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The Monetary Authority of Singapore (MAS) has announced a commitment of $100 million in grant funding to advance the development of artificial intelligence (AI) and quantum computing technologies within the financial sector.
Under the Financial Sector Technology and Innovation Grant Scheme, MAS will provide financial support for the establishment of technology centers and innovation hubs focused on quantum technology. This includes cash grants for the experimentation and development of quantum technology pilots that explore the implementation of Post-Quantum Cryptography (PQC) and Quantum Key Distribution (QKD) to enhance the security of critical data for financial firms.
In the realm of AI, MAS will back financial institutions in setting up AI innovation centers in Singapore. These centers will focus on various functions such as building and training AI models, deploying AI for high-impact applications, governance and risk management, and ongoing testing and monitoring of AI systems.
Additionally, MAS is investing in a collaborative program with the private sector to develop frameworks and platforms that facilitate privacy-protected data exchange for industry-wide use cases. One of the initial projects will focus on scam and fraud detection, with MAS collaborating with banks, technology solution providers, and public agencies to develop effective solutions.
This funding initiative underscores MAS’s commitment to fostering technological innovation and enhancing the security and efficiency of the financial sector through cutting-edge AI and quantum computing technologies.
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