Singapore To Invest S$225m In Fintech Sector

Singapore To Invest S$225m In Fintech Sector
01.07.2015 01:00 am

Singapore To Invest S$225m In Fintech Sector

Investment

Singapore has committed S$225 million over the next five years to a scheme designed to build a vibrant ecosystem for innovation in fintech.

Monetary Authority of Singapore (MAS) managing director Ravi Menon revealed the investment (around US$167 million) in the Financial Sector Technology & Innovation (FSTI) scheme during a speech.

The money will be used to help convince banks to set up their R&D and innovation labs on the island. Metlife and UBS are among those that have already applied for funds.

But the FSTI will also be used to back major institution and industry level projects such as a decentralised record-keeping system based on blockchain technology to prevent duplicate invoicing in trade finance; a cyber risk test-bed; and a natural catastrophe data analytics exchange.

Menon says that technological advances such as mobile payments, biometrics, the blockchain, cloud computing, big data and learning machines are revolutionising financial services, and that a smart nation must embrace and harness this innovation.

In addition to financial backing through FSTI, MAS says that it is trying to support a fintech ecosystem, facilitating cooperation, and also build technology skills among the country's workforce.

Related News

Refinitiv makes strategic investment in ModuleQ and its intelligent app

Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, has invested in and entered a strategic partnership agreement with ModuleQ, a... Read more »

finleap invests in digital ID company "The Ego Company”

finleap, Europe's leading fintech ecosystem, welcomes a new company to its portfolio: The Ego Company, with the ID App and platform myEGO2GO, becomes part of the finleap family... Read more »

Penta raises financing round at 18.5 Mio. Euro in first closing and wins new investors

Penta, the digital platform for business banking, raised 18.5 million Euro in the first closing of a new funding round backed by new and current investors. 

Read more »

Goldbell Financial Services selects Mambu to power GEN investment platform

Goldbell Financial Services, one of Singapore’s leading business finance providers, has confirmed it will partner with Mambu, the market-leading pure SaaS banking platform, to... Read more »

ING invests in London-based provider of natural language processing (NLP) technology Eigen Technologies (‘Eigen’)

ING’s reputation for adopting cutting edge technologies was enhanced today with the announcement that it would make an investment in London-based provider of natural language... Read more »

Assetz Capital secures £15m British Business Investments funding to help boost UK housebuilding

Assetz Capital has become the first property-focused marketplace platform to receive funding from British Business Investments (BBI), a commercial subsidiary of the British... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel