Singapore ups ante in AI with sectoral programmes

Singapore has launched a national artificial intelligence (AI) programme in finance to build deep AI capabilities in its financial sector and strengthen customer service, risk management and business competitiveness. Announced by Singapore's deputy prime minister, Heng Swee Keat, at the Singapore FinTech Festival, the programme is a joint initiative by the Monetary Authority of Singapore (MAS) and the National AI Office at the Smart Nation and Digital Government Office (SNDGO). Through the programme, which is part of Singapore's broader national AI strategy, financial institutions will be able to enhance their ability to research, develop and deploy AI solutions to increase productivity and create new jobs, among other goals. MAS and SNDGO will provide funding, contribute government data and bring together experts to drive AI adoption in the financial sector. One of the key initiatives to be developed under the programme is an AI technical platform called Nova! to generate insights on financial risk.