NovA! was unveiled by Deputy Prime Minister Heng Swee Keat at the sixth edition of the Singapore FinTech Festival on Nov 8. Photo via The Straits Times/Asia News Network
SINGAPORE — Two new public artificial intelligence (AI) programs have been launched as part of the Republic’s strategy to use the technology to effect social and economic good.
These come as Singapore allocates an additional $180 million to accelerate AI research, on top of the $500 million it has committed to it so far.
The first program is the National AI Program in Finance. It includes an industry-wide AI platform – dubbed NovA! – which generates insights about financial risks.
NovA! is a collaboration between Singapore-based banks and local fintech firms, and aims to help financial institutions better assess companies’ environmental impact and identify emerging environmental risks.
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The initiative will also better enable financial institutions to assess sustainability-related investments and associated risks such as greenwashing, which is when companies exaggerate or falsify their environmental credentials.
Experts have said roughly US$100 trillion (S$135 trillion) of climate-aligned funding will be needed to achieve the 2015 Paris Agreement goal of limiting global warming to well below 2 deg C above pre-industrial levels.