Singapore, a country that has been bullish on crypto and Web3 for some time now, just became the latest Asian country to create a major Web3 fund.
On August 7, Singapore’s central bank and financial regulatory authority, the Monetary Authority of Singapore (MAS), announced a new fund that pledges S$150 million ($111 million U.S.) over the the next three years to foster innovation and technology in the country’s financial sector.
The fund is being called the ‘Financial Sector Technology and Innovation Scheme’ (FSTI 3.0) Some of the key components of the FSTI 3.0 include:
- Enhanced Center of Excellence Track. Funding for corporate venture capital entities to support start-ups to help them develop, scale, and create resilient business models.
- Innovation Acceleration Track. Open call for builders in Web3 to demonstrate innovative industry use cases for nascent technologies, with funding provided for support trials and commercialization.
- Environmental, Social and Governance (ESG) FinTech Track. Funding to support projects addressing ESG data, analytics, and reporting in the financial sector.
- Continued Support for Advanced Capability Development. Continued support for areas like AI, Regulation Technology, and data analytics
In an official statement, MAS said it recognizes the need to “support innovative FinTech solutions arising from emerging technologies such as Web3.” They added that they are interested in projects that develop real-world use cases for nascent technologies like blockchain, NFTs, and cryptocurrencies.
About a year ago, the MAS made headlines when it announced it had no plans of intervening in the country’s non-fungible space. It would let residents trade NFTs without fear of restrictions. Since then, Singapore has been bullish on crypto and Web3, and has become an attractive hub for investors and Web3 companies.
Asia Makes Big Investments in Web3
News of Singapore’s major investment is Web3 proves the country is not afraid to put its money where its mouth is. But Singapore isn’t the only country in Asia that’s been bullish on Web3 this year. At Rarity Sniper, we’ve covered several stories about Asian countries investing in the space. Here are the top stories.
First, nine months, the Tourism Authority of Thailand (TAT) used NFTs to create a travel-to-earn experience for visitors. The “Amazing Thailand NFTs” encouraged travelers through digital prizes they received by scanning a QR app at select destinations around the country.
Next, ten months ago, the Prime Minister of Japan made a speech saying the government is investing in a myriad of Web3 technologies, including NFTs and the metaverse. Since then, several Japanese banks, firms, and even airlines have entered Web3.
Lastly, about a year ago, South Korea’s Ministry of ICT, Science, and Future Planning pledged over $186 million to build a metaverse ecosystem to support digital content and the growth of NFTs in Korea. Multiple Korean companies and banks have also entered The Sandbox metaverse.
While countries like the U.S. argue and fumble over regulation, some Asian countries are looking at Web3 as the next frontier of the internet and investing accordingly. It will likely take some time for Singapore to see results from its new FSTI 3.0 fund, but one thing is certain: Singapore remains bullish on Web3.