MAS injects funds to enhance quantum computing and AI in Singapore’s finance sector, supporting local institutions with substantial co-funding.
The Monetary Authority of Singapore (MAS) committed 100 million Singapore dollars ($74.36 million) to beef up its finance sector’s quantum computing and artificial intelligence capabilities.
The latest fund injection by MAS, the central bank and financial regulatory authority of Singapore, is aimed at helping local financial institutions establish quantum computing infrastructure and speed up AI development and adoption.
MAS introduced the Financial Sector Technology and Innovation Scheme (FSTI 3.0) in 2022 to strengthen Singapore’s position as a fintech hub. Adding to its initial commitment of $111.5 million ($150 million Singapore dollars) over three years, the regulator committed another $74.36 million on July 18.
