Singapore looks to bridge the AI ​​skills gap in the finance sector

Singapore is looking to bridge the artificial intelligence (AI) skills shortage in its finance sector by strengthening demand and working with stakeholders.

Citing a survey conducted across 131 local financial institutions, the Monetary Authority of Singapore (MAS) said that 44% of respondents cited a lack of AI and data analytics talent as their biggest challenge in adopting such applications.

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The central bank hopes to address this skills gap with a new initiative that aims to create aggregate demand for roles and build capabilities through education institutions and training service providers.

Major players in these sectors including financial institutions have formed a consortium and are working together to launch the initiative. These institutions include FactSet UK, National University of Singapore, NG N Polytechnic, Visa, Overseas-Chinese Banking Corporation and United Overseas Bank.

MAS said it will aggregate skill demands through this cluster based on the financial institution’s stage of adoption of these technologies in various AI and data analytics roles. The regulator will then develop programs to meet the demands in collaboration with financial institutions, higher educational institutions and training service providers.

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These organizations will work together to co-curate training modules and curriculum covering the latest market developments and trends in AI and data analytics for applications in the financial sector. Efforts here will include developing case studies that encourage the sharing of sound use cases and industry-specific data resources.

Under the new initiative, called the Financial Sector AI and Data Analytics (AIDA) Talent Development Program, the working group will assess the adoption stage of financial institutions. The working groups will then match organizations with training institutes that are equipped to design customized programs to meet skill demands. MAS said the consortium will provide its expertise in developing the curriculum for AI-specific modules.

The group will also publish a whitepaper in the second half of the year that outlines the current AI and data analytics talent landscape in the finance sector. The document will include case studies and a skill development journey, which will act as a roadmap for the development of roles in the finance industry, detailing the domain-specific and technical skills required. Case studies will focus on key applications of AI and data analytics, including fraud monitoring, investment decisions, and compliance.

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Sopnendu Mohanty, Chief Fintech Officer, MAS, said: “Supporting AI and data analytics adoption is one of our key strategies to help financial institutions grow and adopt game-changing AI technology. limits the industry’s ability to

Mohanty said Singapore aims to drive the adoption of AI and data analytics in the finance industry through a new talent development program and equip the local workforce with “in-demand technical skills”.

MAS launched a software toolkit in February 2022 aimed at helping financial institutions use AI responsibly. Five white papers were issued to guide organizations to assess their deployment based on predefined principles. According to the MAS, the document details methodology for incorporating the FEAT principles – fairness, ethics, accountability and transparency – into the use of AI within the financial sector.

The Singapore government last October identified AI, along with 5G and the Internet of Things, as one of the key technology trends expected to drive demand for skills over the next three to five years. However, the government has cautioned that roles in infrastructure and operations are at risk of displacement and that people will need to be re-skilled as part of the transition towards automation and DevOps.