Under the agreement, the Singapore central bank and Google Cloud will conduct technical pilots of "responsible" generative AI for MAS’ internal and industry-facing digital services. The MoU will also serve to cultivate MAS technologists with deep AI skillsets. MAS is already working to fill the AI talent gap in the Singaporean financial sector, last month launching a programme to provide training modules and workshops to banks which incorporate the latest developments and trends in AI, with strong financial sector application. This includes developing case studies to promote sharing of good use cases and industry relevant data resources.

This follows the launch in February last year of an open-source toolkit to help financial institutions use artificial intelligence ethically and responsibly. Vincent Loy, assistant managing director (Technology), MAS, says: “MAS has been committed to leveraging technology and innovation to their fullest potential. 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.”