Singapore Fuels Its Artificial Intelligence Ambitions with $27 Million Grant

Singapore Fuels Its Artificial Intelligence Ambitions with $27 Million Grant

by November 15, 2017
  • 60
  • 4
  •  
  •  
  •  
  • 2
  •  
  •  
  •  
  •  
  •  
    66
    Shares

The Monetary Authority of Singapore (MAS) announced details of the new $27 million Artificial Intelligence and Data Analytics (AIDA) Grant under the Financial Sector Technology and Innovation (FSTI) Scheme. Mr Ravi Menon, Managing Director of MAS, announced the launch of the grant at the Singapore FinTech Festival yesterday. This new grant aims to promote the adoption and integration of Artificial Intelligence (AI) and data analytics in financial institutions.

The Singapore Artificial Intelligence Grant AIDA, 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 Singapore Artificial Intelligence Grant AIDA,  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.

Dr David Hardoon, Chief Data Officer, MAS, said

Singapore Artificial Intelligence Grant

David Hardoon

“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 fsdf@mas.gov.sg.

Print Friendly, PDF & Email
  • 60
  • 4
  •  
  •  
  •  
  • 2
  •  
  •  
  •  
  •  
  •  
    66
    Shares

2 Comments so far

Jump into a conversation
  1. #1 AI Landscape | Singapore Fuels Its Artificial Intelligence Ambitions with $27 Million Grant 18 November, 2017, 04:08

    […] The Monetary Authority of Singapore (MAS) announced details of the new $27 million Artificial Intelligence and Data Analytics (AIDA) Grant under the Financial Sector Technology and Innovation (FSTI) S… […]

  2. #2 Fintech Singapore 2017 in Review | Fintech Singapore 21 December, 2017, 10:51

    […] Artificial Intelligence and Data Analytics Grant is reserved for Singapore-based financial institutions and research firms. For banks it can provide […]

Your data will be safe!Your e-mail address will not be published. Also other data will not be shared with third person.