MAS commits S$100 million to support quantum, AI capabilities in financial sector
The regulator will also develop frameworks and platforms for policies and protocols that enable secure and privacy-protected data exchange
THE Monetary Authority of Singapore (MAS) will commit an additional S$100 million to help financial institutions build capabilities in quantum and artificial intelligence (AI) technologies. This will include supporting manpower costs and technology solutions in these areas.
Classified under the Financial Sector Technology and Innovation Grant Scheme (FTSI 3.0), the funds are also expected to help advance quantum and AI-related innovation and adoption in financial services.
FSTI 3.0 had an initial commitment of S$150 million, and currently consists of six tracks including artificial intelligence, regulatory tech and environmental, social and governance fintech.
MAS will establish a quantum track under the scheme in support of quantum capabilities.
This comes as quantum technology is a rapidly advancing field that holds significant potential to transform the financial industry and broader economy, MAS said on Thursday (Jul 18).
Enhancing existing AI grants; new grants for quantum capabilities
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Meanwhile, it will also enhance existing AI and data grants under the scheme.
While financial institutions have been progressively adopting AI, recent technological advancements have made such tools more widely accessible and increased the pace of adoption, MAS said.
The level of AI-readiness and adoption also varies across financial institutions in Singapore, it noted.
The quantum track will comprise the technology centres grant, the technology innovation grant and the security grant.
Under the technology centres grant – which supports the establishment of quantum computing and security innovation functions in Singapore – companies will receive funding support of up to 50 per cent on manpower and other qualifying expenses for 24 months.
The technology centres grant supports adoption of quantum technology solutions by financial institutions. Up to 50 per cent of co-funding support will be provided to advance the exploration and implementation of such solutions.
Meanwhile, the security grant aims to enhance cybersecurity readiness for the quantum era. It will provide funding support of up to 30 per cent for relevant quantum technology-related pilots.
Working with institutes of higher learning to develop talent
MAS said it will also work with institutes of higher learning and the Institute of Banking and Finance (IBF) on talent development initiatives to support the development of quantum capabilities in the financial services sector.
As for the AI and data grant schemes, MAS said it will support financial institutions in establishing AI innovation centres in Singapore.
These are for functions including AI model building and training, deployment of AI models for high-impact use cases, governance and risk management, as well as testing and monitoring.
MAS will also develop frameworks and platforms for policies and protocols that enable secure and privacy-protected data exchange, where financial institutions can collaborate on industry-wide use cases.
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