Schemes and Initiatives
Published Date: 03 January 2019

Artificial Intelligence and Data Analytics Grant

 

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 till March 2020 and has the following 2 tracks: Financial Institution Track and Research Track.

1. Financial Institution Track

This initiative seeks to promote the adoption and integration of AIDA in financial institutions (FIs). In cases where there is a resultant impact on the workforce, this initiative seeks to also encourage FIs to address such impact through proactive up-skilling, re-skilling and redeployment. 

  Details
Applicant Eligibility  Applicants should be Singapore-based FIs or industry consortiums.
Project Eligibility  The project should demonstrate adoption of AIDA techniques that achieve business objectives of strategy & decision making or insights generation, 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
The project should also demonstrate consideration of workforce impact, including:
  • 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
Funding support   Up to 50% co-funding of qualifying expenses, which may include direct manpower and project costs (e.g. professional services, hardware/software, licenses).

2. Research Track

This initiative seeks support research institutes (RIs) in generating applied research in AIDA for Singapore and the Singapore financial sector. Applied research is defined as industry-relevant research, applicable to an FI's business models and processes. 

  Details 
Applicant Eligibility   Applicants should be Singapore-based or foreign-based research institutions.
 Project Eligibility
  • The project should conduct applied research in AIDA that:
    • Has clear applications for the Singapore financial sector; or has clear applications for FIs in Singapore (e.g. supporting business objectives of strategy & decision making or insights generation).
    • Considers impact on current workforce, where relevant.
  • Project should demonstrate local knowledge transfer.
  • Foreign-based RIs must have local RI/ researcher collaboration OR commitment from a Singapore-based FI.
 Funding support  Up to 70% co-funding of qualifying expenses, which may include direct manpower costs. 

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.