MAS Launches Programme to Build AI Talent Pipeline for the Financial Sectorby Fintech News Singapore May 23, 2023
The Monetary Authority of Singapore (MAS) has launched the Financial Sector Artificial Intelligence and Data Analytics (AIDA) talent development programme.
The programme aims to to build deep AI capabilities in the financial sector, addressing the shortage of AIDA talent which has emerged as the biggest challenge for its adoption.
An AIDA Talent Consortium has been set up for key financial institutions (FIs) and training institutions to collaborate on the talent development programme.
The consortium member includes AI Singapore, Arabesque Asset Management Singapore, FactSet UK, Nanyang Polytechnic, National University of Singapore, Ngee Ann Polytechnic, NTUC LearningHub, OCBC Bank, Singapore Management University, UOB, and Visa.
Through the consortium, MAS will aggregate FIs’ talent demands across various AIDA roles, based on their stage of AIDA adoption. MAS will then work with the Institute of Banking and Finance, Institutes of Higher Learnings (IHLs) and training providers to develop programmes to meet the needs of FIs.
Additionally, MAS will work with FIs, established training providers, and educational institutions to co-curate training programmes and modules which incorporate the latest developments and trends in AIDA, with strong financial sector application.
In the second half of 2023, the consortium will publish a whitepaper detailing the current AIDA talent landscape in the financial sector, as well as an AIDA skills progression pathway and financial sector case studies.
The case studies will cover key applications of AIDA in the financial sector, such as compliance, fraud monitoring, business intelligence, investment decisions, customer relations and KYC.
Sopnendu Mohanty, Chief Fintech Officer, MAS said,
“Supporting AIDA adoption is one of our key strategies to help financial institutions evolve and adopt game-changing AI Technology. However, the shortage in talent limits the industry’s potential for growth.
With the AIDA Talent Development Programme, we aim to ignite AIDA adoption across the industry and equip the local workforce with in-demand technical skills”.