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
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
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
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)