Among the enhancements to the scheme is an increase in support for early-stage experimentation of technology.
A merit-based tiered funding mechanism will also be introduced to replace the existing flat 50 per cent funding support of qualifying project cost, where a higher level of funding will be allocated to POC projects which demonstrate stronger merits. MAS will raise the maximum funding quantum for all qualifying AI projects under the Artificial Intelligence and Data Analytics Grant from S$1 million to S$1.5 million, to provide greater push for financial institutions to implement innovative AI solutions.
All new projects under the financial institution-level projects, industry-wide projects and AIDA tracks will now qualify for funding support for capability transfer-related training costs. Such training costs include expenses incurred to engage specialists to train the local talent pool, as well as expenses incurred to send local employees for overseas training.
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