SG launches 2 new nat’l AI programmes

The programmes were launched at the SFF x SWITCH 2021.

Singapore has launched two new National Artificial Intelligence (AI) Programmes, one in government and another in finance.

Both programmes are part of Singapore’s ​​National AI Strategy.

Projects under the National AI Programme in Government include the Urban Redevelopment Authority’s AI smart planning assistant; GovTech’s job hunting platform called JumpStart; and the Safe Distance @ Parks portal which provides live crowd density data in parks, gardens, and nature reserves.

Under the program, the Singaporean government will also look into AI text analytics.

The National AI Programme in Finance which is a joint initiative of the Monetary Authority of Singapore (MAS) and the National AI Office has five projects lined up.

Amongst these projects include the development of a platform which financial risk insights called NovA!.

NovA! aims to ​​”help financial institutions assess companies’ environmental impact and identify emerging environmental risks.”

Another project under the finance AI program is Veritas, which is a governance framework and toolkit aimed at helping financial institutions to utilise AI responsibly.

MAS is also developing a data and information sharing platform called COSMIC which will allow financial institutions to “share information on customers or transactions that cross material risk thresholds,” which in turn will help identify and disrupt illicit networks.”

Ravi Menon, MAS' managing director, said the key to the program is “active collaboration across financial institutions and relevant government agencies. 

To further support Singapore's AI adoption, the government also infused additional funding of $180 under its Research, Innovation and Enterprise 2025 Plan.

The government had earlier committed $500m ​​committed for AI-related activities under RIE 2020.