The Monetary Authority of Singapore (MAS) will invest $173 million over the next three years to develop the island's fintech ecosystem.
Singapore holds the status of a fintech hub, with over 1,800 companies operating in the sector.
By 2025, investments in Singapore's fintech sector are projected to reach $2.3 billion, according to Finextra.
MAS is taking on this financial commitment under the updated Financial Sector Technology and Innovation Scheme (FSTI 4.0), which aims to strengthen the fintech ecosystem and accelerate the adoption of innovations and technologies in the financial sector.
FSTI 4.0 is built around four objectives: strengthening and expanding innovations; accelerating the development and implementation of financial technologies; developing infrastructure; and supporting the recruitment and development of professionals.
