the $ 225 million committed in 2015 for fsti, we have utilised half the amount. i am pleased to announce that mas will roll over the unutilised portion and augment it with additional funds to make a fresh commitment of $ 250 million for the next 3 years under fsti 2. 0. let me share with you three key enhancements under fsti 2. 0, taking onboard industry feedback first, fsti 2. 0 will encourage the expansion of the existing innovation labs and further develop singaporean talent in fintech and innovation. the innovation lab grant under fsti 2. 0 will co - fund 50 % of the salaries of incremental singaporean hires for a period of 2 years. second, fsti 2. 0 will encourage more experimentation and early - stage development of novel solutions in the industry by enhancing the poc grant. we will double the funding cap of the poc grant from $ 200, 000 to $ 400, 000. this will support pocs that are larger in scale and more complex in nature. we will also introduce a merit - based tiered funding approach. if your proposal manages to secure unanimous votes from the evaluation panel, you will have access to 70 % funding support, up to a quantum cap of $ 400, 000. this is enhanced from current fsti parameters of 50 % funding support, up to a quantum cap of $ 200, 000. third, fsti 2. 0 will seek to accelerate large - scale adoption of ai solutions in the financial industry while supporting workers through the transformation brought about by ai. we will increase the maximum funding quantum for the aida grant from s $ 1 million to s $ 1. 5 million per ai project. we will introduce a new aida - lite track to support financial institutions adopting existing ai solutions in the market. we will require all aida applicants to work with the institute of banking and finance ( ibf ) to actively look out for at - risk workers impacted by ai adoption, and to develop a training plan to keep them employable. to sum up, the enhanced fsti 2. 0 renews and anchors mas ’ resolve to support the financial industry in its journey … a journey of continued innovation and experimentation ; deepening our local talent pool in new technologies ; and 4 / 5 bis central bankers'speeches better serving our societies – here in singapore and across the world. 5 / 5 bis central bankers'speeches

ravi menon : powering the next stage of singapore fintech speech by mr ravi menon, managing director of the monetary authority of singapore, at the singapore fintech festival “ the green shoots series – leading through a crisis : up close and personal with mr ravi menon ”, singapore, 13 august 2020. * * * five years ago, we had a vision – to make singapore a smart financial centre. a financial centre where innovation is pervasive and technology is used widely – to increase efficiency ; to create new opportunities ; to manage risks better ; and most importantly to improve people ’ s lives. a new buzzword was emerging on the scene – “ fintech ”. we set our goal to become a leading global fintech hub. at the core of our drive was a conviction that technology will fundamentally transform financial services … … that if our financial sector stood still, we would be swept away by the tides of technological changes. and the tides were coming in fast : digital and mobile payments ; block chains ; cloud computing ; big data and analytics ; ai and learning machines. together with the industry, mas set about creating a fintech ecosystem that embraced both incumbents and insurgents. we wanted to facilitate the digital transformation of established financial institutions so that they can innovate and compete with the best. we also wanted to support fintech firms outside the financial sector who were innovating new ways to provide financial services. the relationship between the incumbents and insurgents has been sometimes competitive but often collaborative – and both have been good for the ecosystem. we adopted a multi - pronged strategy to build what is now regarded by many as one of the most vibrant fintech ecosystems in the world. first, a conducive regulatory approach that facilitates innovation while managing risks : simplifying rules ; selectively easing licensing criteria ; providing guidance on new areas like cloud computing, robo - advisers, and digital tokens ; adopting activity - based regulation right - sized to the risks posed, as in our payment 1 / 5 bis central bankers'speeches services act ; and allowing experimentation through regulatory sandboxes. second, the digital infrastructure necessary for the adoption and proliferation of new technologies : a 24 / 7, real - time electronic payment system ; a national digital identity and trusted data architecture that allows seamless online authentication and financial transactions ; digital platforms to connect businesses, financial institutions, and fintech firms : matching buyers and sellers through, for example, business sans borders ; and matching problem statements and solutions through,