The central bank of Singapore is preparing to extend additional funding for Fintech-related projects, because the five-year investment round ending in March has led to positive developments.
The Monetary Authority of Singapore (MAS) will most likely announce additional funding plans in 2020, with key investments into areas like artificial intelligence (AI) and cybersecurity, according to MAS managing director Ravi Menon.
The S$225 million (appr. $165 million) program has supported various innovative projects in the country. It has also helped attract new companies and created many local jobs, Menon noted.
He remarked:
“I think it has been money that is extremely well spent.”
Menon, whose recent comments came during an interview just before Singapore’s third annual Fintech festival on November 11, added:
“The most important [thing] is that we now have a vibrant Fintech ecosystem.”
Singapore is among the world’s leading financial hubs that’s known for encouraging and supporting technological developments, competitiveness and innovative projects.
Accenture Plc reports that the city-state’s private business sector has seen investors spend an all-time record $735 million on the nation’s Fintech-related initiatives during the first three quarters of 2019.
MAS’s data reveals that there are currently over 600 Fintech firms in Singapore, up significantly from around 50 in 2015. The rise in Fintech activity has helped increase employment during a time when automation has caused lenders throughout the world to close down branches and reduce staff members.
Menon stated:
“We’ve been creating outside of the financial sector about 1,000 fintech jobs each year. This is significant at a time when the need to create jobs is more paramount than ever before.”