We are creating some awesome events for you. Kindly bear with us.

MAS and key government agencies collaborate to strengthen the AI ecosystem in Singapore’s financial sector

MAS and key government agencies collaborate to strengthen the AI ecosystem in Singapore’s financial sector

According to the latest
press release,
the Monetary Authority of Singapore (MAS) is
collaborating with the Economic Development Board (EDB), Infocomm Media
Development Authority (IMDA) and Institute of Banking and Finance (IBF) to
accelerate the adoption of Artificial Intelligence (AI) in Singapore’s
financial sector.

The multi-agency
collaboration aims to foster a thriving AI ecosystem comprising financial
institutions (FIs), research institutions, and AI solution providers. The four
agencies will jointly facilitate research and development (R&D) of new AI
technologies and adoption of AI-enabled products, services and processes for
the financial sector.

“As
financial institutions and FinTechs increase the experimentation and use of AI
and data analytics to improve their services, government agencies need to
ensure that our support, policies and regulations are attuned to developments
and remain supportive of these new technologies. Our agencies will work towards
a conducive environment that supports and expands the adoption of AI and data
analytics in Singapore, said Dr David Hardoon, Chief Data Officer of the MAS.

The
joint effort will encompass three key prongs: (1) developing AI products, (2) matching
users and solution providers, and (3) strengthening AI capabilities.

Developing AI products for finance

The
MAS-EDB partnership will encourage leading AI solution providers to conduct
both upstream research and product development activities for the financial
sector.

MAS’
S$27 million Artificial
Intelligence and Data Analytics
(AIDA) Grant has garnered strong interest
from the industry. There are currently several pipeline projects in areas such
as deep learning and natural language processing, and three applied research Requests-for-Proposals
in AI-related themes.

Under
this partnership, EDB will augment the AIDA programme by providing support for
AI solution providers locally and globally to create new AI products and
services for Singapore’s financial sector.

According
to Mr Kiren Kumar, Assistant Managing Director of EDB, the pervasive use of AI
will help drive the digital transformation of our financial industry which will
in turn create new and exciting jobs in areas such as computer vision, machine
learning, data analytics, and software development.

Matching FIs and AI solution providers

MAS
will work with EDB and IMDA to facilitate link-ups between players in the
financial and technology sectors. IMDA’s AI
Business Partnership Programme
will be extended to provide tailored 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.

According
to Mr Zee Kin Yeong, Assistant Chief Executive (Data Innovation and Protection)
of IMDA, in order to encourage and support the development of innovative
solutions in AI and data analytics, it is critical for government agencies to
work together to match supply and demand across sectors.

“Collaborations
such as these are vital in a Digital Economy. 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,” he said.

Strengthening AI capabilities in finance

MAS
will work closely with IBF and IMDA to strengthen AI capabilities and skillsets
in the financial sector. This partnership aims to help financial industry
professional 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 increasing use of AI and data analytics by
financial institutions will require workers to develop new skill sets and
capabilities. IBF will work with the relevant government agencies and financial
institutions to help individuals acquire the skills needed for existing and new
job opportunities as the industry evolves,” said Mr Ng Nam Sin, CEO of IBF.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend