Total Rewards Asia Summit 2024 Singapore
New AI & data analytics talent development programme for Singapore's financial sector

New AI & data analytics talent development programme for Singapore's financial sector

As part of Singapore's National AI Programme in Finance, the programme seeks to increase the supply of AI & data analytics talent to build deep AI capabilities in the sector.

The Monetary Authority of Singapore (MAS) has launched the Artificial Intelligence and Data Analytics (AIDA) Talent Development Programme for the financial sector. As part of Singapore's National AI Programme in Finance, the initiative aims to increase the supply of AIDA talent to build deep AI capabilities in the financial sector.

The launch event, which took place on 22 May 2023 (Monday), was officiated by Senior Minister of State, Ministry of Communications and Information, Tan Kiat How.

To facilitate collaboration between key financial institutions and training institutions on the talent development programme, an AIDA Talent Consortium has also been set up, consisting of the following organisations:

  • 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 
  • Visa Worldwide

Artificial Intelligence and data analytics talent in Singapore

According to an informal survey by MAS in 2022, 44% of local financial institutions indicated the shortage of AIDA talent as their biggest challenge in the adoption of AIDA. Thus, it was added, the AIDA Talent Development Programme seeks to address this challenge through the following strategies:

  • Aggregate: Through the consortium, MAS will aggregate financial institutions' talent demands across various AIDA roles, based on their stage of AIDA adoption. MAS will work with the Institute of Banking and Finance, institutes of higher learning, and training providers to develop programmes to meet the needs of financial institutions.
  • Collaborate: MAS will work with financial institutions, 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.

Through workgroups looking at the different stages of AIDA adoption amongst financial institutions, the consortium will facilitate the matching of participating financial institutions to the relevant training institutions which are equipped to curate tailored programmes that meet the industry’s needs. The consortium will also contribute their expertise in designing curriculums for AI-related modules.

Following this, the consortium will publish a whitepaper in the second half of 2023, detailing the current AIDA talent landscape in the financial sector, as well as an AIDA skills progression pathway and financial sector case studies. The skills progression pathway will serve as a roadmap for financial sector AIDA roles and detail both financial sector-specific domain skills and technical AIDA skills required. The case studies will also cover key applications of AIDA in the financial sector, such as compliance, fraud monitoring, business intelligence, and investment decisions.

Commenting on the above, Senior MOS Tan shared: "Such Government – Industry partnerships are essential to ensure that the right interventions are introduced that would address current AI talent constraints. Such a platform would allow MAS to work with FIs and stakeholders to enhance and co-curate training interventions to improve the industry relevance of curriculums."

He added: "The opportunities are immense for Singapore to be a talent hub of innovation and vibrancy that is relevant to the global marketplace. Industry and Government partnerships are going to be very critical. By working together, we can create a vibrant ecosystem for AI talent, innovation and experimentation, and create many good jobs and opportunities for Singaporeans, in this Little Red Dot."

Sopnendu Mohanty, Chief FinTech Officer, MAS, also shared: "Supporting AIDA adoption is one of our key strategies to help financial institutions evolve and adopt game-changing AI technology. However, the shortage of talent limits the industry’s potential for growth.

"With the AIDA Talent Development Programme, we aim to ignite AIDA adoption across the industry and equip the local workforce with in-demand technical skills."

In similar news, Google has partnered with Enterprise Singapore and SGTech to offer 15,000 Google Career Certificate (GCC) scholarships to 300 local small-medium enterprises (SMEs). 

As announced on Monday, the GCC scholarships will provide SMEs with free access to flexible online training programmes to upskill in areas such as digital marketing, e-commerce, data analytics, IT support, and more, and learners will earn an industry-recognised credential in three to six months of part-time studies.

Additionally, to help employees deepen their data analytics and Business Intelligence skills, Google will expand its GCC and scholarship offerings to include advanced Certificates in these areas. These Certificates will provide participants with hands-on experience with tools such as BigQuery, Python, and Tableau:

  • Learners who complete the Google Business Intelligence Certificate will be able to create processes and information channels that transform data into actionable insights for organisations, and prepare for roles such as business intelligence analyst and business intelligence engineers.
  • Graduates of the Google Advanced Data Analytics Certificate will understand how to use machine learning, predictive modelling, and experimental design to collect and analyse large amounts of data, and prepare for jobs such as senior data analysts and junior data scientists. 

Apart from the above, Google also announced that, its philanthropic arm, will continue its support to The Asia Foundation with a S$5.3mn grant funding to extend its Go Digital ASEAN programme into its next phase. This skilling programme will train selected business owners across ASEAN in advanced-level business and digital skills, enabling them to grow their businesses.

As part of this, The Asia Foundation’s local implementing partner in Singapore, Hatch, will train 1,500 local businesses—70% owned by women or underrepresented communities. The curriculum will cover sessions on digital marketing, responsible and sustainable business practices and more.

Thank you for reading our story! Please leave us a comment if you enjoy our content — take our 2023 Readers' Survey here.

Lead image / Shutterstock

Follow us on Telegram and on Instagram @humanresourcesonline for all the latest HR and manpower news from around the region!

Free newsletter

Get the daily lowdown on Asia's top Human Resources stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's Human Resources development – for free.

subscribe now open in new window