SGD27 million grant will be given to promote Artificial Intelligence and data analytics in financial sector of Singapore

To promote adoption and integration of Artificial Intelligence (AI) and data analytics in financial institutions of Singapore, a grant of SGD27 million will be given under the Financial Sector Technology and Innovation (FSTI) Scheme. The announcement about the launch of the grant was made by Ravi Menon, Managing Director of MAS, at the Singapore FinTech Festival yesterday.

Managing Director of MAS, Ravi Menon (extreme left) along with Indian Finance Minister Arun Jaitley at the Singapore Fintech Festival.
Managing Director of MAS Ravi Menon (extreme left) along with Indian Finance Minister Arun Jaitley at the Singapore Fintech Festival. Photo: Connected to India

The Artificial Intelligence and Data Analytics (AIDA) grant will focus on two tracks: The Financial Institution Track and the Research Track. Under the Financial Institution Track, the AIDA Grant will co-fund up to 50 per cent of project costs for Singapore-based financial institutions which leverage AI and data analytics techniques to generate insights, formulate strategy, and assist in their decision making.

“These techniques may include machine learning, natural language processing or text analytics, deep learning or neural networks, predictive and prescriptive analytics,” said MAS in a press release.

Managing Director of MAS Ravi Menon speaking at the Singapore Fintech Festival.
Managing Director of MAS Ravi Menon speaking at the Singapore Fintech Festival. Photo courtesy: MAS

However, there is a specific criterion of the AIDA grant that financial institutions will need to consider the impact of the AI or data analytics project on their workforce and develop appropriate training programmes. This could include up-skilling staff with new data analytics capabilities, or re-skilling staff who may be redeployed into new roles.

Dr David Hardoon, Chief Data Officer, MAS, said “Data analytics can help to enhance processes, unlock stronger insights, and facilitate better decision making. People are at the crux of this transformation. MAS is working with the Institute of Banking and Finance on a study of the impact of data analytics and AI on the financial sector workforce.

As far as the funding in the Research Track is concerned, the AIDA Grant will co-fund research institutions’ AI or data analytics projects which have clear applications for Singapore’s financial sector.

The fund will also help in strengthening the research ecosystem and facilitating stronger industry applications in Singapore. The AIDA Grant will provide up to 70 per cent co-funding for eligible projects.

Author
Ashraf Jamal
Ashraf Jamal – Senior Writer

Ashraf Jamal brings a rare depth to writing equipped with a degree in journalism, a postgraduate degree in political science, and a degree in law from the Allahabad University. His experience includes editing and publishing the Northern India Patrika and writing for Times of India for almost a decade covering just about any topic under the sun including NRIs and Indian diaspora.

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