The Monetary Authority of Singapore (MAS) has launched the Pathfinder programme to support financial institutions that are earlier in their journey to adopt artificial intelligence.
Pathfinder is the first of four initiatives MAS is rolling out to guide responsible and widespread AI adoption in the financial sector.
The programme connects participating financial institutions with peer organisations to exchange practical AI use cases, implementation insights, and lessons learned.
It also provides access to curated training aligned with selected AI solutions. So far, 20 institutions across banking, insurance, capital markets, and payments have joined.
The second initiative focuses on anchoring AI capabilities in Singapore. More than 30 financial institutions have established AI teams locally, including several that serve as global AI competency centres.
These teams are developing AI use cases in Singapore and scaling them to other markets, contributing to the country’s position as a financial and technological hub.
The third initiative addresses governance and risk management. MAS is developing supervisory guidelines to help institutions manage risks associated with AI, including model risk, data quality, and third-party dependencies.
These guidelines will cover areas such as AI explainability and testing.
A companion AI governance handbook is also being developed through the MindForge consortium, with both documents expected to be released for consultation later this year.
The fourth initiative aims to prepare the financial sector workforce for job roles transformed by AI.
MAS and the Institute of Banking and Finance Singapore are working with nine financial institutions to pilot how generative AI can augment eight existing job roles.
The findings will guide future workforce transformation efforts and training needs across the sector.
“Through these 4 initiatives, we will support FIs and the workforce in the AI adoption journey so that AI solutions are developed and deployed safely and responsibly, and the workforce is provided with the skills to perform job roles transformed by AI.”
said Chia Der Jiun, Managing Director, MAS, at the MAS Annual Report 2024/2025 media conference.
Featured image: Edited by Fintech News Singapore, based on image by Freepik
