30 May 2018
On 7 May 2018, the Monetary Authority of Singapore (“MAS”) announced that it is collaborating with the Economic Development Board (“EDB”), Info-communications 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 four agencies will facilitate research and development of new AI technologies and the adoption of AI-enabled products, services and processes for the financial sector.
The collaboration will seek to achieve the following:
- Developing AI products for finance: There are AI projects for finance already in development or at the research stage. MAS’ S$27 million Artificial Intelligence and Data Analytics Grant (“AIDA”) has garnered strong interest from the industry. EDB will augment the AIDA programme and the MAS-EDB partnership will encourage leading AI solution providers to conduct both upstream research and product development activities for the financial sector.
- Matching financial institutions and AI solution providers: To facilitate link-ups between the financial and technological sectors, IMDA’s AI Business Partnership Programme will be extended. It will provide a guided process to pair local companies with credible AI solution providers. This will provide tailored support for the financial sector’s AI adoption needs.
- Strengthening AI capabilities in finance: It is necessary to help financial industry professionals transit into new jobs arising from the use of AI in financial services in order to strengthen AI capabilities and skillsets in the financial sector. MAS, IBF and IMDA will work together in this regard.