MAS collaborates with three agencies to accelerate AI adoption in finance

The regulatory body has partnered with the EDB, IMDA and IBF.

The Monetary Authority of Singapore has teamed up 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 the country’s financial sector. 

The collaboration will facilitate the R&D efforts of new AI technologies which will focus on developing AI Products, matching users and solution providers and strengthening AI capabilities.

“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,” said MAS chief data officer David Hardoon.

EDB will lend its support to MAS’ $27m Artificial Intelligence and Data Analytics (AIDA) by encouraging AI solution providers to conduct upstream research and product development activities for the finance sector.

MAS will also work closely 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.

The de-facto central bank will also collaborate with IBF and IMDA to strengthen AI capabilities and skillsets in the financial sector through its TechSkills Accelerator (TeSA) programme. IMDA 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.

“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,” said assistant chief executive for data innovation and protection IMDA Zee Kin Yeong.