MAS Commits up to S$100 Million to Support Quantum and AI Capabilities in the Financial Sector

Bernama07-19

The Monetary Authority of singapore (MAS) will commit additional S$100 milion (SG$1=RM3.48) to support financial institutions in building capabilities in quantum and artificial intelligence (Al) ...

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Quantum technology is a rapidly advancing field that holds significant potential to transform the financial industry and broader economy.\"MAS will establish a Quantum track under FSTl 3.0 to support financial institutions' interests to build quantum capabilities in Singapore,\" it said in a statement, Thursday.The Quantum track will comprise of grants in the area of technology centres, technology innovation, and security.For security grant, funding support of up to 30 per cent will be provided to enable experimentation and development of quantum technology-related pilots that explore the use of Post-quantum Cryptography (PQC) and Quantum Key Distribution (QKD) to safeguard firms' critical data.PQC is the design and implementation of protocols that are believed to be secure against the added computational capabilities of quantum computers while QKD is a secure communication method for exchanging encryption keys only known between shared parties.MAS will also work with Institutes of Higher Learning and the Institute of Banking and Finance on talent development initiatives to support the development of quantum capabilities in the financial services sector.In addition, it will also enhance the existing Al and data grant scheme under FSTl 3.0 which will bolster financial institutions’ development and deployment of Al technologies in singapore as well as develop Al platforms to address industry-wide use cases.MAS said more details on the enhanced support for Al will be announced in the coming months.FSTl 3.0, introduced in June 2015 to support the creation of a vibrant ecosystem for innovation in the financial sector, currently consists of six tracks - Centre of Excellence (COE), industry-Wide Projects, innovation Acceleration, AlDA, RegTech and ESG FinTech. 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