Singapore to strengthen the Artificial Intelligence Ecosystem in Financial Sector

The Monetary Authority of Singapore (MAS) is collaborating with the Economic Development Board (EDB), Infocomm Media Development Authority (IMDA) and Institute of Banking and Finance (IBF) to accelerate the adoption of Artificial Intelligence (AI) in Singapore’s financial sector.
10 months ago

Singapore, 7 May 2018

The Monetary Authority of Singapore (MAS) is collaborating with the Economic Development Board (EDB), Infocomm Media Development Authority (IMDA) and Institute of Banking and Finance (IBF) to accelerate the adoption of Artificial Intelligence (AI) in Singapore’s financial sector. The collaboration aims to foster a thriving AI ecosystem comprising financial institutions (FIs), 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. The joint effort will encompass three key prongs: developing AI products, matching users and solution providers, and strengthening AI capabilities. 

Developing AI Products for Finance. MAS’ S$27 million Artificial Intelligence and Data Analytics (AIDA) Grant has garnered strong interest from the industry. There are currently several pipeline projects in areas such as deep learning and natural language processing, and three applied research Requests-for-Proposals in AI-related themes. EDB will augment the AIDA programme by providing support for AI solution providers locally and globally to create new AI products and services for Singapore’s financial sector. The MAS-EDB partnership will encourage leading AI solution providers to conduct both upstream research and product development activities for the financial sector.

Matching FIs and AI Solution Providers. MAS will work with EDB and IMDA to facilitate link-ups between players in the financial and technology sectors. IMDA’s AI Business Partnership Programme will be extended to provide tailored support for the financial sector’s AI adoption needs by providing a guided process to pair local companies seeking AI solutions with credible AI solutions providers. 

Strengthening AI Capabilities in Finance. MAS will work closely with IBF and IMDA to strengthen AI capabilities and skillsets in the financial sector. This will help financial industry professionals transit into new jobs arising from the use of AI in financial services. Through its TechSkills Accelerator (TeSA) programme, IMDA provides AI apprenticeship opportunities and is also working with MAS to help align university curriculum to the needs of key hirers in the financial sector in the area of data science and AI. 

Source: The Monetary Authority of Singapore (MAS)

Illustration Photo: Financial District, Singapore (credits: Luiz Eduardo / Flickr Creative Commons Attribution 2.0 Generic (CC BY 2.0))

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