MAS and UK's FCA Announce Partnership on AI in Finance The initiative aims to promote the safe and responsible use of AI while strengthening cross-border innovation between the two major financial centres.
You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.
The Monetary Authority of Singapore (MAS) and the Financial Conduct Authority (FCA) of the UK have announced a new strategic collaboration on artificial intelligence (AI) in finance.
The initiative, called the UK-Singapore AI-in-Finance Partnership, was unveiled at the Singapore FinTech Festival. It aims to promote the safe and responsible use of AI while strengthening cross-border innovation between the two major financial centres.
The partnership will allow AI solution providers in Singapore and innovators in the UK to scale their technologies more efficiently across both markets. Financial institutions in both countries are expected to benefit from shared learning, testing, and the exchange of best practices in AI implementation.
Initially, MAS and the FCA will focus on joint testing of AI solutions, the exchange of regulatory insights, and discussions on responsible AI. They also plan to host collaborative events to highlight leading approaches in the field. The partnership will draw upon existing programmes such as MAS's PathFin.ai and the FCA's AI Spotlight to encourage the sharing of innovative AI solutions and strengthen cooperation between the two nations.
Kenneth Gay, Chief FinTech Officer at MAS, said, "As this shift accelerates, MAS' priority is to ensure that adoption is both safe and scalable. This new UK-Singapore AI-in-Finance Partnership creates an important bridge for our financial institutions, innovators and regulators to collaborate on trustworthy AI."
Jessica Rusu, Chief Data, Information and Intelligence Officer at the FCA, noted that the partnership enhances the global influence of both regulators. "UK and Singapore firms will be able to grow through collaboration, gauge new cross-border opportunities, and shape the future of responsible AI innovation in finance," she said.
AI innovators and financial institutions from both countries are invited to participate in future events through the FCA's AI Spotlight and MAS's PathFin.ai programmes. The partnership is expected to set new benchmarks for responsible AI use in global finance.
