Artificial Intelligence and Data Analytics (AIDA) Grant
Find out about the AIDA Grant, which co-funds AI and data analytics projects for financial institutions and the financial sector.
AI in Finance
AI is the key to driving the digital transformation of our financial industry. Learn more about how MAS is working with industry partners to grow the vibrancy and capabilities of Singapore’s AI ecosystem.
Overview
MAS is working to foster a thriving artificial intelligence (AI) ecosystem, facilitate research and development of new AI technologies, and accelerate the adoption of AI-enabled products, services and processes in Singapore's financial sector. To achieve this goal, we see five components:
Driving AI Adoption
MAS’ S$27 million Artificial Intelligence and Data Analytics (AIDA) Grant aims to promote the adoption and integration of AI and data analytics in financial institutions.Building Networks and Community
MAS is working with partners to curate platforms and events for the AI community. We are also working with EDB and IMDA to link companies seeking AI solutions to credible solutions providers.Strengthening AI Capabilities
To meet the need for professionals with the right skills and knowledge, MAS is working with IBF and IMDA to strengthen AI capabilities in the finance sector.Establishing Strong Governance and Ethics
MAS has released a set of principles to promote fairness, ethics, accountability and transparency (FEAT) in the use of AI and data analytics in finance.Getting Data Fundamentals Right
To harness the potential of AI and data analytics, data fundamentals first need to be in place. MAS has previously announced initiatives which aim to improve industry data quality and standards.The adoption of advanced computing and data science in the financial sector will inevitably continue, and it will undoubtedly change the way we work and transform the way financial institutions operate. There are many moving parts, many necessary ingredients, many stakeholders, and we will walk this journey as an ecosystem. It is our collective responsibility to seek out the opportunities in this revolution, and not only ride the wave of disruption, but to facilitate the transition of culture.
- Dr David Hardoon, Chief Data Officer, MAS
Data Science and Machine Learning in Practice
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”.