Focused on developing quantum and AI technologies to drive innovation in Singapore’s financial industry.
The Monetary Authority of Singapore (MAS) has pledged an additional S$100 million to support financial institutions in enhancing their quantum and artificial intelligence (AI) capabilities. This initiative falls under the Financial Sector Technology and Innovation Grant Scheme (FTSI 3.0), which aims to bolster the adoption of emerging technologies in the financial services sector.
This funding will help institutions cover manpower costs and technology solutions, further promoting the development of quantum and AI innovations. A new quantum track will be introduced under the scheme to assist in advancing quantum technologies, which have the potential to significantly transform both the financial industry and the broader economy. Additionally, existing AI and data-related grants will be enhanced to support growing demands for AI adoption across financial institutions.
MAS aims to foster continued technological evolution and innovation, with varying levels of AI-readiness among Singapore’s financial institutions, accelerating the pace of technological advancements.
