Singapore fintech sector gets timely cash injection

Under the Innovation Acceleration track, MAS will conduct open calls for the use of innovative technologies in industry use cases. — Reuters

SINGAPORE: The financial sector of Singapore will receive a boost to its technology and innovation efforts with support from a renewed scheme that will inject up to S$150mil (US$111mil) in grants for projects.

The Financial Sector Technology and Innovation (FSTI) Scheme, which the Monetary Authority of Singapore (MAS) said on Monday had been renewed for three years, is aimed at accelerating and strengthening innovation by supporting projects that involve the use of cutting-edge technologies.