Artificial Intelligence and Data Analytics (AIDA) Grant

Artificial Intelligence and Data Analytics (AIDA) Grant is specifically catered for AIDA adoption to improve company decision making and/or generate better insights unlike other MAS grants for Financial Institutions. The focus of this grant is not just about adopting AIDA but about having a deeper understanding of how it can be used to improve business outcomes.

The AIDA grant is open to Singapore-based Financial Institutions (FI) or Industry Consortiums. The AIDA Grant provides up to 50% co-funding of qualifying expenses to support AIDA projects.

Further details on the AIDA grant;

• The AIDA grant is open to Singapore-based Financial Institutions (FI) or Industry Consortiums.
• The AIDA Grant provides up to 50% co-funding of qualifying expenses to support AIDA projects:

What you need to know before applying for this grant:

Eligibility Criteria for the AIDA grant

Applicant Eligibility

• The grant is only open to Singapore-based Financial Institutions (FI) or Industry Consortiums.
  

Project Eligibility:

Project should demonstrate the adoption of AIDA techniques to achieve the following

• Project should help to generate richer insights that current processes do not provide; and/ or
• Project should result in better quality decisions that current processes do not facilitate.

Application Guidelines:

Proposal should include:

Project objectives

• Description of AIDA techniques (for example AI, Machine Learning, Predictive/ Prescriptive analytics, Deep Learning/ Neural Networks, Natural Language Processing/ Text Analytics) used to achieve objectives;
• Expected benefits to the applicant including facilitating strategy formulation, decision making, and insight generation;
• Outline of FI’s overall AIDA strategy and how project supports/augments said strategy.

Proposal should also demonstrate the impact of AIDA adoption on the local workforce, including:

• Analysis of the project’s impact on existing workforce in terms of changing the job nature or skills required for the job;
• Training plan for up-skilling impacted employees including specialized and general AIDA skills;
• Training plan for re-skilling impacted employees for alternative career pathways;
• Redeployment plan for displaced workforce, where relevant;
• Plans for capability transfer or improvements in local-foreign workforce ratio, should foreign headcounts be required to perform project roles.

Expenses that qualify for AIDA Grant funding include (i) Manpower costs; (ii) Hardware/ Software; and (iii) Professional Services.

• Applicants may develop applications inhouse or use internal resources for the project;
• Sufficient justification should be provided for expenses incurred outside Singapore;
• Applicants are responsible for conducting due diligence on their appointed vendor/ service/ solution provider. MAS does not have a list of pre-approved/ recommended vendors/ service/ solution providers

What happens after you've applied for the AIDA grant?

Completed application forms should be submitted 3 months before the commencement of projects to facilitate processing of applications. Applications with incomplete information might experience a delay in processing.

Submit the Project reporting documents

For successful applicants, you are required to submit the following:

• You are required to provide MAS with project status reports. Report should include update on meeting project’s Key Performance Indicators (KPIs) for the relevant funding and reporting period;
• An auditor’s certification (by internal or external auditors) should be submitted with each claim.

Note: MAS will work with you to set project KPIs for each project period that is relating to the implementation of AIDA techniques. All information relating to projects are confidential between MAS and the applicant.

Submit the Workforce Key Performance Indicator (KPI) Report(s)

• Workforce KPIs are determined within six months from project commencement;
• You will be required to submit proof of training (for example training materials, signed attendance and details of trainees) as part of meeting the workforce KPI requirements.

Note: Project KPIs will also include workforce KPIs. This include training of impacted employees in terms of up-skilling, re-skilling, or redeploying them, as well as knowledge transfer to the local workforce, if foreign headcounts are engaged.

Getting your subsidies; Reimbursement of Expenses

• Reimbursement of funding will only be provided for qualifying expenses directly related to the project, within the funding period and based on the awarded grant amount;
• Expenses that are not directly related to the project or fall outside the projects scope will not be claimable;
• Sufficient justification should be provided for expenses incurred outside Singapore;
• Applicants are responsible for conducting due diligence on their appointed vendor/ service/ solution provider. MAS does not have a list of pre-approved/ recommended vendors/ service/ solution providers;
• Specifics regarding the claims (e.g. maximum amount for each claim) will be determined during the application process
• Claims are to be submitted using the claim form template provided by MAS.

Note: The grant can cover manpower expenses incurred outside of Singapore and should be justified with valid reasons. The grant does not support any expenses related to travel and accommodation.

If you'd like to look through use cases and dive deeper into this grant, do have a look at MAS's main website -> 

• Strengthening the company's ecosystem is essential for continued success. Building and maintaining a strong, interdependent network of relationships provide access to the resources and expertise necessary to remain competitive
• Implementing AI and automation tools can help you make better and faster decisions, optimizing your operations for greater efficiency and success in the long term
• With data analytics, you can uncover patterns, trends, and correlations from vast amounts of data, enabling you to make more informed decisions and gain a deeper understanding of your business dynamics