Singapore’s MAS Invests $74M in Quantum and AI for Finance

King Newswire | July 27, 2024

The Singapore’s central bank invests to boost quantum computing & AI in the country’s finance industries which provides substantial co-funding to local institutions.

The Monetary Authority of Singapore (MAS) has pledged S$100m ($74. 36m) to strengthen the finance sector’s quantum computing and AI resources.

The last funding injection, made by the Monetary Authority of Singapore (MAS), which is the country’s central bank and financial sector supervisor, is sought to help user financial firms set up quantum computing capabilities and push forwards AI advancement.

Singapore’s MAS Invests M in Quantum and AI for Finance — Source: The Monetary Authority of Singapore

Singapore’s strategy to become a fintech hub

In 2022, an upgrade to the Financial Sector Technology and Innovation Scheme was launched by the MAS to make Singapore a more established fintech hub. Building on an initial pledge of 150 million Singapore dollars ($111.5 million) for to three years, the regulator pledged an additional 74. , record the foreign exchange trading volume at $36 million on the 18th of July.

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Singapore’s MAS Invests $74M in Quantum and AI for Finance

Singapore’s strategy to become a fintech hub

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