MAS seeks to boost AI adoption in Singapore. Source: AFP PHOTO / ROSLAN RAHMAN

MAS partners with EDB, IMDA and IBF to boost AI in Singapore

FINANCIAL SERVICES companies across the world have started using artificial intelligence (AI) to benefit their business.

Some use it to power chatbots that help improve the customer service. Others use it to help analysts better understand the customer. However, despite all the amazing use cases in the market, adoption has been slow.

There’s great potential in AI but it needs more collaboration, experimentation, and development before it can be discovered and deployed at a bank.

The Monetary Authority of Singapore (MAS) understands this and is working on facilitating the relationships needed to help financial services companies explore AI and how it can benefit the citizens of the country.

According to a new press release, the regulatory body has announced it is teaming up with the trio of the Economic Development Board (EDB), Infocomm Media Development Authority (IMDA) and Institute of Banking and Finance (IBF) to accelerate the adoption of artificial intelligence (AI) in Singapore’s financial sector.

“The collaboration aims to foster a thriving AI ecosystem comprising financial institutions (FIs), research institutions, and AI solution providers,” said the press release.

MAS intends for the four agencies to jointly facilitate research and development of new AI technologies and adoption of AI-enabled products, services, and processes for the financial sector. The joint effort will encompass three key prongs: developing AI products, matching users and solution providers, and strengthening AI capabilities.

David Hardoon, Chief Data Officer, MAS, 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.

The Authority will also play matchmaker and work with EDB and IMDA to link-up players in the financial and technology sectors.

IMDA’s AI Business Partnership Programme will be extended to provide tailored support for the financial sector’s AI adoption needs by providing a guided process to pair local companies seeking AI solutions with credible AI solutions providers.

“In order to encourage and support the development of innovative solutions in AI and data analytics, it is critical for government agencies to work together to match supply and demand across sectors. Collaborations such as these are vital in a Digital Economy,” said Zee Kin Yeong, Assistant Chief Executive (Data Innovation and Protection), IMDA.





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