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BANKS, IHLS TO COME TOGETHER TO GROOM AI-READY TALENT FOR FINANCIAL INDUSTRY


The Aida Consortium members also signed a memorandum of understanding to mark
their commitment towards building AI capabilities in Singapore. PHOTO: MONETARY
AUTHORITY OF SINGAPORE
Cheow Sue-Ann
Business Correspondent
Updated
5 Hours Ago
Published
May 22, 2023, 6:55 PM SGT
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SINGAPORE - As demand for artificial intelligence (AI) and data analytics
continues to grow, especially with the advent of intelligent chatbots like
ChatGPT, the need for talent in the area has become a concern for many
industries both here and across the globe.

To address the financial sector’s artificial intelligence and data analytics
(Aida) talent shortage, Senior Minister of State for Communications and
Information Tan Kiat How announced the launch of the Aida Talent Development
Programme on Monday at a seminar hosted by the Monetary Authority of Singapore
(MAS), in collaboration with Elevandi, a non-profit organisation set up by the
authority to foster connections in the fintech sector.

Under the programme, the MAS will work closely with financial institutions,
training providers and institutes of higher learning (IHLs) to increase the
supply of Aida talent.



Along with the launch of the talent development programme, an Aida Talent
Consortium was also set up, with members signing a memorandum of understanding
to mark their commitment to working towards building AI capabilities in
Singapore’s financial sector through increasing the supply of talent.

The Aida consortium will comprise various organisations from both the education
and training sector and the financial sector.

To facilitate collaboration, the consortium members will work closely with one
another to co-curate and develop AI talent programmes that have a strong
financial sector application.




These organisations include national research and development programme AI
Singapore, IHLs such as the National University of Singapore, and training
providers such as NTUC LearningHub.

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From the financial sector, members include investment management firm Arabesque
Asset Management Singapore and major local banks such as OCBC Bank.

The consortium will facilitate the matching of financial institutions to the
training and education institutions, which are able to then curate and design
programmes to meet the needs of the industry.

It will also be designing a skills progression pathway that will serve as a road
map for the roles and skills the sector requires.



Speaking at the launch, Mr Tan said AI is now used across many industries in
Singapore, and has a wide range of uses and applications.

He added that there is an acute shortage of talent now, and stressed that the
development of AI talent is a priority.

“For the talent development programme to succeed, the Government and industry
need to work closely together to understand the specific needs of the sector, in
order to introduce targeted approaches to close the current gaps,” said Mr Tan.

“I believe that by working together – our ecosystem partners, stakeholders in
the financial sector, government, private sector, as well as training institutes
and IHLs – we can create a vibrant ecosystem for AI talent, innovation,
experimentation, and create many good jobs and opportunities for Singaporeans.” 

MAS chief fintech officer Sopnendu Mohanty said: “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.”

More On This Topic
MAS to build platform for banks to share customer info in fight against
financial crime
MAS aims for over 80% increase in poly graduates who get full-time jobs in
financial sector by 2025

Dr Qasim Nasar-Ullah, director of Arabesque Asset Management Singapore,
described the programme as a “win-win for everyone”. He told The Straits Times
that finding the right talent is high on the firm’s list of priorities, and
being part of the programme can help it do so.

“We are always on the hunt for new candidates, and it is quite a restricted
market... anything that can be done to promote candidates to look in the area
would be very helpful,” he said.

“The onus really falls on employers to double down on efforts to (seek out
talent), so any support that we can get really makes a big impact for us.”

Mr Anthony Chew, chief core skills officer at NTUC LearningHub, said
stakeholders sometimes work in silos, and a consortium will allow the various
groups to work closely together and generate targeted programmes in a timely
way.

“Technology moves so fast – what you need tomorrow is going to be different from
what you need today,” he said.

“So if we have that trust, (and a platform) for the financial institutions to
articulate the specific skills and specific competency for a job role... we can
put all this together in a very timely way.”

More On This Topic
Prudential Singapore launches financial advisory firm offering wealth solutions,
general insurance
As geopolitics reshape global economy, is Singapore’s financial hub status at
risk?

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MCI (P) 076/10/2022, MCI (P) 077/10/2022. Published by SPH Media Limited, Co.
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