Financial Sector Technology and Innovation (FSTI) Proof-of-Concept (POC) Scheme
The MAS Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) scheme provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector. The FSTI Scheme is valid until March 2023.
Funding Amount: Up to 70% of qualifying costs and up to a cap of S$400,000, depending on the outcome of the panel evaluation
Funding Duration: Up to 18 months
Eligible Applicants: MAS-regulated financial institutions or technology /solution providers working with MAS-regulated financial institutions for the early stage development of novel solutions to problems in the financial industry.
An applicant must be either:
• A financial institution that is licensed, regulated, supervised or registered by MAS; or
• A technology or solution provider (including start-ups, professional services and consultancy firms) with at least one financial institution that is licensed, regulated, supervised or registered by MAS sponsoring the project. Project sponsors need not have a direct financial stake in the project, but must exhibit active engagement and commitment to see the project to completion.
Applicants may submit multiple proposals if there are multiple distinct components within a project that fit the qualifying criteria. Each proposal will be treated as a separate project, and will be evaluated and funded separately.
Type of project:
Projects which aim to develop a novel concept of resolving business use-case problems, using technology or business processes.
The funding % and funding cap will be tiered according to the outcome of Stage 2 – Panel Evaluation.
For applicants that received 3 favourable recommendations: The funding % will be 50%, and the funding cap will be $200,000.
For applicants that received 4 favourable recommendations: The funding % will be 60%, and the funding cap will be $300,000.
For applicants that received 5 favourable recommendations: The funding % will be 70%, and the funding cap will be $400,000.