The Monetary Authority of Singapore (MAS) and the Financial Conduct Authority (FCA) have established a strategic partnership to advance responsible artificial intelligence innovation in financial services across Singapore and the UK.
The collaboration will enable “AI-in-Finance solution providers in Singapore and AI innovators in the UK to scale and operate best-in-class AI solutions across both markets more effectively” by providing “expanded opportunities for innovation and cross-border learning”, according to an MAS statement.
Initially, the organisations will focus on exchanging regulatory expertise, establishing frameworks for secure AI deployment, joint testing of AI technologies, and hosting joint events to showcase effective implementation strategies.
“AI is redefining the future of finance – moving from experiments to enterprise use, and from individual models to connected, agentic systems”, states Kenneth Gay, chief fintech officer at MAS.
Gay explains that the new partnership creates an “important bridge” enabling financial institutions in both jurisdictions to “collaborate on trustworthy AI” through “learning from each other’s approach to testing environments and workforce readiness”. “Together, we can strengthen the connectivity between our ecosystems and set global benchmarks for responsible AI use in finance.”
The collaboration follows MAS’s recent partnership with Deutsche Bundesbank on cross-border digital asset settlement and builds upon existing AI initiatives from both regulators.
The FCA recently launched an AI sandbox programme in partnership with Nvidia, utilising accelerated computing capabilities to test advanced AI use cases in financial services. UK-based regtech Napier AI was recently announced as an early participant, focusing on enhanced anti-money laundering detection capabilities.
Source: https://www.fintechfutures.com/
