- Singapore’s central bank to support emerging technologies.
- Web 3 space to benefit from the MAS new scheme.
- The Monetary Authority of Singapore details how the funds for the new scheme are to be allocated.
Singapore’s central bank is discussing venturing into the Web 3 space by partnering with industry players to support solutions from the Web 3 space.
The country’s Monetary Authority (MAS) has announced its intent to commit 150 million in Singapore dollars, totalling $112 million, to support various emerging financial technology solutions like the Web 3 space.
In a recent announcement detailing the use of the funds, the MAS stated that the funds would be spent within three years under the country’s renewed financial sector technology and innovation (FSTI) scheme. According to their statement, the new scheme will help in accelerating and strengthening innovation by lending support to projects that are developing cutting-edge technologies.
This innovation scheme includes several tracks like the Enhanced Central of Excellence track, the Environmental, Social, and Governance Fintech track, and the Innovation Acceleration track, which covers the Web 3 space.
Included in the announcement, the MAS also discussed recognizing the importance of partnering with industry players to support innovative fintech solutions from emerging technology like the Web 3 space. The Monetary Authority of Singapore also said they would conduct open calls for innovative technologies in industry use cases and eventually give out grants to support actual trial and commercialization.
In addition, the MAS noted that their new scheme would be pushed towards the continual support of adoption in areas like artificial intelligence, data analytics, and regulation technology (RegTech).
The Singapore central bank also plans to promote the adoption of these technologies while supporting firms that are just starting digitally and looking out for acquisitions of RegTech Solutions. There is also a requirement for applicants across various tracks to allocate resources to talent development to help strengthen the fintech pool existing within Singapore.
The managing director of the Monetary Authority of Singapore, Ravi Menon, stated in an announcement that the financial sector development fund has records of awarding $340 million as part of the Financial Sector Technology and Innovation (FSTI) program since 2015 and according to the managing director, this move was made with the intent to drive innovation and growth of new technology in Singapore’s financial economy.
Conclusion
Recently, the high court in Singapore ruled crypto as personal property while comparing it to fiat money, with the judge saying that he saw little to no difference between fiat money and crypto. The judge in charge of the case—a dispute between Bybit and its former employee, Ho Xai Bin—Philip Jeyaretnam, ruled that cryptocurrency is property capable of being held in trust.
Judge Philip said that he saw no difference between crypto, fiat money or shells, as long as these items, physical or not, could share value created by mutual faith in them.
