S$27million Artificial Intelligence and Data Analytics Grant from MAS for financial and research institutions
The Monetary Authority of Singapore (MAS) has announced details of the new S$27million Artificial Intelligence and Data Analytics (AIDA) Grant under the part of the S$225 million Financial Sector Technology & Innovation Scheme launched in June 2015. Mr. Ravi Menon, Managing Director of MAS, announced the launch of the grant at the Singapore FinTech Festival yesterday.
This new grant aims to promote the adoption and integration of Artificial Intelligence (AI) and data analytics in financial institutions.
The 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% 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.
A key criterion of the AIDA Grant is 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.
Under the Research Track, the AIDA Grant will co-fund research institutions’ AI or data analytics projects which have clear applications for Singapore’s financial sector. To strengthen the research ecosystem and facilitate stronger industry applications in Singapore, the projects should demonstrate local knowledge transfer and industry sharing. The AIDA Grant will provide up to 70% co-funding for eligible projects.
The Grant will also provide funding for research projects submitted through periodic calls for proposals on specific AI or data analytics topics that benefit the industry. Such calls will be published on the MAS website.
Dr. David Hardoon, Chief Data Officer at 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.”
In his speech yesterday, Mr. Menon also announced a collaboration on FinTech Research & Development with the Massachusetts Institute of Technology (MIT) Media Lab.