MAS may extend $225m fintech funding programme beyond 2020

It eyes increased investments in cybersecurity and AI.

Bloomberg reports that the Monetary Authority of Singapore (MAS) may introduce new funding plans for its financial-technology initiatives following positive results from the five-year round ending in March, its top official revealed.

The $225m (US$165m) fintech funding program has spurred innovation, attracted new companies, and created jobs, said Managing Director Ravi Menon.

Also read: Singapore's fintech invasion has no end in sight

MAS is likely to extend further funding, with possible areas including cyber security and artificial intelligence, shared MAS managing director Ravi Menon in an interview with Bloomberg before the the island’s third annual fintech festival.

There are now more than 600 fintech startups in Singapore, up from about 50 in 2015, MAS data show. “We’ve been creating outside of the financial sector about 1,000 fintech jobs each year,” Menon shared.

Here’s more from Bloomberg.