MAS Strengthens Collaboration Between Financial Institutions and Training Institutions to Improve Skills in Artificial Intelligence and Data Analytics

2 According to an informal survey of 131 local financial institutions conducted by MAS in 2022, 44% of financial institutions responded that the shortage of human resources at AIDA was the biggest challenge in introducing AIDA. The AIDA Human Resources Development Program seeks to address this shortage through the following strategies:

• totalling: Through a consortium, MAS aggregates the human resources needs of financial institutions across various AIDA roles, based on the stages of AIDA implementation. MAS works with banking and finance associations, higher education institutions (IHLs), and training providers to develop programs that meet the needs of financial institutions.
• cooperate: MAS will work with financial institutions, established training providers and educational institutions to co-curate training programs and modules that incorporate AIDA’s latest developments and trends with strong application to the financial sector. This includes developing case studies to facilitate sharing of good use cases and industry-relevant data resources.

3 The AIDA Talent Consortium consists of FIs, established training providers and IHLs. Through workgroups that examine the various stages of AIDA implementation for FIs, the consortium will facilitate matching of participating FIs with relevant training institutions that have the ability to hand-pick customized programs that meet industry needs. The consortium also provides expertise in curriculum design for AI-related modules.

Four In the second half of 2023, the consortium will publish a white paper detailing the current AIDA workforce situation in the financial sector, AIDA upskilling pathways and financial case studies.

• The Skills Development Pathway serves as a roadmap for AIDA roles in the financial sector, detailing both the financial sector-specific domain skills and the technical AIDA skills required.
• Case studies highlight key applications of AIDA in the financial sector, including compliance, fraud monitoring, business intelligence, investment decisions, customer relations, and KYC.

Five MAS Chief Fintech Officer Sopnedu Mohanty said: “Supporting the adoption of AIDA is one of the key strategies to help financial institutions evolve and adopt innovative AI technologies. With the AIDA Talent Development Program, we aim to promote AIDA adoption across the industry and equip the local workforce with the technical skills that are in high demand.”

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