MAS Commits S$220 Million to Accelerate Fintech Innovation and AI Adoption

The Monetary Authority of Singapore (MAS) will commit S$220 million (US$173 million) over three years to accelerate innovation in the fintech sector, said Deputy Prime Minister and MAS chairman Gan Kim Yong on Aug 31. The investment forms the renewed fourth iteration of the Financial Sector Technology and Innovation (FSTI) scheme, aimed at strengthening Singapore’s position as a vibrant and competitive fintech hub.

Four Iterations of Support

The fourth iteration of the scheme will be implemented through six tracks covering institutional innovation, AI adoption, infrastructure and platforms, and talent development. MAS said the plan aims to develop technology infrastructure so the financial sector can adopt new solutions, and to support talent development and attraction for the industry.

The central bank added that it also seeks to anchor and scale innovation activities in Singapore and accelerate financial technologies, with a focus on frontier technologies.

Talent and Internships

As part of the push, MAS said the scheme will help build a pipeline of young talent for Singapore’s fintech ecosystem by co-funding internship stipends, aiming to support at least 1,000 fintech internship opportunities over the next three years. Singaporean citizens can qualify for the support.

“Taken together, these efforts will help our financial institutions, fintech firms, and workers innovate, scale, and build the capabilities to seize the emerging opportunities,” Mr Gan said, adding that consultations with the financial industry and fintech companies have been ongoing to identify gaps and needs.

An Established Ecosystem

The first version of the FSTI scheme started in 2015. Since then, more than 350 fintech projects have been supported under the programme. Mr Gan said the scheme has helped build a very strong ecosystem for fintech and the financial industries.

Singapore has more than 1,800 fintech companies, many of which have already expanded into the region and served the world market. The industry employs about 10,000 people. In 2025, total investment in fintech alone reached close to S$3 billion, according to Mr Gan, who expressed confidence that this momentum will continue.

FAQ

How much will MAS commit?

MAS will commit S$220 million (US$173 million) over three years to accelerate innovation in the fintech sector.

What is the FSTI scheme?

It is the Financial Sector Technology and Innovation scheme, now in its fourth iteration, which supports fintech innovation, AI adoption, infrastructure and talent development in Singapore.

How many internships will be supported?

The scheme aims to support at least 1,000 fintech internship opportunities over the next three years, co-funding internship stipends.

Source: CNA