of Monetary Authority of Singapore (MAS) The company announced an additional contribution of S$100 million. Financial Sector Technology and Innovation Initiative (FSTI 3.0) Support the development of quantum and AI technologies in the financial sector.
The investment aims to accelerate innovation and adoption of these technologies in financial services.
MAS is working with the National Quantum Authority in line with the National Quantum Strategy announced by Deputy Prime Minister Heng Swee Kit in May 2024.
Under FSTI 3.0, a quantum track will be established to build quantum capabilities in Singapore.
The Quantum track includes three grants, including a Technology Centre grant, to support the establishment of quantum computing and security innovation capabilities in Singapore by providing funding for staff and infrastructure costs over 24 months.
Meanwhile, Technology Innovation Grants will help financial institutions adopt quantum technology solutions by co-funding up to 50% to impactful organizational use cases and industry-wide problem-solving projects.
Finally, security grants will strengthen cybersecurity preparedness for the quantum era by providing up to 30% funding to projects researching post-quantum cryptography (PQC) and quantum key distribution (QKD).
MAS will also collaborate with educational institutions and the Institute of Banking and Finance on talent development initiatives in the financial sector to help develop quantum capabilities.
In parallel, MAS is enhancing its existing AI and data subsidy schemes under FSTI 3.0 to support the gradual adoption of AI technologies, including by enhancing the development and adoption of AI technologies by financial institutions in Singapore.
MAS will support financial institutions in setting up AI innovation centres in Singapore with a range of capabilities including building and training AI models, deploying AI models for high-impact use cases, governance and risk management, and testing and monitoring.
Additionally, MAS will develop an AI platform to address industry-wide use cases, including developing a policy and protocol framework and platform that will enable secure, privacy-preserving data exchange for financial institutions to collaborate on industry-wide use cases.
For example, MAS has identified fraud and fraud detection as a use case for the initial pilot project and will work on this in collaboration with banks, technology solution providers and public authorities.
The funding will support projects that accelerate the development of AI solutions and high-impact use cases across industries.
More details about these initiatives will be announced in the coming months.
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