Support for blockchain technologies from Singapore

The Monetary Authority of Singapore (MAS) has announced that it plans to provide up to $150 million in support over the next three years to develop advanced technologies in the financial sector. Part of the revamped Finance Industry Technology and Innovation Program (FSTI 3.0), which aims to accelerate and strengthen technological advancements in the industry, the strategy targets support of up to $150 million.

Under the FSTI 3.0 of the Financial Sector Technology and Innovation Programme, the Monetary Authority of Singapore will create new areas to support different areas of innovation. One of these areas was named the Enhanced Center of Excellence, which includes corporate venture capital firms.

Organizations will receive financing support of up to 50% of eligible expenditures, with a cap of $2 million per project. Financing will enable corporate venture capital firms to mentor and assist startups, enabling them to scale and develop sustainable business models.