Recent Fintech News from Singapore: Investments in Quantum Computing and AI, Partior’s Series B Funding, DBS and Deloitte’s Sustainability Accelerator Tool, and More
Singapore’s Fintech Sector Receives Major Boost with Investments in Quantum Computing, AI, and Blockchain
In a significant move to bolster Singapore’s position as a leading fintech hub, the Monetary Authority of Singapore (MAS) has announced a substantial investment of $74.36 million (100 million Singaporean dollars) in funding for quantum computing and AI projects. This funding is part of the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0), aimed at supporting banks and financial institutions in their innovation and development efforts in these cutting-edge technologies.
The MAS’s investment comes on the heels of a previous $110 million infusion into the FSTI in August 2023, highlighting the government’s commitment to fostering technological advancements in the financial sector. The FSTI 3.0, launched in 2022, aims to future-proof Singapore’s fintech ecosystem and enhance its competitiveness on the global stage.
One of the key areas of focus for MAS is quantum computing, with eligible financial institutions receiving up to 50% funding for the establishment of quantum computing technology centers. Additionally, companies developing quantum computing-based cybersecurity solutions can receive up to 30% in co-funding, underscoring the importance of cybersecurity in the financial services industry.
In parallel, blockchain-based financial infrastructure company Partior has secured over $60 million in Series B funding, led by Peak XV Partners and supported by investors like J.P. Morgan and Standard Chartered. Partior offers banks a unified, ledger-based interbank platform for real-time clearing and settlement, revolutionizing cross-border transactions with instant liquidity and transparency.
Furthermore, DBS and Deloitte have collaborated to launch the Sustainability Accelerator Tool, aimed at helping SMEs in Singapore assess their sustainability maturity levels and address gaps in their sustainability efforts. This tool, which provides industry-specific analysis and customized strategic recommendations, reflects the growing emphasis on sustainability in the business world.
Overall, these developments underscore Singapore’s commitment to fostering innovation in the fintech sector, positioning the country as a global leader in cutting-edge technologies like quantum computing, AI, and blockchain. With investments in these areas and initiatives to support sustainability and SME growth, Singapore is poised to remain at the forefront of fintech innovation.
