MAS commits S$220 million to accelerate innovation in the fintech sector: Gan Kim Yong

Mr Gan said the scheme has helped to build a “very strong ecosystem” for fintech and the financial industries.

He noted that Singapore has more than 1,800 fintech companies, many of which have already ventured into the region as well as served the world market.

The industry also employs some 10,000 people, he said.

“And last year, in 2025, we have already seen a total investment of close to S$3 billion in fintech alone. So I think the momentum will continue, and we hope that FSTI 4.0 will continue to provide that boost to the fintech industry,” he said.

MANPOWER SUPPORT

The latest iteration of the scheme, FSTI 4.0, will be implemented through six tracks spanning institutional innovation, AI adoption, infrastructure and platforms and talent development, MAS said.

Apart from co-funding internship stipends over the next three years, MAS announced a new FinTech Internship Portal, fintechinternships.sg, which is managed by the Singapore FinTech Association (SFA).

The portal will connect fintech firms with students from Institutes of Higher Learning for internships across business, technology and other roles.

Each internship, which can be either full-time or part-time, must be at least three months in duration and have defined learning outcomes, MAS said.

For each qualifying hire, MAS will support 80 per cent of the monthly internship stipend, capped at S$1,000 per month of internship completed, for up to 12 months. 

Each participating firm may be funded for up to 10 interns per calendar year, according to MAS’ website. 

Mr Gan said building a pipeline of talent is “particularly critical” in the fintech industry because it is emerging.

“Not only is it a new industry, it is also evolving very rapidly with the emergence of AI and frontier technologies,” he said.

“You can imagine that the talent that we need, the capability we need to build, is going to be very critical for the growth of this sector, and that’s why we want to invest in building our people, in giving them the skills and knowledge so that they are able, well-positioned to seize the opportunities where they emerge,” he said.

The fintech sector has been facing a talent crunch and high attrition rates.  

SFA’s 2025 talent report said the industry is facing “significant shortages” of talent in AI, data science, cybersecurity and cloud architecture. Some issues surfaced by firms include a protracted time to hire, high compensation expectations, as well as high turnover due to insufficient career development or compensation.