The Artificial Intelligence and Data Analytics Grant (AIDA) is launched as part of the Financial Sector Technology and Innovation (FSTI) scheme under the Financial Sector Development Fund (FSDF) to provide support for the strengthening of the AIDA ecosystem in the Singapore financial sector.
The FSTI scheme is valid until March 2023.
||Applicants should be Singapore-based FIs or industry consortiums.
||The project should demonstrate adoption of AIDA techniques that achieve business objectives of strategy & decision making or insights generation, including:
The project should also demonstrate consideration of the impact on the local workforce, including:
- Description of project objectives
- Description of AIDA techniques used to achieve project objectives (e.g. AI, machine learning, predictive /prescriptive analytics, deep learning /neural networks, natural language processing /text analytics)
- Expected benefit to FI, including facilitation of strategy formulation, decision making and insight generation
- Outline of FI's overall data strategy and how project supports and augments said strategy
- An analysis of the project's impact on existing workforce in terms of job nature and skills required for the job
- Training plan for up-skilling, including both specialized and general AI/data analytics skills
- Training plan for re-skilling for alternative career pathways
- Redeployment plan for displaced workforce, where relevant
- Plans for capability transfer or improvements in local-foreign workforce ratio should foreign permanent headcounts be required to perform project roles
||Up to 50% co-funding of qualifying expenses, which may include direct manpower and project-related costs (e.g. professional services, hardware /software, equipment and IP rights, and capability transfer-related training costs).
Unique Use Cases*
AI Projects: Up to 50% of qualifying expenses capped at S$1.5 million
DA Projects: Up to 50% of qualifying expenses capped at S$1 million
Non-unique Use Cases (AIDA-lite)
AI Projects: Up to 30% of qualifying expenses capped at S$750,000
DA Projects: Up to 30% of qualifying expenses capped at S$500,000
*Note: A unique use case is one which has not occurred in a previous AIDA grant application. Applicants will be informed whether their project is a unique use case after submitting their applications.
How to Apply
Interested parties may further engage MAS to discuss their proposed project ideas at AIDA_Grant@mas.gov.sg .
Applicants should submit their applications 3 months before the commencement of the project in Singapore to facilitate project discussions and processing of application.