Artificial intelligence

BEA will deploy a range of data analytics solutions from Google Cloud.

It will provide insights on payment behaviors and analyze transactions.

In November, Singapore’s National AI Office (NAIO) collaborated with the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Office (SNDGO) in a programme to strengthen AI capabilities within Singapore’s financial sector by providing financing and access to government data. In fact, even before the pandemic, the financial services industry has already been witnessing an acceleration in digital transformation. 

As digital adoption hastens, there is now more data than ever. Just in 2020, data volume amounted to 59 trillion gigabytes globally and is expected to grow to more than 180 zettabytes by 2025. Yet, for all this abundance of data, the financial services industry remains surprisingly information-poor. Rapid change is needed if the industry is to unlock the riches of its data and turn what is currently a problem into an opportunity.