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.
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.
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.
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.
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.
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”.