The Monetary Authority of Singapore (MAS) said in a statement that it will invest $150 million in Web3 startups and other technologies over the next three years under the new Financial Sector Technology and Innovation Program (FSTI 3.0). "MAS recognizes the importance of working with the industry to support innovative fintech solutions arising from emerging technologies such as Web 3.0, and MAS will make an open call for the use of innovative technologies in industry use cases. Grant funding will be provided to support practical trials and commercialization."
This is the first time a government entity has invested in cryptocurrency innovation, and MAS Managing Director Ravi Menon said, “We look forward to continued collaboration with the industry to advance targeted financial innovation.”