artificial intelligence (AI)

MAS, financial institutions form Veritas to build trust in AI used in financial services

SINGAPORE (Nov 18): At last year’s Singapore FinTech Festival (SFF), the Monetary Authority of Singapore (MAS) released a paper outlining a set of principles in the use of artificial intelligence (AI) and data analytics in Singapore’s financial sector. These principles are known collectively as FEAT (or fairness, ethics, accountability and transparency).

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At OCBC, banking is about lifestyle and digital transformation

SINGAPORE (Nov 11): These days, banks are no longer just providers of financial services. With smartphones and artificial intelligence (AI), banking apps know a lot more about their users. For Pranav Seth, this means he can design banking and other services around users’ lifestyles and their needs and wants.

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Why China's surveillance giants are the US' new target

SINGAPORE (Oct 21): The euphoria surrounding the so-called Phase 1 of what promises to be a long-drawn-out multi-pronged trade deal between two of the world’s largest economies, the US and China, did not last long. A week after Beijing and Washington agreed to de-escalate tensions, the focus was shifting away from battles on the trade deficit and intellectual property theft to China’s use of its vast security apparatus, including its top artificial intelligence (AI)-powered surveillance unicorns, or venture capital (VC)-funded private firms valued at over US$1 billion ($1.36 billion).

'Jim' the chatbot helps Singapore bank hire for its wealth business

(Oct 8): Singapore’s largest bank is getting help from a chatbot named Jim in its drive to select good candidates for its fast-growing business advising customers on managing their wealth.

DBS Group Holdings says the artificial intelligence programme introduced last year has sped up and improved the quality of initial screening for so-called wealth planners, entry level staff in its consumer banking operation.

Growing the AI ecosystem

As the adoption of artificial intelligence grows, biases need to be tackled and regulations on the ethics and development of its application need to be put in place

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Smarter and cheaper robots are making fund managers sit up and pay attention

SINGAPORE (Oct 7): The word “robot” was coined in a Czech science-fiction novel in 1920. The term was derived from the Czech word “robota”, which means forced labour. In the novel, the robots were a group of artificial people who were initially happy to work for humans. They subsequently rebelled against their human masters, leading to the extinction of the human race.

More than half of financial services companies in APAC have adopted AI: survey

SINGAPORE (Sept 27): Some 52% of financial services companies in the Asia Pacific region have adopted artificial intelligence (AI), higher than the average level of 41% across industries.

This is according to a survey of 168 business leaders and 94 workers from the financial services industry jointly conducted by Microsoft and IDC Asia/Pacific.

This indicates that the financial services industry is more advanced than others in the region, the survey says. And the use of AI has led to positive tangible results.

Nearly one in five Singaporeans fear impact of tech on their jobs: PwC

SINGAPORE (Sept 27): Close to one in five Singaporeans are scared or nervous about the impact of technology on their jobs, making the city-state’s workforce the second-most anxious in the world about job security.

In a new report from PwC, ‘Upskilling Hopes & Fears’, Singaporeans came just behind France (20%) and tied with the UK (18%) in a survey spanning 22,000 adults across 11 countries worldwide.

How a start-up uses AI to spot construction site defects

SINGAPORE (Sept 30): In almost every construction project, there are close to 5,000 defects and quality control issues each day, from simple electrical circuit trips and plumbing defects to complications with ceiling height clearances. Typically, one unfortunate manager is in charge of solving the problems before the next day arrives.

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Singapore tops AI Disruption Index, but compelling vision alone might not be enough

SINGAPORE (Sept 26): Singapore has clinched the top spot among 105 cities in terms of its preparedness to deal with digital disruption, according to the Cities AI Disruption Index published Thursday by the Oliver Wyman Forum.

Singapore showed the most readiness overall, with an average score of 75.8 across all four categories identified as critical for success in meeting the increased speed and scope of technology disruption brought by artificial intelligence. 

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