Singapore MAS Plans to Commit S$100M for Quantum and AI Technology in Financial Sector

The Monetary Authority of Singapore (MAS) has announced that it is committing an additional  S$100 million to Quantum and AI under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to help financial institutions enhance their capabilities in the technologies, and to promote the innovation and application of these technologies in the financial services industry.

Singapore believes that the rapidly developing field of Quantum technology has great potential to transform the financial industry. Since the Singapore government announced its National Quantum Strategy in May this year, MAS has been working with the National Quantum Office to create a "Quantum track".

Through the Quantum Track, Singapore's financial regulator hopes to fund eligible expenditures on technology centers, technology innovation and security. At the same time, MAS will also engage in talent development activities with universities, banks and financial research institutes.

According to MAS, although financial institutions are gradually applying AI technology, the level of technology and application is different. However, with the support of FSTI 3.0, the development and application of AI technology in Singapore's financial institutions will be enhanced.