In the last three years, efforts by the Monetary Authority of Singapore aimed to maximize the adoption of fintech and regtech products within Singapore and in the region. MAS’s involvement not only ensures that innovative products are compliant and aligned with current and future regulatory constraints, but it also ensures that Singapore will be a leader in the adoption of technology for the global financial industry.
A few notable examples of MAS’s strategic collaborations include the following:
Furthermore, as a part of its commitment to AI in 2018, MAS invested $27 million Singapore Dollars and established the Artificial Intelligence and Data Analytics (AIDA) Grant. This empowers software companies to come up with truly innovative AI products to assist FIs and FMCs with their business compliance requirements.
The developers at Compliy are working on incorporating AI into common processes for compliance. This includes providing insight and analysis of regulations, tracking of assigned tasks, and discovery of internal policies that are relevant to regulatory changes. Our data scientists are developing custom Natural Language Understanding (NLU) algorithms to analyze regulatory text. Utlimately, this helps compliance officers reduce time spent in automating these processes. Process automation is just the beginning but a necessary part of transforming the way companies respond to regulatory change.