The Monetary Authority of Singapore (MAS) is looking to plug the artificial intelligence (AI) skills shortage in its finance sector.
A survey of 131 local financial institutions revealed that 44% viewed a lack of AI and data analytics talent as a major obstacle.
In response, MAS has launched an initiative designed to gather demand for roles and cultivate capabilities via education institutions and training providers.
Key players including FactSet UK, National University of Singapore, and several major banks have formed a consortium to drive this project.
The initiative, named the Financial Sector AI and Data Analytics (AIDA) Talent Development Programme, will focus on developing training modules that reflect current market trends.
A whitepaper detailing the AI talent landscape in the finance sector will be published later this year. Sopnendu Mohanty, MAS chief fintech officer, highlighted the talent shortage as a limit to industry growth.
