The Monetary Authority of Singapore (MAS) launched a new $27 million Artificial Intelligence and Data Analytics (AIDA) Grant under the Financial Sector Technology and Innovation (FSTI) Scheme. The objective of this grant is to promote the use of Artificial Intelligence (AI) and data analytics in financial institutions.
This AIDA Grant will focus on two tracks, namely Financial Institution Track and the Research Track. Under the first track, 50% of project costs will be funded for Singapore-based financial institutions to make use of AI and data analytics techniques to generate insights, formulate strategy, and assist in decision-making. A requisite is that financial institutions have to consider the impact of the AI or data analytics project on their workforce and develop appropriate training programmes such as up-skilling staff with new data analytics capabilities, or re-skilling staff who may be redeployed into new roles.
Under the second track, research institutions will receive 70% co-funding for pursuing AI or data analytics projects to be applied to the local financial sector. To promote research within the industry, projects should facilitate local knowledge transfer and industry sharing. The grant will also extend to research projects that respond to proposals on specific AI or data analytics topics that relate to the industry.
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. We must take proactive steps to equip our people with the skills they will need for new roles and tasks that they may have to take on. The AIDA Grant will help financial institutions do that.”
Source: Monetary Authority of Singapore