FINTECH MANPOWER DEVELOPMENT IN ASIA-PACIFIC FINANCIAL CENTERS WITH A FOCUS ON ARTIFICIAL INTELLIGENCE AND BIG DATA PROFESSIONALS

21 20 Artificial Intelligence and Big Data Talent Development in Asia Pacific The Government has increased its ICT federal budget to SG$3.5 billion (US$2.52 billion) in 2020 and 80% of the ICT budget has been allocated to the country’s SMEs. This empowers SMEs with the manpower support that is needed in cloud and data analytics, AI, and IoT sensors. 44 The Government has introduced a number of policy instruments to attract, retain and sustain AI and big data talent. On upskilling Singaporeans to meet the AI job requirements, the Government provides Postgraduate Scholarships by collaborating with large corporations like Alibaba, Nvidia, Sensetime, and Grab, to provide relevant skills and training for R&D personnel in the AI industry. 45 Indeed, universities in Singapore have also been partnering with AI companies to provide first-hand training for their students in the area of data science and AI. The National University of Singapore (NUS) collaborated and jointly- invested SG$6 million (US$4.4 million) with Grab to set up the Grab-NUS AI Lab , which provides a platform for researchers and students to research smart mobility solutions. In 2017, Nanyang Technological University (NTU) also established its Data Science and Artificial Intelligence Research Centre. 46 In addition to partnering with universities, the Government also offers a number of AI on-the-job training programs. For instance, the AI Apprenticeship Programme (AIAP) plans to equip 500 AI engineers with essential skills in the next five years. 47 The AI Data Apprenticeship Programme (AIDP) is another six-month apprenticeship program that provides on-the-job training to workers who are interested in data curation and AI solutions. There is another training program that targets more general workers who are eager to equip themselves with ICT skills to prepare themselves for the digital economy. The program includes job placements and upskilling training for participants so as to promote ICT skills among Singaporeans. The Government also partners with technology corporations to organize the SkillsFuture for Digital Workplace program. The Government has set an ambitious target to train 25,000 AI professionals to be equipped with AI coding and application skills by 2025. 48 44. https://techwireasia.com/2020/09/is-singapore-facing-a-tech-talent-crunch/ 45. https://www.smartnation.gov.sg/docs/default-source/default-document-library/national-ai-strategy.pdf?sfvrsn=2c3bd8e9_4 (p.55) 46. https://www.globalbrandsmagazine.com/%E2%80%8Bntu-launches-research-centre-for-big-data-analytics-and-artificial- intelligence/ 47. https://aisingapore.org/industryinnovation/aiap/ 48. https://www.smartnation.gov.sg/docs/default-source/default-document-library/national-ai-strategy.pdf?sfvrsn=2c3bd8e9_4 (p.59) 49. Institute of Technology Singapore. | Technology in Finance Immersion Programme (TFIP). | https://www.digipen.edu.sg/ academics/continuing-education/technology-in-finance-immersion-programme 50. https://www.smartnation.gov.sg/docs/default-source/default-document-library/national-ai-strategy.pdf?sfvrsn=2c3bd8e9_4 (p.59) The Institute of Technology Singapore has also launched the Technology in Finance Immersion Programme (TFIP) to offer opportunities for individuals to acquire fintech related technical skills. The program is fully supported by the Infocomm Media Development Authority (IMDA) and MAS, with the Institute of Banking and Finance (IBF) and Workforce Singapore (WSG) as collaborators. Trainees will receive training on how to build, test, deploy, and maintain AI tools and algorithms relevant to the finance industry. 49 The Singaporean Government puts great emphasis on computational thinking, computing skills and AI in its formal education curriculum. For the tertiary level, the Singaporean Government encourages tertiary education institutes to develop domain-specific AI courses and to teach students how to apply AI in the workplace. 50 For the general public, the Government also strives to provide AI literacy courses to 100,000 adults and school-attending children by 2025. Another way to increase the supply of AI talent is to attract AI talent from overseas. As such, the Economic Development Board (EDB) and Enterprise Singapore (ESG) organized the Tech@SG Programme to streamline employment pass applications to facilitate the employment of AI talent to fill the talent gap for fast-growing technology companies.