The Monetary Authority of Singapore (MAS) and the UK’s Financial Conduct Authority (FCA) have recently announced a new partnership on artificial intelligence in Finance between Singapore and the United Kingdom (UK) – termed the UK-Singapore AI-in-Finance Partnership.
Announced at the Singapore FinTech Festival, the partnership will aim to support safe and responsible AI usage. This should enable AI-in-Finance solution providers in Singapore and AI professionals residing in the United Kingdom to effectively “scale and operate best-in-class AI solutions across both markets more effectively.”
Financial institutions in both key financial centres will also “benefit from expanded opportunities for innovation and cross-border learning.”
As a start, MAS and FCA will explore the joint “testing of AI solutions, exchange of regulatory insights, discussions on responsible AI, and collaborative events to spotlight best-in-class approaches.”
The partnership will also build on key AI industry programs – MAS PathFin.ai and FCA AI Spotlight – to facilitate the “cross sharing of quality solutions by participating firms and related programs to strengthen AI collaboration between both financial centers.”
Kenneth Gay, Chief FinTech Officer at MAS, said that AI is redefining the future of finance — moving from “experiments to enterprise use, and from individual models to connected, agentic systems.”
As this shift continues, MAS’ priority is to ensure that “adoption is both safe and scalable.”
This UK-Singapore AI-in-Finance Partnership with the Financial Conduct Authority creates a bridge for FIs, industry innovators and regulators to collaborate “on trustworthy AI — from learning from each other’s approach to testing environments and workforce readiness.”
Together, they can strengthen the connectivity between their ecosystems and set “global benchmarks for responsible AI use in finance.”
Jessica Rusu, Chief Data, Information and Intelligence Officer at the FCA, said that their partnership with the Monetary Authority of Singapore will help raise their “global influence in a strategically competitive space.
UK and Singapore firms will be able to grow via collaboration, gauge new cross-border opportunities, and potentially “shape the future of responsible AI innovation in finance.”
AI professionals from the United Kingdom who may now be interested in participating in other future FCA-MAS AI Spotlight events are welcome to apply via the AI Spotlight program. Singapore based FIs as well as AI-in-Finance solution providers are able to participate in the MAS-FCA AI PathFin.ai events via an application form at PathFin.ai.
As part of the application process, firms should be highlighting their relevance to the FCA-MAS AI Partnership, including how their AI powerd solutions or AI financial services intend to “support safe and responsible innovation across the UK and Singapore markets.”