The Innovation & Technology Commission gave its full support to the launch of the Monetary Authority’s Fintech Supervisory Sandbox 3.0.

To encourage collaboration between banks and local technology firms, up to $1 million of funding support will be provided under the commission's Public Sector Trial Scheme through the Fintech Supervisory Sandbox 3.0 programme for eligible projects.

Under the arrangement, the authority will be the trial organisation for such projects.

Local technology firms may apply for funding if the trial projects are assessed to have the potential to support the authority's regulatory and supervisory work in areas such as regtech and cybersecurity, or can enhance the authority's infrastructure projects under the Fintech 2025 strategy.

The Public Sector Trial Scheme is one of the 17 funding schemes under the commission's Innovation & Technology Fund.

The scheme seeks to support public sector organisations to try out new technologies or products developed from funded research and development (R&D) projects and by eligible technology companies.

It also aims to help enterprises and organisations apply local R&D outcomes to enhance their prospects for the realisation and commercialisation of their projects.