The Monetary Authority of Singapore (MAS) is committing an additional S$100 million (US$74.57 million) to support financial institutions in building capabilities in quantum and artificial intelligence (AI) technologies and enable the adoption of these technologies in financial services. 

Quantum technology is a rapidly advancing field that holds significant potential to transform the financial industry and the broader economy, MAS says.

The financial regulator has been collaborating with the National Quantum Office following the announcement of the National Quantum Strategy by Deputy Prime Minister Heng Swee Keat in May 2024. It will establish a Quantum track under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to support financial institutions’ interests to build quantum capabilities in Singapore.

The Quantum track will comprise the following grants:

• Technology Centres grants. This supports the establishment of quantum computing and security innovation functions in Singapore, to enable financial institutions and global technology companies to explore and unlock new opportunities arising from quantum technologies. This grant will provide funding support of up to 50% on manpower and other qualifying expenses such as hard/software infrastructure, subscriptions and licences, for a period of 24 months.
• Technology Innovation grant. This comprises two sub-tracks to support adoption of quantum technology solutions by financial institutions. The first sub- track aims to catalyze meaningful institutional use cases that bring about significant impact to business. The second sub-track will support strategic endeavours to solve relevant industry-wide problem statements. Up to 50% co-funding support will be provided to advance the exploration and implementation of such quantum solutions.
• Security grant. This aims to enhance cybersecurity readiness to better prepare our financial infrastructure and services for the quantum era. Funding support of up to 30% will be provided to enable experimentation and development of quantum technology-related pilots that explore the use of post- quantum cryptography and quantum key distribution to safeguard firms’ critical data.

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.