Singapore central bank boosts efforts for AI and data analytics skills

The central bank will aggregate skills demand and collaborate with financial institutions.

The Monetary Authority of Singapore (MAS) has kicked off its Financial Sector Artificial Intelligence and Data Analytics (AIDA) Talent Development Programme.

The AIDA programme, under the National AI Programme in Finance, aims to ramp up Singapore's talents for the improvement of AI capabilities in the finance industry.

Referencing an informal survey, MAS said that 44% of 131 Singapore financial institutions said there seemed to be a lack of AIDA talent. 

Thus, the programme is aimed at following two strategies: aggregate talent demands by financial institutions through different job titles and collaborate with financial institutions for training.

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The consortium plans to release a whitepaper in the latter half of 2023. This document will provide an overview of the existing talent landscape in the financial sector related to AIDA (Artificial Intelligence and Data Analytics). 

Additionally, it will present a skills progression pathway for AIDA and include case studies specific to the financial sector.