Singapore's central bank, the Monetary Authority of Singapore (MAS), announced on Monday a S$220 million commitment over three years to strengthen the country's fintech sector, with a focus on innovation and talent development. The funds fall under the fourth iteration of the Financial Sector Technology and Innovation Scheme (FSTI 0), a programme first launched in 2015 to scale innovation in the nation's financial sector.
The announcement came as MAS reported that Singapore is home to more than 1,800 fintech firms employing close to 10,000 individuals. Fintech investments in the country reached 9 billion in 2025, according to data from MAS cited in announcements on Monday.
Deputy Prime Minister and MAS Chairman Gan Kim Yong told reporters that the scheme was designed to capture new growth opportunities in the context of emerging technologies.
"With AI and other frontier technologies emerging, we want to capture new growth opportunities," Gan said.
He acknowledged the competitive landscape, noting: "The financial sector is always very competitive. Singapore competes not just with Hong Kong but with the rest of the world too." However, he rejected the notion of a zero-sum dynamic among financial centres.
"But I must also say that financial industry is not a zero-sum game. I think as we get better, Hong Kong and other financial centres will also get better. And as they get better, we want to make sure that we get even better," he added.
Since its inception, the FSTI scheme has supported more than 350 projects, according to MAS. The new funding will be implemented through six tracks.
Talent pipeline
A central component of FSTI 0 is a manpower track designed to help firms build young talent by co-funding internship stipends. A new internship portal, sg, will be managed by the Singapore FinTech Association to connect students with internships across business, technology and other roles. MAS aims to support at least 1,000 fintech internship opportunities over the next three years.
Gan said it was important for Singapore to build a talent pipeline, particularly in a sector that is new and evolving rapidly.
Broader goals
The scheme also aims to deepen Singapore's base of innovation capabilities and support firms in setting up dedicated teams for research and product development, as well as anchor technology leadership in the country. It will help fintechs attract capital and scale into other markets, and assist companies in moving promising solutions from experimentation to commercial deployment.
The funding will support shared technology infrastructure and platforms to help the financial sector lower development costs, speed up technology adoption and lift productivity. More than 30 Centres of Excellence have been established in Singapore under the scheme.
Gan, who is also Minister for Trade and Industry, expressed confidence in continued growth, citing close to S$3 billion in fintech investment in 2025.
"I think that the growth continues. I think the momentum will continue, and last year, in 2025, we have already seen a total investment of close to $3 billion in fintech alone," he said. "We hope that the Financial Sector Technology and Innovation Scheme 0 will continue to provide that boost."