The Monetary Authority of Singapore (MAS) is set to invest an additional S$100m ($74.58m) in quantum and artificial intelligence (AI) capabilities for the financial sector.
Granted under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0), the new commitment will support financial institutions in building capabilities in quantum and AI technologies.
It will also allow the advancement of quantum and AI-related innovation and adoption in financial services.
MAS plans to establish a Quantum track under FSTI 3.0 to facilitate financial institutions’ interests in building quantum capabilities in Singapore. The Quantum track will involve technology centres grant, technology innovation grant, and security grant.
MAS will also work with Institutes of Higher Learning and the Institute of Banking and Finance on talent development initiatives to support the development of quantum capabilities in the financial services sector.
The Singaporean financial regulatory authority will also work with Institutes of Higher Learning and the Institute of Banking and Finance on talent development initiatives.
These are aimed at supporting the development of quantum capabilities in the financial services industry.
Besides, MAS will also improve the existing AI and data grant scheme under FSTI 3.0 to develop AI platforms to address industry wide use cases as well as strengthen financial institutions’ development and deployment of AI technologies in Singapore.
MAS stated that: “While financial institutions have been progressively adopting AI, recent technological advancements have made such tools more widely accessible and increased the pace of adoption.
“With the advent of Generative AI, financial institutions have embarked on initiatives to map the technology’s opportunities and risks, and have begun piloting it across a range of use cases. Nevertheless, the level of AI-readiness and adoption varies across financial institutions in Singapore.”
