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S$27million Artificial Intelligence and Data Analytics Grant from MAS for financial and research institutions

The Monetary Authority of Singapore (MAS) has announced
details
of the new S$27million Artificial Intelligence and Data Analytics
(AIDA) Grant under the part of the S$225
million Financial Sector Technology & Innovation Scheme
 launched
in June 2015. Mr. Ravi Menon, Managing Director of MAS, announced
the launch of the grant
at the Singapore FinTech Festival yesterday.

This new grant aims to promote the adoption and
integration of Artificial Intelligence (AI) and data analytics in financial
institutions.

The AIDA Grant will focus on two tracks: the Financial
Institution Track
and the Research Track.

Under the Financial Institution Track, the
AIDA Grant will co-fund up to 50% of project costs for Singapore-based
financial institutions which leverage AI and data analytics techniques to
generate insights, formulate strategy, and assist in their decision making.
These techniques may include machine learning, natural language processing or
text analytics, deep learning or neural networks, predictive and prescriptive
analytics.

A key criterion of the AIDA Grant is that financial
institutions will need to consider the impact of the AI or data analytics
project on their workforce and develop appropriate training programmes. This
could include up-skilling staff with new data analytics capabilities, or
re-skilling staff who may be redeployed into new roles.

Under the Research Track, the AIDA Grant
will co-fund research institutions’ AI or data analytics projects which have
clear applications for Singapore’s financial sector. To strengthen the research
ecosystem and facilitate stronger industry applications in Singapore, the
projects should demonstrate local knowledge transfer and industry sharing. The
AIDA Grant will provide up to 70% co-funding for eligible projects.

The Grant will also provide funding for research
projects submitted through periodic calls for proposals on specific AI or data
analytics topics that benefit the industry. Such calls will be published on the
MAS website.

Dr. David Hardoon, Chief Data Officer at MAS, said,
“Data analytics can help to enhance processes, unlock stronger insights, and
facilitate better decision making. People are at the crux of this
transformation. MAS is working with the Institute of Banking and Finance on a
study of the impact of data analytics and AI on the financial sector workforce.
We must take proactive steps to equip our people with the skills they will need
for new roles and tasks that they may have to take on. The AIDA Grant will help
financial institutions do that.”

In his speech yesterday, Mr. Menon also announced
a collaboration on FinTech Research & Development with the Massachusetts Institute of Technology (MIT)
Media Lab
.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.