<\/p>\n
The Monetary Authority of Singapore is to commit $100 million in grant funding to support the development of AI and quantum computing technologies in the financial sector.<\/p>\n
The quantum technology funding, enabled under the central bank’s Financial Sector Technology and Innovation Grant Scheme, will provide cash support for the development of technology centres and innovation.<\/p>\n
The funding scheme will also supply cash grants for experimentation and development of quantum technology-related pilots that explore the use of Post-quantum Cryptography (PQC) and Quantum Key Distribution (QKD) to safeguard firms\u2019 critical data.<\/p>\n
On the AI front, MAS will support financial institutions in establishing AI innovation centres in Singapore for a range of functions including: AI model building and training, deployment of AI models for high-impact use cases, governance and risk management, as well as testing and monitoring.<\/p>\n
The central bank has additionaly invested in a collaborative programme with the private sector to develop frameworks and platforms for policies and protocols that enable privacy-protected data exchange on industry-wide use cases.<\/p>\n
The central bank has identified scam and fraud detection as a use case for the first pilot project, and says it will work with banks, technology solution providers and public agencies on this.<\/p>\n
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