Singapore will invest $173 million over the next three years to support fintech innovations including AI.

According to Bloomberg, the Monetary Authority of Singapore (MAS) announced that it will allocate SGD 220 million (approximately USD 173 million) over the next three years to support FinTech and innovation development, aiming to maintain its competitive advantage over rival financial hubs such as Hong Kong in the FinTech sector. The initiative will focus on cultivating FinTech talent and accelerating the research, development, application, and deployment of cutting-edge FinTech. MAS plans to support at least 1,000 internship positions while driving the financial industry to prepare for emerging technologies such as artificial intelligence. MAS stated that the program aims to further enhance the innovation capabilities and competitiveness of Singapore's financial sector.