The Monetary Authority of Singapore (MAS) said it would commit 150 million Singapore Dollars, around $112 million, during the course of three years under the renewed Financial Sector Technology and Innovation (FSTI 3.0) Scheme to support FinTech solutions, including Web3 projects.

According to an Aug. 7 statement, the MAS stated that the fund seeks to accelerate innovation by supporting cutting-edge technology projects under different tracks, which include the Enhanced Centre of Excellence track, the Environmental, Social, and Governance fintech track, and the Innovation Acceleration track. The innovation acceleration track covers Web3 projects.

Per the statement, individual web3 projects would get grant funding to support actual trial and commercialization. It added:

“MAS recognises …