7 days ago
New MAS programme to help financial institutions fast-track AI adoption, minimise guesswork
[SINGAPORE] Financial institutions in Singapore can now tap – a new programme that helps them adopt artificial intelligence (AI) more quickly and effectively.
The programme features a curated library of AI use cases, industry validated solutions and best practices shared by industry peers, cutting down the time and effort needed to search, select and implement AI solutions.
The initiative aims to support financial institutions in the earlier stages of their AI adoption journey, said Monetary Authority of Singapore (MAS) managing director Chia Der Jiun on Tuesday (Jul 15), at the release of the central bank's annual report.
also connects participating firms with established training providers offering skills programmes aligned with their chosen AI tools and platforms.
Twenty financial institutions have already joined the programme. These include Green Link Digital Bank, MUFG, Standard Chartered, Trust Bank, Ant International, Liquid Group, BoltTech, FWD, and Funding Societies.
'We welcome more financial institutions to join the programme,' said Chia. As financial institutions expand the scale and scope of AI adoption, they must also strengthen governance and risk management to ensure responsible use, he added.
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To support this, MAS is developing supervisory guidance for financial institutions. This includes a set of guidelines on managing AI-related risks, which is currently in progress.
'There are key risks around model, data, technology and third-party risks,' said Chia. 'Poor management of these risks can result in wrong or even harmful information used in internal decision-making or advice given to customers and investors.'
Completion of QKD sandbox
On Tuesday, Chia also announced that MAS has successfully completed its sandbox trial for quantum key distribution (QKD) – a secure method for exchanging cryptographic keys.
The sandbox, launched in August 2024, tested how QKD can be used to protect sensitive financial data against future cybersecurity threats posed by quantum computing.
A technical report detailing the results and key findings will be published soon.
'The report will also highlight challenges for future work,' said Chia. 'We are confident that further work by the industry can address these challenges and enable wider adoption of QKD in time to come.'
MAS has also begun working with financial institutions to prepare for a 'quantum-safe' transition, as future advances in quantum computing could render today's encryption standards obsolete.
The central bank will review how financial institutions manage their cryptographic inventory and identify critical assets that should be prioritised for quantum-safe migration, said Chia.
They 'should kick-start their preparation early', he added. 'Given the complexity and scale, a full transition is expected to take time and significant effort.'
