The Monetary Authority of Singapore (MAS) has launched a programme to develop talent in artificial intelligence and data analytics (Aida) in the financial sector.

An Aida talent consortium, comprising financial institutions, training providers and institutes of higher learning, has been set up to collaborate on the programme.

“Supporting Aida adoption is one of our key strategies to help financial institutions evolve and adopt game-changing AI technology,” says MAS chief fintech officer Sopnendu Mohanty. “However, the shortage in talent limits the industry’s potential for growth. With the Aida Talent Development Programme, we aim to ignite Aida adoption across the industry and equip the local workforce with in-demand technical skills”.

Based on an informal survey MAS conducted last year, 44% of the 131 participating local financial institutions indicated that shortage of talent is the biggest challenge in the adoption of Aida.

In the second half of this year, the consortium will publish a white paper detailing the current Aida talent landscape in the financial sector, as well as an Aida skills progression pathway and financial sector case studies.

The skills progression pathway will serve as a roadmap for Aida roles in the financial sector and detail specific domain skills and technical Aida skills required.

The case studies will cover key Aida applications in the financial sector, such as compliance, fraud monitoring, business intelligence, investment decisions, customer relations, and KYC (know your customer).