Singapore puts fintech in spotlight with AI investment, global partnerships
Singapore has announced a slew of initiatives aimed at driving the development and adoption of new technologies in the financial sector, including a S$27 million (US$19.85 million) investment in artificial intelligence (AI).
The Monetary Authority of Singapore (MAS) said the monies would go towards a new AI and Data Analytics (AIDA) grant to facilitate the deployment of these technologies amongst financial institutions operating in the country.
These organisations would be able to tap the grant to subsidise up to 50 percent of the cost of projects that used AI and data analytics to glean insights and and support their decision-making process. These could include techniques such as machine learning, natural language processing or text analytics, and neural networks.
Applicants would need to demonstrate the impact of such initiatives on their workforce and develop relevant training programmes, which could include equipping their employees with new analytics skillsets.
Research institutions also could tap the AIDA grant to co-fund up to 70 percent of AI or data analytics projects that involved applications for the local financial sector. These research initiatives must include efforts to transfer knowledge to the local community as well as share their learnings.
MAS Chief Data Officer David Hardoon said: “Data analytics can help to enhance processes, unlock stronger insights, and facilitate better decision making. People are at the crux of this transformation… 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 industry regulator this week also inked an agreement with the Polish Financial Supervision Authority (KNF) to collaborate on fintech projects and better understand each party’s regulatory regime.
Under the agreement, both regulators would be able to refer fintech companies to the other and provide the support to help these organisations understand local legislations. The two authorities also would explore the possibility of joint fintech projects and exchange information on market trends and their impact on regulation.
