Singapore’s MAS announces US$19.8mil grant to promote AI, data analytics in financial sector

• Co-fund research institutions’ projects with clear applications for the financial sector
• Co-fund up to 50% of project costs for Singapore-based financial institutions

The Monetary Authority of Singapore (MAS) announced details of a new S$27million (US$19.84 million) artificial intelligence and data analytics (AIDA) grant under the Financial Sector Technology and Innovation (FSTI) Scheme.

MAS managing director Ravi Menon (pic) announced the launch of the grant at the Singapore Fintech Festival.

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.

MAS chief data officer Dr David Hardoon 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.”

Applications are now open for both the Financial Institution Track and Research Track. To request for an application form or for more information, please contact [email protected]