What You Need to Know About AI and Data Analytics Talent Development Programme
Singapore’s financial sector is embarking on an exciting journey of innovation and growth with the launch of the Artificial Intelligence and Data Analytics (AIDA) Talent Development Programme. As part of the National AI Programme in Finance, the AIDA will help to address the scarcity of AI and data analytics talent within the industry. This comprehensive five-year roadmap aims to improve AI capabilities in the financial sector by increasing skilled professionals.
The AIDA Talent Development Programme was unveiled on May 22, 2023. It holds the potential to transform Singapore into an innovative talent hub, ensuring its relevance and competitiveness in the global marketplace.
Tackling the Talent Gap
An informal survey conducted by MAS in 2022 revealed that 44% of local financial institutions identified the shortage of AIDA talent as their primary challenge in adopting AI technologies. Recognising this critical issue, the AIDA Talent Development Programme aims to address and consecutively bridge the talent gap through a multi-pronged approach. MAS will work closely and collaboratively with financial institutions to streamline talent requirements across various AIDA roles based on the stage of AIDA adoption. This strategy ensures that the training programs and the specific needs of the industry are met eye-to-eye.
Through strategic partnerships with established training providers and educational institutions, MAS aims to co-curate training programs incorporating the latest trends in AIDA. This will be done with a strong focus on practical applications within the financial sector. By sharing good use cases and industry data, it helps financial institutions stay ahead in an evolving landscape.
MAS on setting up the AIDA Talent Consortium
MAS has set up the AIDA Talent Consortium to facilitate seamless collaboration between critical financial and training institutions. This consortium brings together a diverse group of prominent organisations. This includes AI Singapore, Arabesque Asset Management Singapore, FactSet UK, Nanyang Polytechnic, National University of Singapore, Ngee Ann Polytechnic, NTUC LearningHub, Oversea-Chinese Banking Corporation, Singapore Management University, United Overseas Bank, and Visa Worldwide. Together, they strive to nurture a thriving ecosystem for AI talent development.
To ensure the effectiveness, the programme aims to publish a comprehensive whitepaper in the second half of 2023. This whitepaper will provide valuable insights into the current AIDA talent landscape within the financial sector. The paper will also offer a clear progression pathway for AIDA roles. It will encompass financial sector-specific domain and technical AIDA skills required to empower the professionals.
Empowering Financial Institutions One Step at a Time
Spearheading this journey is the Senior Minister of State for the Ministry of Communications and Information, Tan Kiat How. Officiating the programme’s launch, he highlighted the significance of government-industry partnerships to introduce effective interventions to overcome AI talent constraints. Such partnerships are crucial in creating an environment of innovation and vibrancy, ultimately leading to numerous opportunities for Singaporeans. MAS’s Chief FinTech Officer, Sopnendu Mohanty, emphasised the programme’s role in igniting AI adoption across the financial industry.
With the local workforce equipped with in-demand technical skills, the industry’s potential for growth becomes limitless.
AI and Data Analytics Talent Development Programme Bridging the Tech Gap in Singapore
Singapore’s AIDA Talent Development Programme marks a significant milestone in the nation’s journey towards becoming a global AI innovation hub. The pool of professionals would fuel the financial sector’s innovation and development. As Singapore pioneers in AI adoption and capabilities, it solidifies its position as a forward-thinking financial hub – prepared for the challenges and opportunities of the digital future.