The FSTI program provides funding of up to 70% of eligible expenses, with funds available for seven purposes.Innovation hubs: to attract financial institutions (FI) to set up R&D and innovation labs in Singapore to test innovative ideas and launch market solutions.Institutional-level projects: catalyzing innovative ideas and market solutions to improve the competitiveness of financial institutions and industries.Industry-wide technology or utility projects: Support the building of industry-wide technology infrastructure to deliver new integrated services to improve the efficiency and productivity of the financial services industry.
Proof of Concept (POC): Supports the testing, development and penetration of emerging innovative technologies into the financial industry.
Artificial Intelligence and Data Analytics (AIDA): Support to strengthen the AIDA ecosystem in Singapore’s financial sector.
Cybersecurity Capability Grant: Deepens cybersecurity capabilities and develops local cybersecurity talent in Singapore’s financial services industry.
Digital Acceleration Grant: to support Singapore’s small financial institutions and fintech companies to adopt digital solutions to improve productivity, increase operational resilience and better manage risk, etc.