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Becoming A Global Artificial Intelligence In Finance Hub

Summary report by Oliver Wyman following a roundtable discussion which took place at Elevandi Insights during the Singapore FinTech Festival 2023

26 April 2024 - In the ever-evolving landscape of finance, Artificial Intelligence (AI) has emerged as a transformative force, reshaping the way financial institutions (FIs) operate, innovate, and compete on a global scale. As the adoption of AI becomes increasingly pervasive, cities worldwide are vying to establish themselves as eminent AI in Finance hubs, so as to harness the full potential of this technological revolution.

In working with leading FIs, and conducting extensive interviews and surveys involving
key ecosystem players, including FinTech companies (FinTechs), investors, and big tech
companies, Oliver Wyman in collaboration with the Monetary Authority of Singapore (MAS) organised and carried out an in-depth study to examine how cities like Singapore can position themselves as globally-recognised AI in Finance hubs. The study addresses the challenges in attracting talents and fostering investments, amongst other hurdles, to build a vibrant AI in Finance ecosystem that benefits all stakeholders.

During the Elevandi Insights Forum hosted in conjunction with the Singapore FinTech
Festival 2023, a closed-door roundtable was convened by MAS, Oliver Wyman, APIX and
Amdocs, with local and international participants across the AI in Finance ecosystem.
Participants discussed the existing challenges faced by their organisations and the industry at large in attracting AI talents and fostering AI investments, unveiling key insights on the potential opportunities and approaches to address those challenges.

These takeaways, along with the findings from Oliver Wyman’s study, are summarised in
this whitepaper across three core themes, each addressing key aspects of global AI talent acquisition, fostering global investments, and the indispensable role of regulators and ecosystem stakeholders in guiding these efforts.