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Singapore aims to support Web3 fintech solutions

The Monetary Authority of Singapore (MAS), the country’s central bank, has announced that it is committing up to 150 million Singapore dollars (around $112 million), to support various financial technology solutions like Web3. 

In an announcement, MAS highlighted that the funds will be spent in three years under its renewed Financial Sector Technology and Innovation (FSTI) scheme. According to the announcement, the new scheme will aim to “accelerate and strengthen innovation” by supporting projects that use cutting-edge technologies. 

The new innovation scheme includes several tracks like the Enhanced Centre of Excellence track, the Environmental, Social and Governance fintech track and the Innovation Acceleration track, which covers Web3.