Financial institutions can tap resources to boost Al use under new programme

It will facilitate peer learning, feature successful cases in varied functions

- Sharon Salim Business Correspondent

More than 80 financial institutions in Singapore will be able to tap resources to improve their artificial intelligence (AI) implementation under a new programme called PathFin.ai.

The programme will facilitate peer learning and feature successful cases in varied functions like sales and marketing, customer operations, risk management, engineering and tech.

The Monetary Authority of Singapore (MAS) will work with industry partners to progressively enhance the knowledge hub as part of efforts to reduce the time taken to implement AI solutions, said National Development Minister Chee Hong Tat at an award ceremony on Oct 9.

The annual event was organised by the Institute of Banking and Finance (IBF) to celebrate excellence in the financial sector.

For the sector to remain competitive and continue creating good jobs for Singaporeans, Mr Chee, who is also MAS deputy chairman, said financial institutions - big and small - must adopt AI efficiently, effectively and responsibly.

He added that MAS will provide greater clarity on its AI risk management guidelines, so that companies can have the confidence to experiment and innovate with AI.