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August 13, 2024

Government of Singapore Increases Investment in Quantum Computing and AI

MAS Singapore
— https://fintechnews.sg/77199/digital-transformation/mas-commits-s150-million-to-boost-financial-innovation-in-singapore/
August 13, 2024

On July 18, the Monetary Authority of Singapore (MAS) announced it will invest an additional S$100 million (US$75 million) million to bolster the financial sector’s capabilities in quantum computing and artificial intelligence (AI) under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0). This investment commitment almost doubles the size of the initial S$150 million (US$113 million) scheme, underscoring Singapore’s commitment to establish itself as a leading hub in developing and deploying emerging technologies.

For quantum computing alone, Singapore has already committed close to S$700 million (US$528 million) since 2002 to support research and development. In May 2024, Deputy Prime Minister Heng Swee Keat announced Singapore’s National Quantum Strategy to channel investments in four strategic areas, spanning from talent development to strategic partnerships. Following successful trials, IMDA has also launched the National Quantum-Safe Network Plus (NQSN+), which aims to provide commercial quantum-safe solutions for businesses by the end of 2024. Globally, the quantum sector is projected to generate up to US$850 billion in economic value over the next 30 years. 

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