The Monetary Authority of Singapore (MAS) committed an additional S$100 million (USD 74.5 million) on July 18, 2024, under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to support financial institutions in building capabilities in quantum and artificial intelligence technologies. MAS established a new Quantum track under FSTI 3.0, with S$60 million earmarked for quantum innovation, according to the MAS media release.
The Quantum track comprised grants for establishing quantum computing and security innovation functions in Singapore, supporting strategic endeavors in quantum technology for industry use cases, accelerating cybersecurity pilots, and talent development. MAS said it would work with Institutes of Higher Learning and the Institute of Banking and Finance on training initiatives.
MAS had been collaborating with the National Quantum Office following the announcement of the National Quantum Strategy by Deputy Prime Minister Heng Swee Keat in May 2024. FSTI 3.0 was originally introduced in 2022 with S$150 million committed across six tracks.