Singapore securities regulator, the Monetary Authority of Singapore (MAS), has announced a partnership with Google [Alphabet] (NASDAQ:GOOG).
According to a statement by MAS, the regulatory will work with Google Cloud to collaborate on generative artificial intelligence (AI) solutions to advance the development and use of responsible generative AI applications within MAS, as well as cultivate technologists with AI skill sets. MAS has signed a Memorandum of Understanding (MOU) in regard to the partnership.
Singapore is the top Fintech hub in Asia, and MAS has worked closely with Fintechs to foster a conducive environment for Fintech innovation.
MAS outlined the three areas to establish best AI practices as follows:
The Monetary Authority of Singapore (MAS) and Google Cloud today signed a Memorandum of Understanding (MoU) to collaborate on generative artificial intelligence (AI) solutions that are grounded on responsible AI practices. The partnership will explore technology opportunities to advance the development and use of responsible generative AI applications within MAS, as well as cultivate technologists with deep AI skill sets.
Sherie Ng, Country Director of Singapore, Google Cloud, said their experience and enterprise AI is already being utilized in the financial services sector and they are now working on more tools to help financial services firms deeply AI with ease and speed while protecting data and users.
“We look forward to working with MAS to strengthen Singapore’s position as a leading financial hub and customise our foundation models for its internal use. Our partnership will enable MAS and spur the broader financial sector to unlock new possibilities that could benefit consumers and businesses.”
2 The MoU provides a framework for cooperation in technology and industry best practices in three areas:
- Identifying potential use cases, conducting technical pilots, and co-creating solutions in responsible generative AI for MAS’ internal and industry-facing digital services.
- Cooperating on responsible generative AI technology application development and test-bedding of cutting-edge AI products for business functions and operations, in line with MAS’ technology plans and other areas of mutual interest.
- Supporting the technical competency development on responsible generative AI as well as deep AI skillsets for MAS technologists.
MAS has been working to leverage tech and innovation to their fullest potential, said Vincent Loy, Assistant Managing Director (Technology), MAS.
“This collaboration allows us to explore potential use cases in our functions and operations that could harness generative AI, while prioritising information security as well as data and AI model governance. Through this, we hope to inspire greater adoption of responsible generative AI in the financial sector.”