The Monetary Authority of Singapore (MAS) has joined hands with the Economic Development Board (EDB), Infocomm Media Development Authority (IMDA) and Institute of Banking and Finance (IBF) to speed up the adoption of artificial intelligence (AI) technology in the country’s financial sector.

All four organisations will focus on collectively facilitating research and development of new AI technologies and adoption of AI-enabled products, services and processes.

Additionally, they will promote the AI ecosystem among financial institutions (FIs), research institutions, and AI solution providers.

The joint effort will focus on developing AI products, matching users and solution providers, and strengthening AI capabilities.

Under the arrangement, EDB will offer support for AI solution providers locally and internationally to create new AI products and services for Singapore’s financial sector.

Furthermore, the MAS-EDB partnership will promote leading AI solution providers to conduct both upstream research and product development activities for the financial sector.

MAS chief data officer David Hardoon 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.”

MAS will collaborate with EDB and IMDA to link-up players in the financial and technology sectors.

IMDA’s AI Business Partnership Programme will be extended to deliver bespoke support for the financial sector’s AI adoption needs. To achieve this goal, the partners will offer a guided process to pair local companies seeking AI solutions with credible AI solutions providers.