Mr Sopnendu Mohanty, Chief FinTech Officer, Financial Authority of Singapore
Dr Li Xuchun, Head of AI Improvement Workplace, MAS
Women and gents
1. Lately, AI has captured the general public’s creativeness. We’d all be acquainted by now with ChatGPT. Developed by OpenAI, it has demonstrated AI’s skill to seemingly interact in human-like conversations and shortly generate written content material. Tech giants like Microsoft and Google have jumped on the AI bandwagon, introducing AI-powered search engines like google and yahoo, and reigniting the “Web Search Wars”.
2. Past the established tech corporations, there’s additionally a proliferation of AI-powered instruments created by start-ups, starting from AI-powered video creation instruments, automated music mills, an AI instrument that mechanically simplifies complicated authorized language into one thing that laymen can perceive, and even a instrument that means that you can animate the faces in photographs.
3. AI has certainly turn into a driving power in reshaping our society and workforce, and has revolutionised varied sectors, from healthcare and transportation to finance and training, and even Authorities. In truth, a part of my speech that I had simply learn was composed with the assistance of ChatGPT!
4. Companies are additionally turning to AI to drive innovation and productiveness. We see many examples within the monetary sector. Banks leverage AI to course of great amount of information to foretell the market traits, currencies and shares, in addition to for fraud detection. AI can also be used to automate routine duties akin to account steadiness inquiries and password resets, whereas offering prospects a conversational banking expertise.
5. Extra lately, a Forbes
6. Underneath the technique, the event of AI expertise was recognized as a precedence. We’ve got since made good progress. The TechSkills Accelerator (TeSA) initiative has positioned and educated greater than 2,600 people in AI & Information Analytics job roles since 2016.
7. AISG has additionally partnered corporations to coach mid-career Singaporeans to take up good AI-related jobs. Over 230 AI apprentices have been educated beneath AISG’s AI Apprenticeship Programme, with about 90% receiving greater than two job affords and up to date batches receiving wage will increase of near 25% of their final drawn wage. To fulfill sturdy demand from each trade and Singaporeans, AISG plans to double the variety of AI apprentices educated over the subsequent 5 years.
8. Some Singaporeans – who heard about latest layoffs by massive tech corporations like Amazon, Meta, and Twitter – requested me if there are good alternatives within the tech sector. My very own view is that there’s nice demand, particularly for these with AI experience, and that demand will proceed to develop, particularly for these in domains like monetary companies, logistics and healthcare.
9. For instance, McKinsey’s newest “State of AI
10. Authorities will proceed to associate the trade to make sure that our workforce have the required skillsets to grab such alternatives in AI. I’m subsequently glad to announce the launch of the Synthetic Intelligence and Information Analytics (AIDA) Expertise Improvement Programme, and the AIDA Expertise Consortium, which is able to help the programme’s work. The Expertise Improvement Programme goals to extend the availability of AIDA expertise within the monetary sector. That is a part of the Nationwide AI Programme in Finance which was launched in 2021.
11. For the Expertise Improvement Programme to succeed, Authorities and trade have to work intently collectively to know the precise wants of the sector with a purpose to introduce focused approaches to shut present gaps. That is the place the expertise consortium is available in. Consisting of varied monetary establishments, established coaching suppliers, and Institutes of Increased Studying (IHLs), the consortium will inform MAS of the expertise wants of the monetary sector in varied AIDA-related roles.
12. By way of the consortium, MAS may even be capable to work with IHLs and coaching suppliers to develop particular programmes to handle present expertise gaps. One other value-add of this consortium can be its skill to develop sensible sources akin to real-world case research for coaching and studying.
13. Such Authorities – Business partnerships are important to make sure that the appropriate interventions are launched that might deal with present AI expertise constraints. Such a platform would permit MAS to work with FIs and stakeholders to boost and co-curate coaching interventions to enhance the trade relevance of curriculums.
14. In conclusion, I want MAS and the members of the AIDA Expertise Consortium a significant and profitable partnership. The alternatives are immense for Singapore to be a expertise hub of innovation and vibrancy that’s related to the worldwide market. Business and Authorities partnerships are going to be very important. By working collectively, we will create a vibrant ecosystem for AI expertise, innovation and experimentation, and create many good jobs and alternatives for Singaporeans, on this Little Purple Dot. I thank all of you on your help and sit up for listening to many thrilling new developments sooner or later.