The Monetary Authority of Singapore (MAS) is collaborating with a number of industry bodies to accelerate the adoption of artificial intelligence (AI) in Singapore’s financial sector.
Partnerships with the Economic Development Board (EDB), Infocomm Media Development Authority (IMDA) and the Institute of Banking and Finance (IBF) aim to foster a thriving AI ecosystem comprising financial institutions, research institutions and AI solution providers.
The four agencies will jointly facilitate research and development of new AI technologies and adoption of AI-enabled products, services and processes for the financial sector.
MAS’s $27 million AI and Data Analytics (AIDA) Grant has attracted strong interest from the country’s financial industry, with several pipeline projects in areas such as deep learning and natural language processing gaining traction. EDB will augment the AIDA programme by providing support for AI solution providers locally and globally to create new AI products and services.
MAS will work with EDB and IMDA to facilitate collaborations between players in the financial and technology sectors, while partnerships with IBF and IMDA will strengthen AI capabilities and skillsets in the financial sector.
David Hardoon, chief data officer at MAS, said: “As financial institutions and FinTechs increase the experimentation and use of AI and data analytics to improve their services, government agencies need to ensure that our support, policies and regulations are attuned to developments and remain supportive of these new technologies.”
Ng Nam Sin, chief executive of the IBF, added: “The increasing use of AI and data analytics by financial institutions will require workers to develop new skill sets and capabilities. IBF will work with the relevant government agencies and financial institutions to help individuals acquire the skills needed for existing and new job opportunities as the industry evolves.”
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