On 31 May 2023, the Monetary Authority of Singapore (MAS) and Google Cloud signed a memorandum of understanding[1] to collaborate on generative artificial intelligence (AI) solutions that are rooted in responsible AI practices.

The goal of this tie-up is to promote the use of responsible generative AI applications within MAS, which is Singapore’s central bank, by:

• Identifying potential use cases, conducting technical pilots, and creating responsible generative AI solutions for MAS’ internal and industry-facing digital services

• Developing responsible AI applications, by test-bedding these for business functions and operations

• Developing technical competencies and deep AI skillsets for technologists working with MAS

Comment

This effort is geared towards strengthening Singapore’s position as a leading financial and technology hub. The partnership will encourage and help more of the financial sector to adopt responsible AI, which could unlock a greater array of benefits for both businesses as well as consumers at large.

[1] https://www.mas.gov.sg/news/media-releases/2023/mas-partners-google-cloud-to-advance-capabilities-in-generative-ai-technology