SINGAPORE (Nov 11): Singapore’s central bank is poised to extend funding for financial-technology initiatives because the five-year round ending in March has yielded positive results, its top official said.

The Monetary Authority of Singapore will probably announce new funding plans next year, with possible areas including cyber security and artificial intelligence, Managing Director Ravi Menon said. The $225 million program has spurred innovation, attracted new companies and created jobs, he said.

“I think it has been money that is extremely well spent,” Menon said in an interview before the city-state’s third annual fintech festival kicks off Monday. “The most important is that we now have a vibrant fintech ecosystem.”

Singapore is among global financial centers that are promoting technology to boost competitiveness and innovation. The private sector is also piling in, with investors spending a record $735 million on the island’s fintech ventures in the first nine months of this year, according to Accenture Plc.

There are now more than 600 fintech startups in Singapore, up from about 50 in 2015, MAS data show. That has bolstered employment at a time when automation has prompted lenders around the world to cut branches and staff.

“We’ve been creating outside of the financial sector about 1,000 fintech jobs each year,” Menon said. “This is significant at a time when the need to create jobs is more paramount than ever before.”

Singapore considers extending fintech funding beyond 2020

DPM Lawrence Wong appointed as GIC’s deputy chairman

Will the Rising Sun keep rising?

Fed signals higher-for-longer rates with hikes almost finished

EQT Impact Challenge offers platform for impact entrepreneurs to attain 'patient capital'

Singtel to sell 20% stake in regional data centre business valued at $5.5 bil

Citi remains cautious on Nanofilm amid uncertain demand recovery 

UOB Kay Hian ups SingPost’s TP to 51.5 cents after postage rate hike

Foodpanda deal could be ‘value-accretive’ for Grab, says HSBC

Building up the digital skills needed to futureproof Asean’s growth

Cisco strikes US$28 billion deal for Splunk in biggest buy yet

A call for explainable AI 

SingPost signs MOU with FedEx to trial acceptance points at post offices

US stocks flash recession warning as trouble spreads to industrials

Norqain partners with Dean Schneider to raise funds and awareness for the Hakuna Mipaka Wildlife Oasis

Weekout (Sep 25): &Juliet, Halloween Horror Nights, Ganko Sushi, High Bar Society

See the latest from Alexander McQueen, Puyi Optical and more

Instacart has caught tech's next big thing

The end of an era for global automakers

China must avoid a debt-deflation spiral

OCBC becomes first bank in Singapore to offer cross-border payments for customers through Alipay+

Goh Jin Hian, former CEO of New Silkroutes Group and son of former PM Goh Chok Tong charged with false trading

Thomson Medical has 3 months to restore public float

Proposed rezoning of Marina Square could have 'significant upsides' to NAVs, says DBS

DBS keeps 'buy' call and 18 cents target price on Seatrium

Singapore considers extending fintech funding beyond 2020

Related News

Highlights

DPM Lawrence Wong appointed as GIC’s deputy chairman

Related News

MAS raises deposit insurance scheme to $100,000 in April

MAS publishes inaugural list of domestic systemically important insurers in Singapore

Major retail banks in Singapore have enhanced their security measures against malware scams: ABS