The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MoU) with Google Cloud to collaborate on developing generative artificial intelligence (AI) solutions for the country's financial sector "that are grounded on responsible AI practices”.
The partnership will explore technology opportunities to advance the development and use of responsible generative AI applications within MAS, as well as cultivate technologists with deep AI skill sets.
MAS’ Assistant Managing Director (Technology), Vincent Loy, said the collaboration with Google will “allow 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”.
He added that MAS, through the partnership, hopes to “inspire greater adoption of responsible generative AI in the financial sector”.
According to Mr Loy, the MoU provides a framework for cooperation in technology and industry best practices in three broad areas.
One is in identifying potential use cases and conducting technical pilots and co-creating solutions in responsible generative AI for MAS’ internal and industry-facing digital services.
Another potential area would be cooperating on responsible generative AI technology application development and test-bedding of cutting-edge AI products for business functions and operations, “in line with MAS’ technology plans and other areas of mutual interests”, he said.
Mr Loy added that the MoU would also help in supporting technical competency development on responsible generative AI as well as deep AI skillsets for MAS technologists.
Google Cloud’s Singapore Country Director, Sherie Ng, said the company will work with MAS to “strengthen Singapore’s position as a leading financial hub and customise our (Google’s) foundation models for its (MAS’) internal use”.
“Our partnership will enable MAS and spur the broader financial sector to unlock new possibilities that could benefit consumers and businesses,” she added.