The Monetary Authority of Singapore (MAS) is calling on the city-state's banks and schools to come up with training programs that incorporate the latest artificial intelligence and data analytics (AIDA) developments and trends to expand its talent pool in the finance sector.
The MAS calls the training initiative the AIDA Talent Development Program
MAS chief fintech officer Sopnendu Mohanty said there is a "serious challenge" regarding global AI resources.
"If you look at all the trends, almost every function of the finance sector requires AI," he said.
Mohanty added that the island nation would focus on responsible AI in the finance sector, which promotes ethical, fair, and transparent practices.
The MAS will initially target key fintech development areas, including experimentation and financing commercially scalable investments and ideas.
This move by the Singaporean financial regulator is part of the country's plans to become a leader in developing and deploying AI solutions in key sectors by 2030.
AIDA Talent Development Program
Launched on May 22nd, the AIDA Talent Development Program will bring the MAS in close collaboration with the national research and development (R&D) program AI Singapore, financial institutions, training providers, and institutes of higher learning (IHLs).
According to the MAS, the program will also focus on aggregating the demands of financial institutions across AIDA roles, which is determined by which stage of AIDA adoption they currently are.
Present at the launch was Singaporean senior minister of state for communications and information Tan Kiat How. He said that close collaboration between the government and private industries is needed to "understand the specific needs of the [finance] sector" and to create a vibrant ecosystem for AI talent, innovation, and experimentation, as well as create job opportunities for Singaporeans.
In addition to the talent development program, the MAS launched the AIDA Talent Consortium, with its members signing a commitment to promote and develop AI capabilities in the Singaporean financial sector.
According to its media release, the MAS announced that the consortium would publish a white paper detailing the current AIDA landscape in the Singaporean financial sector. The white paper will also provide an AIDA skills progression pathway and financial sector case studies based on the island nation's reception of AIDA innovations.
Key players
Several of the firms and institutions that joined the AIDA Talent Development Program include Arabesque Asset Management Singapore and local banks such as OCBC.
Arabesque Asset Management Singapore director Dr. Qasim Nasar-Ullah described the program as a "win-win" for all stakeholders as the firm is looking for the right people for the right job, and the program helps ease their search.
"We are always on the hunt for new candidates, and it is quite a restricted market," he said. "[A]nything that can be done to promote candidates to look in the area would be very helpful."
Meanwhile, NTUC LearningHub chief core skills officer Anthony Chew observed that the stakeholders involved in the AIDA Talent Consortium had been working in isolation prior to the program's announcement. He said the consortium would allow various groups to work together and closely generate targeted programs more efficiently.
