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The Monetary Authority of Singapore (MAS) announced it is teaming up with the Economic Development Board (EDB), the Infocomm Media Development Authority (IMDA) and the Institute of Banking and Finance (IBF) to accelerate the adoption of artificial intelligence (AI) in Singapore’s financial sector.

The quartet aims to foster a “thriving AI ecosystem” and jointly facilitate research and development of new AI technologies and the adoption of AI-enabled products, services and processes for the financial sector.

Their efforts will be along three key thrusts: develop AI products, match users and solution providers, and strengthen AI capabilities.

EDB’s participation will give a leg up to MAS’s Artificial Intelligence and Data Analytics (Aida) programme by providing support for AI solution providers locally and globally to create new AI products and services for Singapore’s financial sector, MAS said.

The partnership will encourage leading AI solution providers to conduct both upstream research and product

development activities for the financial sector.

MAS will also work with EDB and IMDA to facilitate partnerships among players in the financial and technology sectors.

To that end, IMDA’s AI Business Partnership Programme will be extended to provide support for the financial sector’s AI adoption needs by providing a “guided process” to pair local companies seeking AI solutions with credible AI solutions providers.

MAS said that it will also work with the IBF and the IMDA to strengthen AI capabilities and skillsets in the financial sector.

“This will help financial industry professionals transit into new jobs arising from the use of AI in financial services. Through its TechSkills Accelerator (TeSA) programme, IMDA provides AI apprenticeship opportunities and is also working with MAS to help align university curriculum to the needs of key hirers in the financial sector in the area of data science and AI,” the regulator said.

David Hardoon, chief data officer at MAS, highlighted that government agencies must ensure that their support, policies and regulations keep pace with developments, and also remain supportive of new technologies, as financial institutions and fintechs increase the experimentation and use of AI and data analytics.

“Our agencies will work towards a conducive environment that supports and expands the adoption of AI and data

analytics in Singapore,” Mr Hardoon said.

Echoing Mr Hardoon’s comments, Mr Zee Kin Yeong, IMDA’s assistant chief executive of data innovation and protection, said that it is “critical” for government agencies to work together to match supply and demand across sectors.

“We look forward to working together to building a conducive environment that promotes innovation through the right balance between AI and data sharing, while reinforcing good practices in handling personal data,” Mr Zee said.

EDB’s assistant managing director Kiren Kumar said that the use of AI will help drive the digital transformation of Singapore’s financial industry, which will in turn create new jobs in areas such as computer vision, machine learning, data analytics and software development.

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