The Monetary Authority of Singapore (MAS) has announced a collaboration with Google Cloud to investigate potential applications of generative AI. This partnership aims to conduct technical pilots of “responsible” generative AI, focusing on enhancing MAS’s internal and industry-related digital services. It will also support the development of advanced AI skills among MAS technologists.
MAS is actively addressing the AI talent shortage within Singapore’s financial sector. Recently, it launched a comprehensive training program designed to equip banks with the latest AI advancements and trends relevant to financial applications. This initiative includes the development of case studies to facilitate the sharing of effective applications and industry-relevant data resources.
This effort builds on an open-source toolkit introduced in February of last year, aimed at guiding financial institutions in the ethical and responsible use of artificial intelligence.
Vincent Loy, Assistant Managing Director of Technology at MAS, stated, “MAS is dedicated to maximizing the benefits of technology and innovation. This collaboration enables us to explore practical use cases for generative AI in our operations, while placing a strong emphasis on information security and governance of data and AI models. Our goal is to drive the responsible adoption of generative AI across the financial sector.”