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
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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.