Fun

Singapore commits $74.3M for quantum and AI in finance

News Feed - 2024-07-22 06:07:19

Arijit Sarkar14 hours agoSingapore commits $74.3M for quantum and AI in financeThe Monetary Authority of Singapore injects funds to enhance quantum computing and AI in Singapore’s finance sector, supporting local institutions with substantial co-funding.1304 Total views8 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Monetary Authority of Singapore (MAS) has committed 100 million Singapore dollars ($74.36 million) to beef up its finance sector’s quantum computing and artificial intelligence capabilities.


The latest injection of funds by the MAS — the central bank and financial regulatory authority of Singapore — is aimed at helping local financial institutions establish quantum computing infrastructure and speed up AI development and adoption.Source: The Monetary Authority of SingaporeSingapore’s pursuit to become a fintech hub


The MAS introduced the Financial Sector Technology and Innovation Scheme (FSTI 3.0) in 2022 to strengthen Singapore’s position as a fintech hub. Adding to its initial commitment of 150 million Singapore dollars ($111.5 million) over three years, the regulator committed another $74.36 million on July 18.


Eligible financial institutions will receive up to 50% co-funding for building quantum computing technology centers and viable institutional use cases. Companies building quantum-based cybersecurity solutions will be eligible for up to 30% co-funding.


A part of the fund will be diverted toward building AI innovation centers where AI models can be built, trained and deployed across various use cases. The regulator said:“There are strong prospects for the financial industry to apply AI to solve industry-wide problems beyond what each financial institution can do individually.”Singapore confirms AI pilot for fraud detection


MAS confirmed that the first AI pilot project is dedicated to scam and fraud detection use cases. The regulator will involve banks, technology solution providers and public agencies in the AI pilot.


The FSTI scheme is valid until March 2026. However, the Singapore government may consider extending the scheme based on its impact on the island nation’s fintech landscape.


Related:Singapore ups crypto exchanges risk factor in update to AML/CFT laws


The news comes after the MAS granted full regulatory approval to the Singapore wing of Paxos, the gold-backed stablecoin Pax Gold (PAXG) issuer, on July 2.


The regulatory approval will enable Paxos to launch a stablecoin that aligns with MAS’s upcoming regulatory framework. 


The Development Bank of Singapore (DBS), Southeast Asia’s largest bank by assets under management, will be Paxos’ primary banking partner. According to the announcement, DBS will be responsible for cash management and custody of the Paxos stablecoin reserves.


Magazine:Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide# Singapore# Central Bank# Funding# Startups# Adoption# AI# Quantum Computing# RegulationAdd reaction

News Feed

Major Korean Banks Join Government-Backed Blockchain ID Initiative
Four more major institutions including the Shinhan and NH Nonghyup banks have joined a South Korean decentralized identity initiative that’s aimed to secure and share personal information using blockchain.
Prashant Jha11 hours agoBlackRock files S-1 form for spot Ether ETF with SECBlackRock filed a Form S-1 with the U.S. SEC a week after registering its iShares Ethereum Trust with Delaware’s Division of Corporations.4654
Shariah Compliance Expert Says Cryptocurrencies Are Legit Commodities
Shariah Compliance Expert Says Cryptocurrencies Are Legit Commodities A shariah compliance expert, the current chairman of the Shariah Advisory Council at Malays
Luxury Retailer Tiffany & Co. Announces Jeweled Cryptopunk Pendants Tied to NFTs
Luxury Retailer Tiffany & Co. Announces Jeweled Cryptopunk Pendants Tied to NFTs The luxury jewelry and specialty retailer Tiffany & Co. announced the firm is planning to sell 250
Bitcoin bulls should steer clear of MicroStrategy's new leveraged ETF
Alex O’Donnell5 hours agoBitcoin bulls should steer clear of MicroStrategy"s new leveraged ETFLeveraged ETFs chronically underperform comparable investments. There are better ways to place bullish bets on Bitcoin than
US Lawmakers Introduce Bill to Sanction Russia’s Gold
US Lawmakers Introduce Bill to Sanction Russia"s Gold Four U.S. senators are introducing a bill to place sanctions on Russia’s gold. “This legislation would deter the
Crypto Network Hashrates Recover From Summer Slump — Ethereum’s Hashrate Captures All-Time High
Crypto Network Hashrates Recover From Summer Slump — Ethereum"s Hashrate Captures All-Time High On November 2, 2021, the Ethereum network’s global hashrate tapped an all-t
US Senator Warren Presses SEC to Address Crypto Exchange Outages, High Transaction Fees, Financial Inclusion
US Senator Warren Presses SEC to Address Crypto Exchange Outages, High Transaction Fees, Financial Inclusion At the U.S. Senate Banking Committee hearing Tuesday, Senator Elizabeth
Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs
Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announce
Wisdomtree Files ETF With 5% Bitcoin Exposure Amid SEC Resistance
Wisdomtree Files ETF With 5% Bitcoin Exposure Amid SEC ResistanceWisdomtree has filed for a commodity fund with 5% exposure to bitcoin, in a fresh attempt to bring an exchange-trade
Blackrock CEO on FTX Collapse: Most Crypto Companies Aren’t Going to Be Around
Blackrock CEO on FTX Collapse: Most Crypto Companies Aren"t Going to Be Around The CEO of Blackrock, the world’s largest asset manager, says that most crypto companies will n
Bitcoin Lost And Retested The 200-Day MA As Resistance – Here’s What Happened Last Time
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu