Under the , 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 aim to provide FIs with AI-driven tools for insight generation.
MAS initiatives designed to promote AIDA adoption
The AIDA Grant aims to promote AIDA adoption through supporting Singapore-based Financial Institutions in their AIDA projects, with the specific objectives to improve decision making and/ or insight generation. It is part of the Financial Sector Technology and Innovation (FSTI) scheme under the Financial Sector Development Fund (FSDF).
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
Mr Ravi Menon, Managing Director of MAS, spoke on three dominant investment themes in Asia-Pacific in the next decade: ASEAN, Alternative Energy and Artificial Intelligence.
MAS has launched the 8th edition of the Global FinTech Hackcelerator, titled “Artificial Intelligence (AI) in Finance Global Challenge”, to produce innovative and market-ready AI solutions that can transform the financial services industry.
MAS and Google Cloud signed a MoU to collaborate on generative artificial intelligence (AI) solutions that are grounded on responsible AI practices.
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.
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.