Gabriel Budi Sutrisno · · 1 min readSG launches program to nurture AI talent in finance
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The Monetary Authority of Singapore (MAS) has launched a talent development program for the financial sector, involving artificial intelligence and data analytics (AIDA).
The initiative is aimed at increasing “the supply of AIDA talent to build deep AI capabilities” in finance, the authority said in a statement on Monday.
The government has set up a consortium where financial and training institutions will collaborate to support the program.
Later this year, the consortium will release a whitepaper encompassing the existing AIDA talent landscape as well as a roadmap for skill progression. The report will also feature case studies on areas such as compliance, fraud monitoring, business intelligence, investment decisions, customer relations, and KYC.
Sopnendu Mohanty, chief fintech officer at MAS, shared that the scarcity of AIDA talent has impeded the growth of the financial sector.
According to a 2022 survey that the government body conducted, 44% of financial institutions highlighted talent shortage as the primary hurdle in adopting AIDA technologies.
See also: SG digibank GXS trails Trust in adoption as deposit cap hampers growth
Editing by Miguel Cordon and Dhania Putri Sarahtika
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