The central bank of Singapore has announced it will be investing approximately $112 million to invest in technological innovation in finance. Those resources will include funding for Web3 solutions.
On Monday, the Monetary Authority of Singapore (MAS) confirmed the allocation of three years of funding for the Financial Sector Technology and Innovation Scheme (FSTI). Its stated aim is to support projects on the “cutting edge” of finance.
The Third Iteration of Singapore’s FSTI
The MAS’s statement also explicitly mentions “Web 3.0,” a term used to describe the next iteration of the internet. Its definition usually encompasses a decentralized web, cryptocurrencies, self-sovereignty of data, and interoperability across platforms. In essence, a digital world that is not controlled by a handful of tech giants.
The announcement also confirms that MAS will conduct open calls for projects. Allowing Singaporean and international firms to apply for grant funding. According to the statement, the funds will be used to support “actual trial and commercialization.”
Ravi Menon, Managing Director, MAS, believes that Singapore has not been lax when it comes to fostering innovation and competing with other tech hubs. In the official statement, Menon claimed:
“Since 2015, the Financial Sector Development Fund (FSDF) has awarded $340 million as part of the FSTI programme to drive the adoption of technology and innovation in the financial sector.… With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation.”
Go to Source to See Full Article
Author: Josh Adams
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
