Summary:
Funding Allocation: MAS has allocated 100 million Singapore dollars ($74.36 million) to enhance quantum computing and AI in the finance sector.
Purpose: The funding will help local financial institutions establish quantum computing infrastructure and accelerate AI development.
Previous Funding: This adds to the initial 150 million Singapore dollars ($111.5 million) committed over three years when MAS introduced the Financial Sector Technology and Innovation Scheme (FSTI 3.0) in 2022.
FSTI Scheme: The FSTI scheme is set to run until March 2026, with the possibility of extension based on its impact on Singapore’s fintech landscape.
The Monetary Authority of Singapore (MAS) has announced a significant funding allocation of 100 million Singapore dollars ($74.36 million) to bolster the finance sector’s quantum computing and artificial intelligence (AI) capabilities. This latest injection of funds aims to support local financial institutions in establishing quantum computing infrastructure and accelerating AI development and adoption.
Enhancing Fintech Capabilities: The FSTI scheme, which began in 2022, was designed to drive innovation and technological advancements in Singapore’s financial sector. The latest funding aims to further enhance the country’s fintech capabilities by promoting the establishment of advanced quantum computing infrastructure and the acceleration of AI development and adoption.
With this substantial funding boost, MAS aims to position Singapore as a global leader in fintech innovation, leveraging cutting-edge technologies like quantum computing and AI to drive the future of finance.
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