The Monetary Authority of Singapore (MAS) has announced a substantial commitment of $100 million in grant funding aimed at advancing AI and quantum computing technologies within the financial services sector.
Under the Financial Sector Technology and Innovation Grant Scheme, this funding initiative will facilitate the establishment of technology centers and foster innovation in the domain. Additionally, it will provide financial support for experimental projects centered on quantum technologies, including Post-quantum Cryptography (PQC) and Quantum Key Distribution (QKD), which are essential for enhancing the security of critical data in financial institutions.
In the realm of artificial intelligence, MAS will aid financial organizations in setting up AI innovation centers in Singapore. These centers will focus on various aspects, such as the development and deployment of AI models for impactful applications, governance and risk management, as well as the necessary testing and monitoring.
Moreover, the central bank is collaborating with the private sector to create frameworks and platforms that support policies for privacy-protected data sharing across industry-wide applications. One of the first pilot projects identified will focus on the detection of scams and fraud, involving partnerships with banks, technology solution providers, and public agencies to enhance security measures.
For those interested in exploring the evolving challenges and opportunities that AI brings to the financial sector, the upcoming NextGenAI conference on November 26, 2024, offers a platform to engage with thought leaders in the field. Register your interest to attend this landmark event.