MAS Strengthens Collaboration Between Financial Institutions and Training Institutes to Enhance Artificial Intelligence and Data Analytics Skills

The Monetary Authority of Singapore (MAS) has published a press statement to inform that it has launched the Financial Sector Artificial Intelligence and Data Analytics (AIDA) Talent Development Programme as part of the National AI Programme in Finance. The aim of this initiative is to address the shortage of AIDA talent in the financial sector and develop deep AI capabilities among the workforce. The program involves the collaboration of key financial institutions (FIs) and training institutions in an AIDA Talent Consortium which has been set up as part of the program.
According to a survey conducted by MAS, 44% of local FIs stated that the lack of AIDA talent is their biggest challenge in adopting AIDA. To tackle this issue, MAS has devised several strategies, including the aggregation of talent demands of FIs through the Consortium and working with relevant organizations to develop programs that cater to their needs. In addition, MAS will collaborate with FIs, training providers, and educational institutions to create training programs and modules that incorporate the latest trends and developments in AIDA with a focus on financial sector applications. This includes sharing case studies and industry-specific data resources.
The AIDA Talent Consortium consists of FIs, training providers, and Institutes of Higher Learning (IHLs). Workgroups within the consortium will facilitate the matching of FIs with suitable training institutions capable of creating tailored programs. Also, the consortium will contribute to the design of adequate AI-related training modules in accordance with the needs of FIs.
In the second half of 2023, the consortium plans to publish a whitepaper that outlines the current status quo of AIDA talent in the financial sector. The whitepaper will also include an AIDA skills progression pathway, detailing the required financial sector-specific domain skills and technical AIDA skills. Additionally, the document will feature case studies highlighting the application of AIDA in various financial sector areas such as „compliance, fraud monitoring, business intelligence, investment decisions, customer relations, and KYC“.