Singapore’s National AI Programme In Finance.

The National Artificial Intelligence (“AI”) Programme in Finance was launched at the Singapore FinTech Festival x Singapore Week of Innovation and TeChnology (SFF x SWITCH) 2021 by Mr Heng Swee Keat, Deputy Prime Minister. The Programme is a joint initiative by the Monetary Authority of Singapore (“MAS”) and the National AI Office at the Smart Nation and Digital Government Office (“SNDGO”). It aims to build deep AI capabilities within Singapore’s financial sector to strengthen customer service, risk management, and business competitiveness.
 

The Programme is part of Singapore’s broader National AI Strategy, which aims to establish Singapore as a leader in developing and deploying scalable, impactful AI solutions, in key sectors of high value and relevance to citizens and businesses by 2030. Under this Programme, MAS and SNDGO will provide funding, contribute government data, and convene the necessary expert stakeholders to drive AI adoption in the financial sector.
 

The Programme is expected to enhance the ability of financial institutions to research, develop and deploy AI solutions by increasing productivity through the adoption of AI, creating new jobs through increased AI innovation activities and upskilling in AI-related competencies, and improving societal acceptance of AI through sound AI governance.