Ample FinTech Secures FSTI grants from MAS for its innovation in cross-border digital credential and payment solutions that empowers SMEs
Ample FinTech was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Innovation Acceleration (IA) grant on 25 July 2024.
The Financial Sector Technology and Innovation (FSTI) Innovation Acceleration (IA) grant, launched by the Monetary Authority of Singapore (MAS), aims to foster the experimentation, development, and dissemination of emerging innovative technologies in the financial services sector.
Following Ample FinTech’s successful showcase of Project DESFT at the Singapore Fintech Festival in November 2023, the initiative aims to enhance the participation of micro, small, and medium enterprises (MSMEs) from developing countries in international trade.
Project DESFT focused on developing a trusted credential system that transforms crucial information, such as licenses, certificates, and trade records, into verifiable digital credentials on distributed ledger technology(DLT), allowing trade partners and financial institutions to efficiently verify their authenticity. Building upon these achievements, Project DESFT will focus on highly automated digital credential processes and implementing foreign exchange conversion and cross-border payments between various digital currencies based on the ERC-3525 standard Purpose-Bound Money (PBM3525) technology. This is particularly aimed at trade among countries such as Singapore, Ghana, China, and Australia. Additionally, Project DESFT will further support small and micro enterprises(MSMEs) in the fields of trade finance and supply chain finance in the future.
Francis Zhang, Co-founder and the CTO at Ample FinTech, Said:
“Our recognition by the Monetary Authority of Singapore with the FSTI IA grant is a testament to our commitment to pioneering innovative solutions in the financial sector. Project DESFT has already shown significant potential in transforming how MSMEs from developing countries participate in international trade. With this grant, we are poised to further refine our technology and broaden its impact.”
ZheXin Wan, the Head of Research and the Speaker at Ample FinTech, Said:
“Ample FinTech is an innovation-driven financial technology company. We are now focusing on promoting the large-scale application of digital credentials and programmable payment technologies in international trade, cross-border e- commerce, and supply chain finance, while enhancing support for MSMEs under the initiative of inclusive finance. The FSTI IA grant is a significant milestone for us, which holds significant importance for the further commercialization of our existing technologies such as PBM3525 and Tokenized Trade Document.”
Photo by Christian Chen on Unsplash
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