The Monetary Authority of Singapore (MAS) has launched a SGD27m ($19.9m) grant to support adoption of artificial intelligence and data analytics (AIDA) across financial institutions.

The grant will assist both financial institutions and research firms. Financial institutions in Singapore making use of AIDA techniques such as machine learning, predictive and prescriptive analytics to generate insights and devise strategy will receive up to 50% of project costs from the grant.

The regulator also said that in order to secure the grant, financial institutions need to evaluate the impact of the AI or data analytics project on their employees and devise relevant training programmes.

Research firms working on artificial intelligence or data analytics projects can secure 70% of their project costs through the grant if the projects have clear applications for Singapore’s financial sector.

MAS Chief Data Officer David Hardoon said: “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.”

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