There’s no denying that a technological revolution is in the waiting, especially with the ongoing adoption of new technologies like artificial intelligence.
Governments around the globe are doing their best to stay ahead of the situation through research and development into this field.
Leading companies and industries such as the financial services sector have not been left out, as many banking institutions have integrated AI into their operations to promote better services and customer experiences.
The recent move by the Monetary Authority of Singapore is just one of the many examples of artificial intelligence adoption measures by entities around the world.
The Monetary Authority of Singapore (MAS) recently joined forces with three organizations in a bid to nurture a prosperous artificial intelligence ecosystem.
This endeavour appears to be an attempt by the organization to expedite the adoption of artificial intelligence (AI), particularly in the financial sector.
MAS will work in collaboration with organizations such as the Institute of Banking and Finance (IBF), Infocomm Media Development Authority (IMDA), and the Economic Development Board (EDB).
Their work will be aimed at promoting not only the adoption of artificial intelligence-driven services, processes and products for the financial sector but also the research and development of fresh artificial intelligence technologies.
The collaboration between the four organizations will be based on three objectives including reinforcing artificial intelligence capabilities, developing AI products as well as matching solution providers and users.
What’s more, this joint effort shows that organizations are well aware that achieving success as far as artificial intelligence adoption is concerned needs to be a joint effort by all the relevant parties.
According to a statement by MAS, its recently unveiled S$27 million data analytics and artificial intelligence (AI) funding has already captured a lot of interest from the financial services sector.
As a result, several groundbreaking projects are already in their development stage.
Aside from providing such a massive grant to promote AI adoption, the Monetary Authority of Singapore is hoping for the Economic Development Board (EDB) to boost the programme through the provision of support to artificial intelligence providers not only domestically but also around the world.
For the time being, Infocomm Media Development Authority (IDMA) and the Economic Development Board (EDB) will be promoting the connection between various stakeholders, especially in both the technology and financial services sectors.
On the other hand, the Monetary Authority of Singapore will be working in close collaboration with both IMDA and IBF in an effort aimed at strengthening artificial intelligence skills and capabilities in the financial services industry.
David Hardoon, the Monetary Authority of Singapore’s chief data officer, made a statement on the ongoing situation in Singapore.
He said that as Fintechs and financial services institutions intensify both the experimentation and use of data analytics and artificial intelligence to boost their services, government agencies have to make sure that the organization’s policies, regulations and support are in line with developments and continue to back such technologies.
David also added that the MAS’s agencies would work towards attaining a suitable environment that expands and supports the adoption of data analytics and AI.