Media Releases
Published Date: 07 May 2018

Strengthening the AI ecosystem in Singapore's financial sector

Singapore, 7 May 2018…The Monetary Authority of Singapore (MAS) is collaborating with the Economic Development Board (EDB), Infocomm 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 collaboration aims to foster a thriving AI ecosystem comprising financial institutions (FIs), research institutions, and AI solution providers.

2 The four agencies will jointly facilitate research and development of new AI technologies and adoption of AI-enabled products, services and processes for the financial sector. The joint effort will encompass three key prongs: developing AI products, matching users and solution providers, and strengthening AI capabilities.

3 Developing AI Products for Finance. MAS’ S$27 million Artificial Intelligence and Data Analytics (AIDA) Grant has garnered strong interest from the industry. There are currently several pipeline projects in areas such as deep learning and natural language processing, and three applied research Requests-for-Proposals in AI-related themes. EDB will augment the AIDA programme by providing support for AI solution providers locally and globally to create new AI products and services for Singapore’s financial sector. The MAS-EDB partnership will encourage leading AI solution providers to conduct both upstream research and product development activities for the financial sector.

4 Matching FIs and AI Solution Providers. MAS will work with EDB and IMDA to facilitate link-ups between players in the financial and technology sectors. IMDA’s AI Business Partnership Programme will be extended to provide tailored support for the financial sector’s AI adoption needs by providing a guided process to pair local companies seeking AI solutions with credible AI solutions providers.

5 Strengthening AI Capabilities in Finance. MAS will work closely with IBF and IMDA to strengthen AI capabilities and skillsets in the financial sector. This will help financial industry professionals transit into new jobs arising from the use of AI in financial services. Through its TechSkills Accelerator (TeSA) programme, IMDA provides AI apprenticeship opportunities and is also working with MAS to help align university curriculum to the needs of key hirers in the financial sector in the area of data science and AI.

6 Dr David Hardoon, Chief Data Officer, MAS, said, “As financial institutions and FinTechs increase the experimentation and use of AI and data analytics to improve their services, government agencies need to ensure that our support, policies and regulations are attuned to developments and remain supportive of these new technologies. Our agencies will work towards a conducive environment that supports and expands the adoption of AI and data analytics in Singapore.”

7 Mr Kiren Kumar, Assistant Managing Director, EDB, said, “The pervasive use of AI will help drive the digital transformation of our financial industry which will in turn create new and exciting jobs in areas such as computer vision, machine learning, data analytics, and software development. EDB is committed to working closely with the various government agencies and industry partners to grow the vibrancy and capabilities of Singapore’s AI ecosystem.”

8 Mr Zee Kin Yeong, Assistant Chief Executive (Data Innovation and Protection), IMDA, said, “In order to encourage and support the development of innovative solutions in AI and data analytics, it is critical for government agencies to work together to match supply and demand across sectors. Collaborations such as these are vital in a Digital Economy. We look forward to working together to building a conducive environment that promotes innovation through the right balance between AI and data sharing, while reinforcing good practices in handling personal data.”

9 Mr Ng Nam Sin, CEO of IBF, said, “The increasing use of AI and data analytics by financial institutions will require workers to develop new skill sets and capabilities. IBF will work with the relevant government agencies and financial institutions to help individuals acquire the skills needed for existing and new job opportunities as the industry evolves.”

10 Those interested to find out more about the various schemes and support the various government agencies provide can write to for more information.