Artificial Intelligence and Data Analytics (AIDA) Grant

Artificial Intelligence and Data Analytics (AIDA) Grant
Programme:Artificial Intelligence and Data Analytics (AIDA) Grant
Awards:Up to S$500,000 or 30% co-funding of qualifying expenses.
Beneficiaries:allcompanies
Key Features:Funding support to adopt AI and data analytics that improve decision-making and generate better insights in financial institutions and FinTechs.

KEY INFORMATION

Grant Provider
Monetary Authority of Singapore

Max Amount / Support Rate
S$500,000 cap; 30% co-funding.

Project Duration
Not Disclosed

REQUIREMENTS

  • Applicant must be a Singapore-based Financial Institution, FinTech (SFA-registered), or Industry Consortium.
  • Project must adopt AIDA techniques to generate richer insights and/or better quality decisions.
  • FinTech projects should integrate AIDA into or develop AIDA products/services.
  • Proposal must include workforce impact analysis plus plans for up-skilling, re-skilling, redeployment, and (if foreign hires are used) knowledge transfer to local workforce.

EXPECTED OUTCOME

  • Improved decision-making quality and richer insights within financial services.
  • Responsible AIDA deployment focused on risk management and reduced drawdowns.
  • Workforce up-skilling/re-skilling and knowledge transfer to local employees.
  • Achievement of agreed project and workforce KPIs with evidence of training.

SUPPORT RATE

Support Rate → 30%

Qualifying Expenditure Details

Direct manpower and project-related costs, including professional services, hardware/software, equipment and IP rights, capability transfer–related training, and external auditor costs; overseas expenses may be supported.

SUPPORTED PROJECTS

  • Business intelligence (predictive analytics, anomaly detection, forecasting).
  • Regulatory/reporting compliance and data governance/automation.
  • Cybersecurity intrusion detection and system health monitoring.
  • Fraud detection across large datasets.
  • Banking KYC/customer profiling; insurance smart underwriting and claims automation.

OTHER IMPORTANT INFORMATION

  • Manpower costs for non–Singapore Citizens/PRs funded up to 15%.
  • Applications approved up to 03/2026; projects may run beyond this date.
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