By Kimberley Kao
Singapore's central bank has committed new funding to boost the adoption of artificial intelligence and quantum technologies in the financial sector, focusing on security and innovation.
The Monetary Authority of Singapore said Thursday that it will provide up to 100 million Singapore dollars (US$74.6 million) in its latest funding under the Financial Sector Technology and Innovation scheme, which it created in 2015 to support industry innovation.
The scope of grant funding under the program will be expanded to include quantum technology-related projects, including up to 50% funding support for qualifying expenses such as infrastructure and staffing, and up to 30% for experimentation and development of pilot programs aimed at enhancing cybersecurity. Quantum computers exploit the quirks of quantum physics to perform calculations at speeds far faster than conventional computers.
The MAS also aims to boost financial support for developing and deploying AI solutions and technologies.
"The level of AI-readiness and adoption varies across the financial institutions in Singapore," the MAS said.
It said it will support these firms in "establishing AI innovation centers" in the city-state for a range of functions, including the development of AI models and their deployment for governance and risk management, as well as scam and fraud detection.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
07-18-24 0114ET
