The Monetary Authority of Singapore (MAS) established a partnership with Google Cloud to explore potential formats for the use of generative artificial intelligence.
The Central Bank of Singapore and Google Cloud have signed an agreement in the format of a memorandum of understanding on conducting technical testing of the so-called responsible generative AI. These tests will allow to determine the most effective and useful options for using artificial intelligence as part of integration into MAS’s internal and industry digital services.
The implementation of the points of the memorandum of understanding is also important as a way to develop MAS technology specialists. These specialists will gain in-depth skills in the field of artificial intelligence.
MAS is currently actively working to solve the problem of the shortage of workers in the field of artificial intelligence, whose activities the financial sector of Singapore needs. In April, a program was launched to provide training modules and seminars to financial institutions. This training program includes the latest developments and trends in the field of artificial intelligence, which is actively used in the financial industry.
Also, training modules and seminars provide case studies to enhance the exchange of examples of the effective use of AI and information resources.
In February last year, an open-source toolkit was launched in Singapore, which is designed to help financial institutions create options for the ethical and responsible use of artificial intelligence.
Vincent Loy, MAS’s Assistant Managing Director for Technology, says that this organization strives to maximize the use of all available technology and innovation opportunities. He also said that the implementation of the partnership program with Google Cloud to explore potential applications of generative AI in the functions and operations of the regulator. Vincent Loy noted that in this case, priority will be given to information security, data management, and artificial intelligence models.
The Managing Director of MAS also expressed the hope that the example of this organization will increase the scale of the introduction of responsible generative AI in the financial industry.
As we have reported earlier, British banking group partners Google Cloud.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
