MAS commits S$220 million over three years to accelerate innovation in fintech sector

Singapore's fintech sector is moving into its next big push. The central bank is committing S$220 million over three years to help firms tap opportunities from AI and other frontier technologies. The Monetary Authority of Singapore says the Financial Sector Technology and Innovation (FSTI) Scheme will help build a sector that is innovative, resilient and globally competitive. Businesses say the funding comes at a critical time, amid a more challenging investment environment. MAS will also co-fund internship stipends, with a target of supporting at least 1,000 fintech internships over the next three years. Nadirah Zaidi reports.