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23 January, 2019
News and research on financial software quality assurance and risk management

Strengthening the AI ecosystem in Singapore’s financial sector

8 May 2018
The Monetary Authority of Singapore, the Economic Development Board, Infocomm Media Development Authority and Institute of Banking and Finance are collaborating to foster a thriving AI ecosystem among financial institutions, research institutions and AI solution providers in Singapore

The Monetary Authority of Singapore (MAS) has announced that it 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 in Singapore’s financial sector.

The four agencies will jointly facilitate research and development of new AI technologies and adoption of AI-enabled products, services and processes for the financial sector. The joint effort will encompass three key steps: developing AI products; matching users and solution providers; and strengthening AI capabilities.

Dr. David Hardoon, Chief Data Officer at the MAS, said: “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.”

Kiren Kumar, Assistant Managing Director at EDB, added: “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. EDB is committed to working closely with the various government agencies and industry partners to grow the vibrancy and capabilities of Singapore’s AI ecosystem.”

(Photo: © 2018 Bloomberg Finance LP)

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