SINGAPORE (Nov 15): A new $27 million Artificial Intelligence and Data Analytics (AIDA) Grant has been rolled out under the Financial Technology and Innovation Scheme (FTIS) with the aim of promoting the adoption and integration of artificial intelligence (AI) and data analytics in financial institutions.

Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), announced the launch of the grant at the Singapore FinTech Festival on Tuesday.  

In a press release on Wednesday, MAS shares that a key criterion of the grant is that financial institutions will need to consider the impact of the AI or data analytics project on their workforce and develop appropriate training programmes.

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