The Monetary Authority of Singapore (MAS) announced the allocation of up to 150 million SGD (about $112 million) to support innovation in financial technology, including Web3.
The programme spans three years. The revised \”Financial Sector Technology and Innovation Scheme\” (FSTI 3.0) is aimed at accelerating and strengthening them by backing projects that employ cutting-edge technologies.
\”MAS recognises the importance of partnering with industry players to support innovative fintech solutions based on new technologies, such as Web3,\” the statement said.
The regulator said the central bank would run open competitions and provide grant funding. FSTI 3.0 will also support projects in the field of artificial intelligence.
Earlier MAS presented a report detailing work in partnership with BIS on Project Guardian. The initiative is aimed at examining the alignment of tokenisation and DeFi with international standards.
In the second quarter Web3 startups raised about $1.8 billion in venture funding — a figure down 76% from the same period last year.