Singapore, 31 May 2023… 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 skillsets.

2 The MoU provides a framework for cooperation in technology and industry best practices in three areas:

a. Identifying potential use cases, conducting technical pilots, and co-creating solutions in responsible generative AI for MAS’ internal and industry-facing digital services.

b. 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.

c. Supporting the technical competency development on responsible generative AI as well as deep AI skillsets for MAS technologists.

3 Mr Vincent Loy, Assistant Managing Director (Technology), 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.”

4 Ms 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 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.”