this Singapore Currency Authority (MAS) Already launched Pathfinder Program Support financial institutions earlier in the journey to adopt AI.

Pathfinder is the first of four initiatives MAS is launching to guide responsible and extensive adoption of AI in the financial sector.

The program connects participating financial institutions with peer organizations in exchange for practical AI use cases, implementation insights and lessons learned.

It also provides access to curated training consistent with selected AI solutions. So far, it has joined 20 institutions in banks, insurance, capital markets and payments.

The second plan focuses on anchoring Singapore’s AI capabilities. More than 30 financial institutions have established AI teams locally, including some that serve as global AI capabilities centers.

These teams are developing AI use cases in Singapore and expanding them to other markets, thus promoting the country’s position as a financial and technological hub.

The third plan addresses governance and risk management. MAS is developing oversight guidelines to help organizations manage AI-related risks, including model risk, data quality and third-party dependencies.

These guidelines will cover areas such as AI interpretability and testing.

The Peer AI Governance Manual is also being developed through the Mindforge consortium, and both documents are expected to be published later this year.

The fourth initiative aims to prepare the workforce in the financial sector to transform AI’s work role.

MAS and Singapore Banking and Finance Institute are working with nine financial institutions to pilot the generation of how AI can enhance eight existing job roles.

These findings will guide future workforce transformation efforts and training needs across the field.

“Through these four programs, we will support FIS and AI adoption workforce on the journey to develop and deploy AI solutions safely and responsibly, and provide the workforce and the skills to transform the work role through AI.”

MAS Managing Director Chia der Jiun said at the MAS Annual Report 2024/2025 Media Conference.

Featured Images: Images by Singapore Fintech News Editor, based on images Fripke