The Monetary Authority of Singapore has launched a new initiative to accelerate artificial intelligence adoption in the city-state’s financial sector by helping to close the talent gap.
Singapore’s fintech hub ambitions require greater adoption of artificial intelligence and data analytics (AIDA) capabilities but a lack of talent is acting as a major obstacle. According to a Monetary Authority of Singapore (MAS) survey of 131 local financial institutions in 2022, 44 percent indicated that a shortage of AIDA talent is the biggest challenge to increasing adoption in the space.
In response, the regulator has launched the Financial Sector «AIDA Talent Development Program», according to a statement, which is part of the «National AI Program in Finance» – a joint effort by MAS and the Smart Nation and Digital Government Group to develop Singapore as a global hub for AI in finance.
Program Goals
The program aims to close the AI talent gap with two primary strategies: the aggregation of talent demands at financial institutions across AIDA roles and collaboration with a consortium made up of financial institutions, established trading providers and educational institutions to co-curate training programs and modules.
The consortium will also publish a white paper in the second half of 2023 detailing the current AIDA talent landscape in the financial sector, an AIDA skills progression pathway and related case studies.
«Supporting AIDA adoption is one of our key strategies to help financial institutions evolve and adopt game-changing AI technology. With the AIDA Talent Development Program, we aim to ignite AIDA adoption across the industry and equip the local workforce with in-demand technical skills,» said MAS chief fintech officer Sopnendu Mohanty.
