions arising from emerging technologies such as Web 3.0."

"MAS recognizes the importance of partnering with the industry to support innovative FinTech solutions arising from emerging technologies such as Web 3.0," it wrote.

The financial authority added that it "will conduct open calls for the use of innovative technologies in industry use cases" and that "grant funding will be provided to support actual trial and commercialization."

There is also an Environmental, Social and Governance FinTech track to promote the adoption of ESG fintech solutions.

Singapore attracts crypto interest

Singapore is undoubtedly a hotbed for the blockchain and crypto industry.

Market-making firm Wintermute is relocating 4% of its staff to Singapore, where the High Court recently ruled that crypto is property.

MAS also recently partnered with the Bank of International Settlements to issue a framework for "tokenization and institutional grade DeFi protocols."

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