Over the next three years, Singapore’s central bank will invest up to USD 150 million in startups creating cutting-edge financial technologies.
The Financial Sector Technology and Innovation Scheme, a program to promote Singapore as a financial hub, is responsible for awarding the funding. The Singapore Financial Data Exchange, a cross-border payment linkage with Thailand, and initiatives to promote ethical AI and sustainable finance are just a few examples of cutting-edge projects that have been developed as a result of previous iterations of the program.
The new funds will be distributed along three tracks, including up to USD 2 million for corporate venture capital organizations that support the development of workable business models in fintech startups.
Read More: Singapore central bank pledges $150 million to support new fintech projects
