(May 22): Singapore is seeking to expand the talent pool for artificial intelligence and data analytics in the finance sector.

The city-state’s banks and schools will work with the financial regulator on training programs that incorporate the latest AI developments and trends, the Monetary Authority of Singapore said in a statement on Monday (May 22).

“If you look at all the trends, almost every function of the finance sector requires AI,” Sopnendu Mohanty, the MAS’ chief fintech officer, said at a briefing. There is a “serious challenge” in terms of AI resources around the world, he added.

Singapore will focus on responsible AI — areas that are ethical, fair and transparent — in the finance sector, Mohanty said. Given resource constraints, the MAS will target key areas such as experimentation as well as financing investments and ideas that are commercially scalable.

The world’s rising demand for AI has spurred investments in the area, with nations seeking to build up a pipeline of talent. Singapore targets to be a leader in developing and deploying AI solutions in key sectors from health care to finance and education by 2030.