Singapore’s central bank, known for its forward-looking approach, is set to inject a staggering ¥16 billion or $112 million into finance technologies including Web3.
Embracing the future with unprecedented zeal, the Monetary Authority of Singapore (MAS) is poised to revolutionize the nation’s technological landscape, elevating Singapore to the forefront of innovation and cementing its position as a global technology hub.
With this ambitious initiative, MAS aims to accelerate the adoption of cutting-edge solutions, unleash unprecedented potential, and spearhead a new era of digital transformation that will reshape industries and empower businesses in Singapore and beyond.
According to 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,” the Monetary Authority of Singapore has committed up to $150 million Singapore dollars over three years.
MAS recognises the importance of working with the industry to support creative FinTech solutions arising from emerging technologies such as Web 3.0,” the company stated in the statement.
The financial authority continued, “will conduct open calls for the use of innovative technologies in industry use cases” and “grant funding will be provided to support actual trial and commercialization.”
To encourage the adoption of ESG fintech solutions, there is also a track for environmental, social, and governance fintech.
Singapore Emerges as Global Crypto Hub:
Without a question, Singapore is a hub for the blockchain and cryptocurrency industries.
Wintermute, a market maker, is moving 4% of its workforce to Singapore, where the High Court has decided that cryptocurrency is property.
MAS and the Bank of International Settlements recently collaborated to release a framework for “tokenization and institutional grade DeFi protocols.”