Artificial Intelligence and Data Analytics Grant

The Artificial Intelligence and Data Analytics Grant (AIDA) is launched as part of the Financial Sector Technology and Innovation (FSTI) scheme under the Financial Sector Development Fund (FSDF) to provide support for the strengthening of the AIDA ecosystem in the Singapore financial sector. The FSTI scheme is valid until March 2023.

Funding

Up to 50% co-funding of qualifying expenses, which may include direct manpower and project-related costs (e.g. professional services, hardware /software, equipment and IP rights, and capability transfer-related training costs).

Funding Cap

Unique Use Cases*

• AI Projects: Up to 50% of qualifying expenses capped at S$1.5 million

• DA Projects: Up to 50% of qualifying expenses capped at S$1 million

Non-unique Use Cases (AIDA-lite)

• AI Projects: Up to 30% of qualifying expenses capped at S$750,000

• DA Projects: Up to 30% of qualifying expenses capped at S$500,000

*Note: A unique use case is one which has not occurred in a previous AIDA grant application. Applicants will be informed whether their project is a unique use case after submitting their applications.

Eligibility

Applicants should be Singapore-based FIs or industry consortiums.

Project Eligibility:

• The project should demonstrate adoption of AIDA techniques that achieve business objectives of strategy & decision making or insights generation, including:

Description of project objectives

• Description of AIDA techniques used to achieve project objectives (e.g. AI, machine learning, predictive /prescriptive analytics, deep learning /neural networks, natural language processing /text analytics)

• Expected benefit to FI, including facilitation of strategy formulation, decision making and insight generation

• Outline of FI’s overall data strategy and how project supports and augments said strategy

The project should also demonstrate consideration of the impact on the local workforce, including:

• An analysis of the project’s impact on existing workforce in terms of job nature and skills required for the job

• Training plan for up-skilling, including both specialized and general AI/data analytics skills

• Training plan for re-skilling for alternative career pathways

• Redeployment plan for displaced workforce, where relevant

• Plans for capability transfer or improvements in local-foreign workforce ratio should foreign permanent headcounts be required to perform project roles

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