The Monetary Authority of Singapore (MAS) and Google Cloud today signed a Memorandum of Understanding (MoU) to collaborate on generative artificial intelligence (AI) solutions 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. The MoU provides a framework for cooperation in technology and industry best practices in three areas:
Vincent Loy, assistant managing director of technology at MAS said: “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.”
Sherie Ng, country director, Singapore, Google Cloud, said: “Building on our deep experience in delivering enterprise-grade AI solutions that the financial sector is already using to tackle everyday business problems, we’re now providing refreshed skilling programmes, high-performance infrastructure, large language models, and other tools to help financial institutions deploy generative AI with ease and speed while protecting their data, applications, and users. We look forward to working with MAS to strengthen Singapore’s position as the leading financial hub and customise our foundation models for internal use. Our partnership will enable MAS and spur the broader financial sector to unlock new possibilities that could benefit consumers and businesses.”
Re-disseminated by The Asian Banker