The Monetary Authority of Singapore (MAS) and Google Cloud have partnered to focus on the development and use of Generative AI applications.
The purpose of the partnership is to jointly explore the potential of generative AI technology. By advancing this technology’s development, MAS aims to nurture technologists with advanced AI skill sets. This initiative is part of MAS’s strategy to integrate responsible AI practices into its operations and digital services.
MAS is the central bank of Singapore, responsible for promoting sustained, non-inflationary economic growth through sound monetary policy. It plays a pivotal role in fostering an innovative and competitive financial sector. MAS also provides regulatory oversight and fosters technological innovation in the Singaporean financial sector.
Google Cloud, on the other hand, is a comprehensive suite of cloud computing services that runs on the same infrastructure used by Google for its end-user products, such as Google Search and YouTube. It offers cutting-edge cloud-based solutions that empower businesses to solve their most challenging problems.
As part of their Memorandum of Understanding (MoU), the partnership will focus on three key areas. These include identifying potential use cases and co-creating solutions in responsible generative AI for MAS’s internal and industry-facing digital services. The collaboration will also explore the development and testing of state-of-the-art AI products for business functions and operations in line with MAS’s technology plans. Lastly, the partnership will aim to support technical competency development on responsible generative AI and foster deep AI skills among MAS technologists.
Assistant Managing Director (Technology) at MAS, Mr Vincent Loy, emphasised the institution’s commitment to leverage technology and innovation to their maximum potential. He said, “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.”
Similarly, Ms Sherie Ng, Country Director, Singapore, Google Cloud, reflected on the partnership. She commented, “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 programs, 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 a leading financial hub and customise our foundation models for its internal use. Our partnership will enable MAS and spur the broader financial sector to unlock new possibilities that could benefit consumers and businesses.”
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