SG launches program to nurture AI talent in finance


The Monetary Authority of Singapore (MAS) has launched a talent development program for the financial sector, involving artificial intelligence and data analytics (AIDA).

The initiative is aimed at increasing “the supply of AIDA talent to build deep AI capabilities” in finance, the authority said in a statement on Monday.

The government has set up a consortium where financial and training institutions will collaborate to support the program.

Later this year, the consortium will release a whitepaper encompassing the existing AIDA talent landscape as well as a roadmap for skill progression. The report will also feature case studies on areas such as compliance, fraud monitoring, business intelligence, investment decisions, customer relations, and KYC.

Sopnendu Mohanty, chief fintech officer at MAS, shared that the scarcity of AIDA talent has impeded the growth of the financial sector.

According to a 2022 survey that the government body conducted, 44% of financial institutions highlighted talent shortage as the primary hurdle in adopting AIDA technologies.

Bitmex is gearing up for the launch of a dedicated service platform with a mobile app for its Hong Kong users on May 29. This is in preparation for its application for a virtual asset service provider license in the market, according to a statement.

The platform will allow Hong Kong users to buy and sell cryptocurrencies via 11 spot pairs, which allow each asset in the pair to be valued without using fiat money. It will also enable users to convert cryptocurrencies to over 30 fiat currencies.

Bitmex is set to provide services including portfolio management as well as deposits and withdrawals in real time, along with identifying market trends that can be tracked through watchlists and data.

The launch is part of Bitmex’s goal to comply with Hong Kong’s new regulatory regime. Hong Kong is advancing plans to allow licensed exchanges for retail trading of major cryptocurrencies as part of its efforts to revive its position as a leading financial center.

“We are optimistic that Hong Kong will achieve its ambition of becoming a world-leading Web3 role model city and potentially the Web3 hub for China in years to come,” said Stephan Lutz, acting CEO and group CFO at Bitmex.