MAS Launches Fintech Grant

MAS Launches Fintech Grant

The Monetary Authority of Singapore launched a grant to promote the adoption and integration of artificial intelligence and data analytics in the financial market. Read here what’s up for grabs.

Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), presented the S$27 million grant at the city-state’s fintech festival. Companies can apply for a share of the money to support their artificial intelligence and data analytics projects.

Financial-Service Companies and Researchers

The grant is reserved for financial institutions and research firms. Singapore-based financial institutions can get as much as 50 percent of costs reimbursed for projects which leverage artificial intelligence and data analytics techniques to generate insights, formulate strategy, and assist in their decision making, MAS said.

A key criterion for the award of a grant to a financial institution is a consideration about the impact of artificial intelligence and data analytics projects on their workforce and the plans for appropriate training programs.  

Applicability Demonstrated

Research firm in turn will have to demonstrate the application of their project for Singapore’s financial sector, MAS said. Eligible projects may get co-funding covering as much as 70 percent of the total costs.

«To strengthen the research ecosystem and facilitate stronger industry applications in Singapore, the projects should demonstrate local knowledge transfer and industry sharing,» the authority said in its statement.