The partnerships follow wheel and spoke model with the Monetary Authority of Singapore playing a central role

Three government agencies and a private banking-certification firm announced today a strategic partnership to work towards improving the adoption of artificial intelligence in Singapore’s finance sector.

The goal of the tie-up is to leverage government resources to match supply with demand while also facilitate R&D of new AI products.

The government agencies are the Economic Development Board (EDB),  Infocomm Media Development Authority (IMDA), and the Monetary Authority of Singapore (MAS). The Institute of Banking and Finance (IBF) — which handles banking certification — represents the private sector.

Some of the specific AI models being considered are computer vision, data analytics and machine learning.

The best way to think about the tie-up is through a spokes and wheel model whereby the MAS is at the center of the agreement and has a series of agreements with the other agencies.

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For example, the MAS-EDB partnership is focussed on product development and research. It will leverage a S$27 million (US$20 million) government grant scheme called the Artificial Intelligence and Data Analytics Grant. EDB plans on being a facilitator for companies using the grant.

This partnership plans to encourage AI companies to build products for the financial sector.

By comparison, MAS, EDB and IMDA are going to work together to match tech solutions with financial companies looking to integrate AI tools.

IBF will take charge of helping people build their AI skillset or learn how to transition to new jobs as technology becomes an increasingly important part of society. The certification agency will leverage the TechSkills Accelerator programme to provide apprenticeship opportunities while also helping direct university curriculum so fresh graduates have the correct skillsets to be employable.

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“As financial institutions and FinTechs increase the experimentation and use of AI and data analytics to improve their services, government agencies need to ensure that our support, policies and regulations are attuned to developments and remain supportive of these new technologies,” said David Hardoon the Chief Data Officer at MAS.

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