The Monetary Authority of Singapore [MAS], the nation’s financial watchdog, declared that it will invest up to $150 million over three years, with a ceiling of S$2 million per project, in creative FinTech solutions resulting from cutting-edge technology like Web 3.0.
The latest fund outlay is part of the updated Financial Sector Technology and Innovation Scheme [FSTI 3.0], through which MAS is stepping up its efforts to support a thriving technology ecosystem for the financial sector while also accelerating and strengthening innovation by supporting initiatives that make use of emerging technologies or have a regional focus, as per the press release.
FSTI 3.0 was first unveiled by Deputy Prime Minister and Minister for Finance and Chairman of MAS, Mr. Lawrence Wong, at the Singapore FinTech Festival in 2022.
In June this year, the nation’s de facto central bank released a whitepaper that outlined a standard protocol to lay out the requirements for the use of digital currency like CBDCs, tokenized bank deposits, and stablecoins on a distributed ledger. PBM, or purpose-bound money, was discussed in the whitepaper.
As reported by TronWeekly, PBM is a component of MAS’ Project Orchid, which enables senders to include conditions while sending digital currency between various systems, such as validity periods and the kinds of stores.
Another exciting development that recently emerged from the city-state is the Singapore Red Cross, the local subsidiary of the largest humanitarian network in the world, which recently accepted cryptocurrency as a newly accepted form of donation. The organization, which spearheads one of the biggest community services in the nation, will accept Bitcoin, Ethereum, Tether [USDT], USD coin [USDC], etc. for donations.
Singapore Red Cross Opens Door For Crypto Donations
This was made possible by its collaboration with Triple-A, the first cryptocurrency payment gateway granted authorization by the Monetary Authority of Singapore to allow for the possibility of anonymous cryptocurrency donations. The announcement dated August 7 stated that all donations would be converted into fiat money and paid out through bank transfer within one business day.
“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets.” Benjamin William, secretary general and CEO of the Singapore Red Cross, said in a statement.