MAS launches $27m AI and data analytics grant
Written by Anthony Strzalek
The Monetary Authority of Singapore (MAS) has announced the launch of a new $27 million artificial intelligence and data analytics grant.
The grant, which was unveiled by Ravi Menon, managing director of MAS, at the Singapore FinTech Festival, is part of the MAS Financial Sector Technology and Innovation scheme (FSTI).
The new grant aims to promote the adoption and integration of artificial intelligence and data analytics in financial institutions.
The grant will focus on two ‘tracks’: the Financial Institution Track and the Research Track.
Under the Financial Institution Track, the grant will co-fund up to 50 per cent of project costs for Singapore-based financial institutions which leverage AI and data analytics techniques to generate insights, formulate strategy, and assist in their decision making.
A key criterion of the grant is that financial institutions will need to consider the impact of the AI or data analytics project on their workforce and develop appropriate training programmes.
Under the Research Track, the grant will co-fund research institutions’ AI or data analytics projects which have clear applications for Singapore’s financial sector.
The grant will also provide funding for research projects submitted through periodic calls for proposals on specific AI or data analytics topics that benefit the industry.
David Hardoon, chief data officer at the MAS, said: “Data analytics can help to enhance processes, unlock stronger insights, and facilitate better decision making. MAS is working with the Institute of Banking and Finance on a study of the impact of data analytics and AI on the financial sector workforce. We must take proactive steps to equip our people with the skills they will need for new roles and tasks that they may have to take on.”