ESG FinTech Investment
The Monetary Authority of Singapore (MAS) plans to invest 150 million Singapore dollars, aiming to promote technology development in financial sector.
The investment will be based on the Financial Sector Technology and Innovation Scheme (FSTI). FSTI will support some of the latest technologies in the financial field and build a more dynamic financial ecosystem within three years.
Related Post: Monetary Authority of Singapore Releases Net Zero Plan for Financial Industry
Contents of FSTI
The FSTI will be implemented from August 2023 to March 2026. It includes three investment directions:
- Innovation Labs direction: MAS plans to provide financial support for venture capital companies, aiming to help companies develop a robust business model in the early stage.
- Innovation Acceleration direction: MAS plans to support emerging technologies such as Web3.0, and provide funds for related experiments and commercialization, and encourage the financial industry for innovation.
- ESG FinTech (Environmental, Social and Governance FinTech) direction: MAS plans to meet ESG data analysis, and disclosure requirements in the financial sector, and develop ESG FinTech solutions. MAS will provide 50% financial support, with a limit of 5 million Singapore dollars for each project.
In addition, FSTI will continue to support applications in key areas such as Artificial Intelligence and Data Analysis (AIDA) and Regulatory Technology (RegTech). For example, the Singapore Financial Data Exchange (SGFinDex) is the world’s first public digital infrastructure using national digital identities, allowing users to access financial information around different financial institutions.
Since 2015, FSTI has received 340 million Singapore dollars from the Financial Sector Development Fund (FSDF) for technological innovation in the financial industry.
Reference:
MAS Commits Up To S0 million for Technology and Innovation in Financial Sector
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