Singapore's MAS Tabs $225 Million for Fintech Innovation
FSTI scheme designed to develop new systems, tech skills in the region.
The new program promises $225 million over the next five years "for the creation of a vibrant ecosystem for innovation" and can be used for three purposes: establishing innovation labs, institutional-level projects, and industry-wide initiatives.
Menon pointed out that DBS, Citibank, Credit Suisse, Metlife, and UBS are all already on the ground with labs in Singapore, some with the support of the FSTI, while several other major institutions are in the process of setting up shop.
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