Singapore has announced it will invest £139mn (S$250mn) in financial services technology innovation.
This will be invested over the next threeyears.
It will have a particular focus on AI.
The Monetary Authority of Singapore (MAS) has said it aims to support “large scale innovation” and develop FinTech skillsets.
What does this mean?
Singapore has just gone through a five year roadmap which resulted in 1,000 new FinTech companies being developed as well as various labs and projects. Now, it will look to offer more grants and other funding support for FinTechs to develop proofs of concept, as well as other initiatives.