This aims to promote safe and responsible artificial intelligence innovation in financial services.
Key developments include:
➡️ Cross-Border Innovation: The partnership aims to accelerate responsible AI adoption across both markets, helping AI-in-Finance firms in Singapore and the UK scale and expand into new jurisdictions;
➡️ Joint Testing & Knowledge Exchange: MAS and the FCA will collaborate on the joint testing of AI applications, share regulatory insights, and hold discussions and events on responsible AI development;
➡️ Industry Collaboration: The initiative builds on MAS’s PathFin.ai and the FCA’s AI Spotlight programmes, encouraging firms to share high-quality AI solutions and best practices across both financial ecosystems; and
➡️ Regulatory Leadership: The partnership establishes Singapore and the UK as global leaders in setting standards for trustworthy, ethical, and effective use of AI in finance.
✅ Firms should monitor upcoming MAS-FCA collaboration opportunities and assess their AI governance frameworks to ensure responsible AI deployment.