Monetary Authority of Singapore to invest $20mn in AI and data analytics to boost fintech

The Monetary Authority of Singapore (MAS) has announced a $2mn grant for artificial intelligence (AI) and data analytics projects as part of investment and support for fintech in Singapore.

This was mentioned as part of a speech at the Singapore FinTech Festival by the Managing Director of MAS, Ravi Menon.

Singapore is currently home to over 400 fintech start-ups and Menon has stated that finance executives can now “carry on an intelligent conversation about blockchain without looking at their notes – this is a big change from just two years ago.” It has therefore become more necessary for Singapore to support such enterprises.  

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Menon has also commented that “Singapore wants to be the place where their financial institutions test, develop, and apply new technology solutions.”

The $20mn grant for AI and data analytics will be part of the $165mn scheme for “Financial Sector Technology and Innovation” which the MAS hopes will help AI and data analytics systems be adopted at financial institutions. The scheme will also include training.

A dedicated Fintech hub will also be launched in the business district of Singapore.

Cyber security initiatives as part of the project include the establishment of the Financial Services Information Sharing and Analysis Center which will enable financial institutions to share data relating to cyber threats.

Links have been formed with Thailand and Canada. The MAS has formed a mobile payment system with the Bank of Thailand so that cross-border payments can be made more safely. It has also partnered with the Bank of Canada on Project Ubin, an initiative to make money transfers using blockchain technology.