MAS commits S$220 million to fintech scheme, funds 1,000 internships

Singapore’s Monetary Authority (MAS) will commit S$220 million over three years to the fourth iteration of the Financial Sector Technology and Innovation (FSTI 4.0) scheme, aimed at strengthening fintech innovation, technology adoption, and talent development. The program will fund initiatives to deepen innovation capabilities, accelerate deployment of frontier technologies including AI, and help fintech firms move from experimentation to commercial deployment. A key component is underwriting at least 1,000 fintech internships over the next three years to grow Singapore’s talent pipeline. MAS notes the fintech sector now totals around 1,800 firms employing roughly 10,000 people, and links the funding to maintaining Singapore’s competitive edge against hubs like Hong Kong. Since its 2015 launch, FSTI has supported hundreds of projects and built a strong ecosystem, with industry feedback guiding refinements to the scheme. DPM Gan Kim Yong emphasized that the funding will lower development costs, expedite technology adoption, and help firms scale and capture growth opportunities, especially in AI and related frontier technologies.