/artificial intelligence

News and resources on artificial intelligence systems, innovations and initiatives worldwide.

MAS to fund quantum and AI projects for financial sector

The Monetary Authority of Singapore is to commit $100 million in grant funding to support the development of AI and quantum computing technologies in the financial sector.

Be the first to comment

MAS to fund quantum and AI projects for financial sector

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The quantum technology funding, enabled under the central bank's Financial Sector Technology and Innovation Grant Scheme, will provide cash support for the development of technology centres and innovation.

The funding scheme will also supply cash grants for experimentation and development of quantum technology-related pilots that explore the use of Post-quantum Cryptography (PQC) and Quantum Key Distribution (QKD) to safeguard firms’ critical data.

On the AI front, MAS will support financial institutions in establishing AI innovation centres in Singapore for a range of functions including: AI model building and training, deployment of AI models for high-impact use cases, governance and risk management, as well as testing and monitoring.

The central bank has additionaly invested in a collaborative programme with the private sector to develop frameworks and platforms for policies and protocols that enable privacy-protected data exchange on industry-wide use cases.

The central bank has identified scam and fraud detection as a use case for the first pilot project, and says it will work with banks, technology solution providers and public agencies on this.

Sponsored [New Whitepaper] APIs, Automation, and AI: An Arsenal to Defend Against Card Transaction Fraud

Comments: (0)

[Webinar] Real Time Goes Global: Expanding Revenue Potential Beyond BordersFinextra Promoted[Webinar] Real Time Goes Global: Expanding Revenue Potential Beyond Borders