Singapore has earmarked S$220 million ($173 million) over three years to fund financial technology and innovation, as it seeks to stay competitive with other rival hubs like Hong Kong that are also investing in this area.

The new program aims to support talent as well as accelerate the development, adoption and deployment of financial technologies with a focus on frontier ones, among its goals, the Monetary Authority of Singapore (MAS) said today. Under the program, the MAS plans to back at least 1,000 internships, as well as ensure its financial sector is ready for so-called frontier technologies such as AI.

The city-state attracted S$2.9 billion in financial technology investments last year, according to the MAS. There are more than 1,800 firms employing close to 10,000 professionals across technology, data, AI, compliance, cybersecurity and business roles, underscoring the importance of the sector. Meanwhile in Hong Kong, the regulators this year expanded a generative AI sandbox for finance.

“Singapore competes not just with Hong Kong but the rest of the world too,” Deputy Prime Minister and MAS Chair Gan Kim Yong said at a briefing, in response to a question about competing with regional rivals. “We want to make sure that we get even better.” Singapore wants to “capture new growth opportunities” with AI and other frontier technologies emerging, he said.

The country’s fintech scheme began in 2015, and the current renewal is the fourth one. MAS has committed hundreds of millions of dollars to the previous programs, which have resulted in specialized jobs in areas like quantum security and tokenization being created, and digital adoption broadening across the financial sector.