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

Latam Insights – Inflation Skyrockets in Argentina, El Salvador Processes Digital Assets Licenses, Venezuelan Crypto Corruption Probe Continues
Latam Insights - Inflation Skyrockets in Argentina, El Salvador Processes Digital Assets Licenses, Venezuelan Crypto Corruption Probe Continues Welcome to Latam Insights, a compend
Report Suggests Robinhood Owns Largest Dogecoin Address and Third-Largest BTC Wallet
Report Suggests Robinhood Owns Largest Dogecoin Address and Third-Largest BTC Wallet Last February the crypto community was obsessed with a specific dogecoin add
Ethereum to launch first $2M protocol-wide ‘Attackathon’
Jesse Coghlan6 hours agoEthereum to launch first $2M protocol-wide ‘Attackathon’Ethereum’s security team is planning a four-week hackathon to test the blockchain’s security and wants to do one for every future ha
Over $1 Billion Ethereum-Based Tokens Vulnerable to ‘Fake Deposit Exploit’
Over $1 Billion Ethereum-Based Tokens Vulnerable to "Fake Deposit Exploit"A number of university researchers published a study that demystifies the “fake deposit vulnerability
Adshares Establishes Premium Partnership With Sandbox
Adshares Establishes Premium Partnership With Sandbox press release PRESS RELEASE.Adshares (ADS) is putting another stake in Metaverse’s advertising territory through a partn
Paytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years
Paytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years The founder of Paytm, a major digital payment company in India, is “very positive about crypto.&#
Is Bitcoin Ending 2024 On A High Note? Analysts Say This Level Is Key
Este artículo también está disponible en español. As Bitcoin (BTC) continues to move sideways, investors wonder whether the flagship crypto will end the year positively o
Turner Wright6 hours agoNishad Singh says there is ’a lot’ he doesn’t remember about FTX in 2022 — SBF trialSam Bankman-Fried’s defense team cross-examined former FTX engineering director Nishad Singh following
Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally
Este artículo también está disponible en español. Dogecoin has been experiencing significant volatility, with a 44% surge followed by a 9% dip since October 10. This dram
Bitcoin price preps for new highs according to increasing stablecoin issuance data
Nancy Lubale12 seconds agoBitcoin price preps for new highs according to increasing stablecoin issuance dataStablecoin market caps are rising, hinting that traders believe Bitcoin price will soon follow.Markets NewsOwn t
US Charges North Korea-Linked Chinese Nationals for Laundering Over $100 Million in Stolen Cryptocurrency
US Charges North Korea-Linked Chinese Nationals for Laundering Over $100 Million in Stolen Cryptocurrency The U.S. government has charged two Chinese nationals involved in launde
Bitcoin Mining Expansion Heats Up: Crypto Miner Secures Underground Bunker, Cleanspark Snags Turnkey Mining Site
Bitcoin Mining Expansion Heats Up: Crypto Miner Secures Underground Bunker, Cleanspark Snags Turnkey Mining Site Bitcoin mining operations continue to truck on through the crypto w