On 22nd May 2023, MAS announced the launch of their new Financial Sector Artificial Intelligence and Data Analytics (AIDA) Talent Development Programme. Based on informal research conducted in 2022 on local FIs, MAS has determined that the key obstacle in the adoption of AIDA is the shortage of AIDA talents.
This article seeks to inform readers on the initiative MAS has embarked on in addressing this issue; setting up an AIDA Talent Consortium key for key financial institutions (FIs) and training institutions to collaborate on the talent development programme as well as the strategies MAS employed – Aggregation and Collaboration.
Through the consortium, MAS will aggregate FIs’ talent demands across various AIDA roles, based on their stage of AIDA adoption. MAS will work with the Institute of Banking and Finance (IBF), Institutes of Higher Learnings (IHLs) and training providers to develop programmes to meet the needs of FIs.
MAS would also collaborate with FIs, established training providers, and educational institutions to co-curate training programmes and modules which incorporate the latest developments and trends in AIDA, with strong financial sector application. This includes developing case studies to promote sharing of good use cases and industry-relevant data resources.
With close monitoring of the consortium, MAS will closely observe different stages of FIs’ AIDA adoption and develop additional programmes tailored to meet the industry’s needs.
This initiative hits close to home as CYS has recently embarked on the journey of digitalisation, implementation of newer technologies into our operating infrastructure such as our Transaction Monitoring Compliance (TMC) System mentioned in our previous issue and development of our employees to better equipped in handling emerging threats within the financial landscape.
The AIDA talent development programme would greatly benefit the financial sector as a greater influx of AIDA talent can lend fresh perspectives and expertise on the implementation of AI technology in transaction monitoring. Perhaps one day, with the implementation of AI technology, fraudulent or crime-related transactions may be a thing of the past. We would definitely be closely following the developments of the AIDA program and where possible, adopt newer technologies and programmes that would enhance and ensure that our compliance is kept at the highest levels.