Late last year, the Monetary Authority of Singapore announced the S$27 million ($20mn) AIDA grant.
There are now currently several pipeline projects in areas such as deep learning and natural language processing, and three applied research requests-for-proposals in AI-related themes.
And in order to boost the AIDA program, MAS is teaming up with another agency, the Economic Development Board.
“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,” said David Hardoon, Chief Data Officer at MAS, in a statement.
According to the statement, EDB will augment the AIDA program by providing support for AI vendors locally and globally to create new AI products and services for Singapore’s financial sector.
AIDA is an acronym for artificial intelligence and data analytics.
Also, the MAS-EDB partnership will encourage AI vendors to conduct both upstream research and product development activities for the financial sector.
“The pervasive use of AI will help drive the digital transformation of our financial industry which will in turn create new and exciting jobs in areas such as computer vision, machine learning, data analytics, and software development,” said Kiren Kumar, Assistant Managing Director, EDB, in a statement.
“EDB is committed to working closely with the various government agencies and industry partners to grow the vibrancy and capabilities of Singapore’s AI ecosystem,” he added.
Two other agencies will be teaming up with MAS: Infocomm Media Development Authority (IMDA) and Institute of Banking and Finance (IBF).
MAS will work with EDB and IMDA to facilitate links between the financial and technology sectors.
And the IMDA will extend its business program to help the financial sector’s AI vendors get matched with organizations looking for them.
Both the IBF and IMDA will teach curriculum and have training specific to the AI sector in order to tackle what is expected to be a severe global skills shortage.