NovA!
NovA! is an industry-wide AIDA technical platform to generate insights that address common challenges in the financial sector. The first use case focuses on Sustainability Linked Loans for Singapore's Real-Estate Sector.
Artificial Intelligence and Data Analytics (AIDA) in Finance
Recognising the importance of AIDA as an enabler that improves the competitiveness of the financial industry, MAS seeks to foster a thriving AIDA ecosystem and promote responsible and sustainable long-term growth through facilitating research and development of new AI technologies; and accelerating the adoption of AI-enabled products, services and processes in the financial sector.
Overview
Under the National AI Programme in Finance, a joint effort by MAS and the Smart Nation and Digital Government Group (SNDGG), we aim to develop Singapore into a global hub for Financial Institutions to research, develop, and deploy AIDA solutions to enhance productivity, Innovation and Job creation, and improve societal acceptance of AIDA due to better governance.
Industry-wide Projects and Utilities
Industry-wide projects and utilities aim to provide FIs with AI-driven tools for insight generation.
Supporting the AIDA Ecosystem
MAS initiatives designed to promote AIDA adoption
MAS is committed to increasing the competitiveness of Singapore's financial sector and supporting long-term sustainable growth for the industry. Supporting AIDA adoption is one of our key strategies to help Financial Institutions evolve and gain an edge. Building a strong AIDA ecosystem will also help to propagate the development of in-demand technical skills amongst the local workforce, and boost Singapore's standing as a leading global financial hub.
- Sopnendhu Mohanty, Chief FinTech Officer, MAS
What's New
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MAS Partners Financial Industry to Create Framework for Responsible Use of AI
MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA). The framework, known as Veritas, will enable financial institutions to evaluate AIDA-driven solutions against the FEAT principles.
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"Combatting Financial Crime through New Technologies Built on Strong Fundamentals" - Keynote Speech by Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), Monetary Authority of Singapore, at the International Compliance Association Annual APAC Conference on 16 October 2019
Ms Loo Siew Yee, AMD(PPF), spoke on the fundamentals of AML/CFT programmes, MAS' risk-targeted supervision and surveillance, financial institutions’ use of data analytics, and the upcoming supervision of virtual asset service providers.
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"Will Fintech and digital innovations provide an ultimate solution for risk management?" - Opening Address by Dr David Hardoon, Chief Data Officer, Monetary Authority of Singapore, at the Asia-Pacific Risk Management Council Q2 Meeting on 14 May 2019
Dr David Hardoon, Chief Data Officer, MAS spoke at the Asia-Pacific Risk Management Council Q2 Meeting. In his speech, he touched on whether FinTech and digital innovations could provide an ultimate solution for risk management.
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"Future of Finance Jobs" - Keynote Address by Mrs Josephine Teo, Minister for Manpower at IBF Careers Connect Visit on 23 April 2019
Mrs Josephine Teo, Minister for Manpower, spoke on the joint IBF-MAS study on the impact of data analytics and automation on financial sector manpower. Minister also launched the Technology in Finance Immersion Programme, for mid-career professionals to take up tech jobs in the financial sector.
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"Future of Finance Jobs" - Opening Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, and Chairman, Institute of Banking and Finance at the Launch of Study on Future of Finance Jobs on 23 April 2019
Mr Ravi Menon, Managing Director, MAS, launched the joint IBF-MAS study on “The Impact of Wider Integration of Data Analytics and Automation on Manpower in the Singapore Financial Services Sector”.