The Monetary Authority of Singapore (MAS) announced additional funding of up to $100 million under the Financial Sector Technology and Innovation grant scheme (FSTI 3.0) to enhance capabilities in quantum and artificial intelligence (AI) technologies for financial institutions.
This initiative aims to support innovation and adoption of quantum and AI in financial services, addressing cybersecurity implications posed by quantum computing advancements.
MAS is launching a quantum track under FSTI 3.0 to assist institutions in building quantum-resilient capabilities, offering grants for technology centers, manpower, and infrastructure development over a 24-month period.
MAS and Quantum Computing
MAS managing director Chia Der Jiun, speaking on July 18 at a media conference on its annual report, says quantum computing has profound implications for cyber security.
“We are prepared to provide up to S$100 million in funding support from the Financial Sector Technology and Innovation Scheme (FSTI 3.0) to financial institutions for both AI and Quantum projects and capabilities.
“Quantum computing also has profound implications for cybersecurity as it could eventually render current encryption techniques vulnerable to attack. We have to start building capabilities in the financial industry to be quantum resilient. In February this year, MAS published an advisory to all FIs on addressing the cyber risks associated with Quantum computing. The advisory highlights the measures that FIs should consider as part of their quantum transition efforts.
“MAS is now working with the industry on a proof-of-concept sandbox on quantum key distribution (QKD) to enable secure and quantum-safe communication between MAS and participating FIs. The sandbox is expected to be implemented by the end of this year, and will help build QKD capabilities for broader application in the industry to strengthen quantum resilience,” says