The Monetary Authority of Singapore is stepping up its efforts to accelerate the adoption of artificial intelligence in the financial services sector, teaming up with a trio of organisations to foster a "thriving AI ecosystem".
MAS will work with the Economic Development Board (EDB), Infocomm Media Development Authority (IMDA), and the Institute of Banking and Finance (IBF) to facilitate research and development of new AI technologies and the adoption of AI-enabled products, services and processes for the financial sector.
The joint effort will encompass three key prongs: developing AI products, matching users and solution providers, and strengthening AI capabilities.
MAS says that its recently launched S$27 million AI and data analytics grant has garnered strong interest from the industry, with several projects already in the pipeline. Now, it hopes that the EDB can augment this programme by providing support for AI providers locally and globally.
Meanwhile, the EDB and IMDA will facilitate link-ups between players in the financial and technology sectors and MAS will work closely with the IBF and IMDA to strengthen AI capabilities and skills in the FS industry.
David Hardoon, chief data officer, MAS, says: "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."