The Monetary Authority of Singapore has recently taken a decision that may have a major impact on the regional financial sector. In a bid to accelerate the adoption of AI-powered technology in Singapore’s financial sector, MAS plans to collaborate with the Infocomm Media Development Authority (IMDA), Institute of Banking and Finance (IBF), and Economic Development Board (EDB), to uplift the regional growth.
Sources reveal that the MAS and the trio aim to further expand the thriving artificial intelligence market. The quartet will conjointly facilitate R&D activities to develop new AI-enabled products, processes, and services for the financial sector. Reports in fact reveal that the efforts will be focused along three major thrusts which will include strengthen AI capabilities, develop AI products, and match users & solution providers.
MAS said that EDB’s participation will provide the company with a significant boost to create new AI-powered products & services, while strengthening its artificial intelligence and data analytics (Aida) program both on local and global level. On the other hand, MAS’s alliance with IMDA is expected to facilitate its partnership with other technology & financial sectors.
According to MAS, its collaboration with IBF and IMDA will strengthen its AI capabilities and skill-set to provide solutions for the financial sector.
If industry experts are to be believed, the collaboration is expected to encourage artificial intelligence industry players to develop products & conduct upstream research for the financial sector.
Dr David Hardoon, Chief Data Officer, MAS, was quoted stating that the Singapore government must ensure that their policies, support, and regulations are in tandem with the developments in the sustainable and smart technologies industry, while remaining supportive of adopting new technologies.
Industry analysts speculate that use of AI-powered technologies will help drive the digital wave in Singapore’s financial sector. The growing company & agency supportive will in turn create significant employment opportunities in the fields of machine learning, software development, data analytics, and computer vision.