The Monetary Authority of Singapore (MAS) has started a financial industry skills development initiative incorporating artificial intelligence and data analytics (AIDA). The project aims to increase “the supply of AIDA talent to build deep AI capabilities” in banking, according to a statement issued by the authority on Monday.
To assist the program, The Monetary Authority of Singapore has formed a consortium of financial and training organizations. Later this year, the consortium will publish a whitepaper that will cover the current AIDA talent market as well as a skill advancement path. Case studies on compliance, fraud monitoring, business intelligence, investment decisions, customer interactions, and KYC will also be included in the study.
Sopnendu Mohanty, MAS’s chief fintech officer, stated that a lack of AIDA talent has hampered the financial sector’s expansion. According to a 2022 study performed by the government organization, 44% of financial institutions identified talent shortage as the key barrier to using AIDA technologies.