Singapore is offering a $19.9 million grant to banks in order to promote artificial intelligence and data analytics projects, as proposed by Ravi Menon, managing director for the Monetary Authority of Singapore (MAS) yesterday.
The grant, called the Artificial Intelligence and Data Analytics Grant, will be reserved for financial institutions based in Singapore. It could provide up to 50% reimbursement for those FIs working on projects that cover those areas, according to MAS.
Menon outlined the offer during the Singapore Fintech Festival, an event sponsored by the state that expects over 25,000 visitors over the course of the festival. This proposal follows initiatives in blockchain and other areas of fintech that have also been revealed during the event.