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This Week in AsiaEconomics

Singapore to invest US$173m over 3 years to boost fintech innovation

The money will help co-fund at least 1,000 internships under the Financial Sector Technology and Innovation Scheme to build young talent

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A woman walks past the financial business district buildings in Singapore in May. Photo: AFP
Jean Iau
Singapore will commit S$220 million (US$173 million) over three years to boost its fintech sector, including co-funding at least 1,000 internships in a strong push to build talent for AI and other emerging technologies.

The funds come under the latest iteration of the Financial Sector Technology and Innovation Scheme (FSTI), which aims to strengthen the country’s fintech space and accelerate innovation and technology adoption in the financial sector.

The industry currently has more than 1,800 firms employing close to 10,000 professionals across technology, data, artificial intelligence (AI), compliance, cybersecurity and business roles, with investments in fintech reaching S$2.9 billion in 2025, according to the Monetary Authority of Singapore (MAS) on Monday.

The latest edition of the scheme, known as FSTI 4.0, includes a manpower track that will support firms in building young talent by co-funding an internship stipend. This will be facilitated through a new internship portal managed by the Singapore FinTech Association to connect students with internships across business, technology and other roles.

MAS said it aimed to support at least 1,000 fintech internship opportunities over the next three years.

Singapore’s Deputy Prime Minister and MAS chairman Gan Kim Yong speaks to the media on Monday. Photo: Jean Iau
Singapore’s Deputy Prime Minister and MAS chairman Gan Kim Yong speaks to the media on Monday. Photo: Jean Iau
Speaking to the media on Monday, Deputy Prime Minister and MAS chairman Gan Kim Yong said it was important for Singapore to build a talent pipeline, which was particularly critical in the fintech industry given that it was a new and rapidly evolving sector.
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