The Monetary Authority of Singapore is to provide match-funding to promising proof of concept trials of new financial technology initiatives as part of its ongoing mission to create a world-leading global fintech hub.
The announcement was made by deputy prime minister Tharman Shanmugaratnam at an awards ceremony that capped a week-long fintech festival hosted by MAS and the Association of Banks in Singapore.
"We will fund 50% of the costs, up to a maximum of S$200,000 per project, for Singapore-based trials of promising fintech ideas," said Shanmugaratnam. "The grant scheme is aimed at ideas that can benefit not just an individual financial institution or start-up, but the financial system at large, in Singapore or abroad."
The new cash grant comes on top of other financial support schemes, such as Spring Singapore grants for fintech start-ups, matching $7 for every $3 raised, up to $50,000.
Shanmugaratnam also previewed plans by University of Pennsylvania’s Wharton School to launch a fintech innovation programme on the island state in the second quarter of next year. The executive education programme aims to expose senior managers in incumbent financial institutions to current topics in fintech.
He says: "Participants will learn to how to grapple with disruptive trends, and drive change and innovation across their organisations to compete in the fintech space."
The ceremony also saw the presentation of S$1.15 million in prize money to ten fintech companies who were selected by a panel of 13 judges for their impact, practicality, interoperability, and uniqueness and creativity.